0001171843-16-011454.txt : 20160803 0001171843-16-011454.hdr.sgml : 20160803 20160803110103 ACCESSION NUMBER: 0001171843-16-011454 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160803 DATE AS OF CHANGE: 20160803 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: 161802643 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_080316p.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, 2016

 

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

 

Commission File Number 0-16106

 

Clearfield, Inc.

 

(Exact name of Registrant as specified in its charter)

 

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

 

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

(Address of principal executive offices and zip code)

 

(763) 476-6866

(Registrant’s telephone number, including area code)

 

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

 

[X] YES   [_] NO

 

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

 

[X] YES   [_] NO

 

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

 

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

 

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

 

[_] YES   [X] NO

 

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

 

Class: Outstanding at July 27, 2016
Common stock, par value $.01 14,094,219

 

 

 

 

 

CLEARFIELD, INC.

FORM 10-Q

TABLE OF CONTENTS

 

PART I.  FINANCIAL INFORMATION 1
ITEM 1.  FINANCIAL STATEMENTS 1
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 8
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 12
ITEM 4.  CONTROLS AND PROCEDURES 12
PART II. OTHER INFORMATION 13
ITEM 1.  LEGAL PROCEEDINGS 13
ITEM 1A.  RISK FACTORS 13
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 13
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 13
ITEM 4. MINE SAFETY DISCLOSURES 13
ITEM 5. OTHER INFORMATION 14
ITEM 6. Exhibits 14
SIGNATURES 15

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

CLEARFIELD, INC.

CONDENSED BALANCE SHEETS

 

   (Unaudited)
June 30,
2016		  (Audited)
September 30,
2015
Assets          
Current Assets          
Cash and cash equivalents  $24,587,571   $18,071,210 
Short-term investments   7,392,075    7,925,000 
Accounts receivables, net   8,727,163    6,010,900 
Inventories   8,106,384    7,182,854 
Deferred taxes   -    1,146,899 
Other current assets   752,443    416,766 
Total Current Assets   49,565,636    40,753,629 
           
Property, plant and equipment, net   5,560,484    5,689,673 
           
Other Assets          
Long-term investments   8,570,000    8,290,000 
Goodwill   2,570,511    2,570,511 
Other   370,259    323,804 
Total other assets   11,510,770    11,184,315 
Total Assets  $66,636,890   $57,627,617 
           
Liabilities and Shareholders’ Equity          
Current Liabilities          
Accounts payable  $3,171,964   $2,357,791 
Accrued compensation   3,328,643    2,598,661 
Accrued expenses   51,171    80,803 
Total Current Liabilities   6,551,778    5,037,255 
           
Other Liabilities          
Deferred taxes   514,078    1,082,887 
Deferred rent   240,814    228,345 
Total other liabilities   754,892    1,311,232 
Total Liabilities   7,306,670    6,348,487 
           
Commitment and Contingencies   -    - 
           
Shareholders’ Equity          
Preferred stock, $.01 par value; authorized 500 shares; no shares outstanding   -    - 
Common stock, authorized 50,000,000, $.01 par value; 14,089,769 and 13,705,658, shares issued and outstanding at June 30, 2016 and September 30, 2015   140,898    137,057 
Additional paid-in capital   58,830,692    55,887,850 
Retained earnings (accumulated deficit)   358,630    (4,745,777)
Total Shareholders’ Equity   59,330,220    51,279,130 
Total Liabilities and Shareholders’ Equity  $66,636,890   $57,627,617 

 

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,
   2016  2015  2016  2015
             
Net sales  $21,598,720   $18,195,911   $54,235,622   $44,553,315 
                     
Cost of sales   12,258,523    10,399,171    30,938,180    26,260,624 
                     
Gross profit   9,340,197    7,796,740    23,297,442    18,292,691 
                     
Operating expenses                    
Selling, general and administrative   5,878,352    4,845,764    15,712,319    13,261,065 
Income from operations   3,461,845    2,950,976    7,585,123    5,031,626 
                     
Interest income   41,608    24,924    114,316    75,308 
                     
Income before income taxes   3,503,453    2,975,900    7,699,439    5,106,934 
                     
Income tax expense   1,221,032    1,023,000    2,595,032    1,796,000 
                     
Net income  $2,282,421   $1,952,900   $5,104,407   $3,310,934 
                     
Net income per share:                    
Basic  $0.17   $0.15   $0.38   $0.25 
Diluted  $0.16   $0.14   $0.37   $0.24 
                     
Weighted average shares outstanding:                    
Basic   13,397,509    13,200,121    13,331,632    13,204,625 
Diluted   13,806,928    13,614,949    13,654,476    13,581,098 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

2
 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

UNAUDITED

 

   Nine Months Ended June 30,
   2016  2015
Cash flows from operating activities          
Net income  $5,104,407   $3,310,934 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   1,068,297    870,692 
Deferred taxes   578,090    1,682,164 
Loss on disposal of assets   1,135    13,637 
Stock-based compensation   843,658    844,992 
Tax benefit from stock-based awards   (1,786,000)   - 
Changes in operating assets and liabilities:          
Accounts receivable, net   (2,716,263)   (2,358,856)
Inventories   (923,530)   (1,343,986)
Prepaid expenses and other   (340,130)   52,496 
Accounts payable and accrued expenses   3,312,992    1,268,980 
Net cash provided by operating activities   5,142,656    4,341,053 
           
Cash flows from investing activities          
Purchases of property, plant and equipment and intangible assets   (982,245)   (4,028,122)
Purchases of investments   (5,508,075)   (7,517,000)
Proceeds from maturities of investments   5,761,000    6,784,000 
Net cash used in investing activities   (729,320)   (4,761,122)
           
Cash flows from financing activities          
Tax benefit from stock-based awards   1,786,000    - 
Proceeds from issuance of common stock under employee stock purchase plan   254,426    211,459 
Proceeds from issuance of common stock upon exercise of stock options   473,651    41,688 
Tax withholding related to exercise of stock options   (77,291)   (14,373)
Repurchase of common stock   (333,761)   (849,157)
Net cash provided by (used in) financing activities   2,103,025    (610,383)
           
Increase (decrease) in cash and cash equivalents   6,516,361    (1,030,452)
           
Cash and cash equivalents, beginning of period   18,071,210    18,191,493 
           
Cash and cash equivalents, end of period  $24,587,571   $17,161,041 
           
Supplemental disclosures for cash flow information          
Cash paid during the year for income taxes  $338,616   $20,350 
           
Non-cash financing activities          
Cashless exercise of stock options  $541,016   $80,802 

 

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, 2015, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015.

 

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.

 

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.

 

   Three Months Ended June 30,  Nine Months Ended June 30,
   2016  2015  2016  2015
Net income  $2,282,421   $1,952,900   $5,104,407   $3,310,934 
Weighted average common shares   13,397,509    13,200,121    13,331,632    13,204,625 
Dilutive potential common shares   409,419    414,828    322,844    376,473 
Weighted average dilutive common shares outstanding   13,806,928    13,614,949    13,654,476    13,581,098 
Net income per common share:                    
Basic  $0.17   $0.15   $0.38   $0.25 
Diluted  $0.16   $0.14   $0.37   $0.24 

 

Note 3. Cash, Cash Equivalents and Investments

 

The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of not more than three years. CDs with original maturities of more than three months are reported as held-to-maturity investments and are carried at amortized cost. 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 at June 30, 2016 and September 30, 2015 are as follows:

 

   June 30, 2016  September 30, 2015
Less than one year  $7,392,075   $7,925,000 
1-3 years   8,570,000    8,290,000 
Total  $15,962,075   $16,215,000 

 

Note 4. Stock-Based Compensation

 

The Company recorded $370,465 and $843,658 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, 2016, respectively. For the three months ended June 30, 2016, $336,310 of this expense is included in selling, general and administrative expense, and $34,155 is included in cost of sales. For the nine months ended June 30, 2016, $765,347 of this expense is included in selling, general and administrative expense, and $78,311 is included in cost of sales. The Company recorded $280,526 and $844,992 of compensation expense related to current and past equity awards for the three and nine months ended June 30, 2015, respectively. For the three and nine months ended June 30, 2015, all of this expense was included in selling, general and administrative expense. As of June 30, 2016, $7,895,912 of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a period of approximately 8.3 years.

 

4
 

There were no stock options granted during the nine month periods ended June 30, 2016 or June 30, 2015. The following is a summary of stock option activity during the nine months ended June 30, 2016:

 

   Number of
options		  Weighted average
exercise price
Outstanding at September 30, 2015   297,384   $5.29 
Granted   -    - 
Exercised   (172,450)   5.88 
Cancelled or Forfeited   -    - 
Outstanding at June 30, 2016   124,934   $4.47 

 

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, 2016, the weighted average remaining contractual term for all outstanding and exercisable stock options was 1.6 years and their aggregate intrinsic value was $1,676,391. During the nine months ended June 30, 2016, the Company received proceeds of $473,651 from the exercise of stock options. During the nine months ended June 30, 2015, exercised stock options totaled 42,000 shares, resulting in $41,688 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 month period ended June 30, 2016, the Company granted non-employee directors restricted stock awards totaling 2,712 shares of common stock, with a vesting term of approximately one year and a fair value of $14.73 per share. The Company also granted outgoing non-employee directors fully-vested stock awards totaling 1,356 shares of common stock, with a fair value of $14.73 per share. Additionally, the Company granted employees restricted stock awards totaling 259,555 shares of common stock, with a vesting term of three to five years and a fair value of $17.43 per share during the nine month period ended June 30, 2016.

 

During the nine month period ended June 30, 2015, the Company granted non-employee directors restricted stock awards totaling 3,705 shares of common stock, with a vesting term of approximately one year and a fair value of $13.48 per share. Additionally, the Company granted employees restricted stock awards totaling 3,000 shares of common stock, with a vesting term of ten years and a fair value of $13.33 per share.

 

Restricted stock transactions during the nine month period ended June 30, 2016 are summarized as follows:

 

   Number of
shares		  Weighted average grant
date fair value
Unvested shares at September 30, 2015   409,130   $9.97 
Granted   263,623    17.39 
Vested   (7,956)   14.69 
Forfeited   (8,400)   12.04 
Unvested at June 30, 2016   656,397   $13.23 

 

Employee Stock Purchase Plan

 

Clearfield, Inc.’s ESPP allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after-tax basis. Employees may purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six month phases, with phases beginning on January 1 and July 1 of each calendar year. For the phases that ended on June 30, 2016 and December 31, 2015, employees purchased 11,966 and 10,352 shares at a price of $11.40 and $11.40 per share, respectively. After the employee purchase on June 30, 2016, 143,122 shares of common stock were available for future purchase under the ESPP.

 

5
 

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 June 30, 2016 and September 30, 2015, the balance in the allowance for doubtful accounts was $99,473 and $79,473, respectively.

 

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

 

Note 6. Inventories

 

Inventories consist of the following as of:

 

   June 30, 2016  September 30, 2015
Raw materials  $5,421,596   $4,811,993 
Work-in-progress   842,726    310,149 
Finished goods   1,842,062    2,060,712 
Inventories  $8,106,384   $7,182,854 

 

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, 2016 and June 30, 2015:

 

   Three Months Ended June 30,  Nine Months Ended June 30,
   2016  2015  2016  2015
Customer A   15%   29%   20%   27%
Customer B   20%   12%   17%   * 
Customer C   11%   *    *    * 

 

* Less than 10%

 

As of June 30, 2016, Customer B accounted for 24% of accounts receivable. As of September 30, 2015, Customers B and A accounted for 17% and 14% of accounts receivable, respectively. Customers A and B are both distributors. Customer C is an Alternative Carrier.

 

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, 2015 did not indicate an impairment of goodwill. During the nine months ended June 30, 2016, there were no triggering events that indicate potential impairment exists.

 

The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, not exceeding 20 years. As of June 30, 2016, the Company has six patents granted and five pending applications inside the United States.

 

6
 

Note 9. Income Taxes

 

For the three and nine months ended June 30, 2016, the Company recorded a provision for income taxes of $1,221,032 and $2,595,032, respectively, reflecting an effective tax rate of 34.9% and 33.7%, respectively. The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, expenses related to equity award compensation and favorable discrete items for the three and nine months ended June 30, 2016, including the benefit related to research and development credits which was permanently extended in December 2015 by the federal government.

 

As of both June 30, 2016 and September 30, 2015, the Company had a remaining valuation allowance of approximately $659,000 related to state net operating loss carry forwards the Company does not expect to utilize. Based on the Company’s analysis and review of long-term forecasts and all available evidence, the Company has determined that there should be no change in this existing valuation allowance in the quarter ended June 30, 2016.

 

For the three and nine months ended June 30, 2015, the Company recorded a provision for income taxes of $1,023,000 and $1,796,000, respectively, reflecting an effective tax rate of 34.4% and 35.2%, respectively. The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment and expenses related to equity award compensation.

 

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 net operating loss carry-forwards and other deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than not” criteria by assessing the available positive and negative factors surrounding its recoverability.

 

As of June 30, 2016, we do not have any unrecognized tax benefits. It is the Company’s practice to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not expect any material changes in its unrecognized tax positions over the next 12 months.

 

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

 

Note 10. Accounting Pronouncements

 

Recent Accounting Pronouncement

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance creating Accounting Standards Codification (“ASC”) Section 606, Revenue from Contracts with Customers. The new section will replace Section 605, “Revenue Recognition” and creates modifications to various other revenue accounting standards for specialized transactions and industries. The section is intended to conform revenue accounting principles with a concurrently issued International Financial Reporting Standards with previously differing treatment between United States practice and those of much of the rest of the world, as well as, to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. Early application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the impact the adoption of this standard will have on our financial statements.

 

In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) Related to Simplifying the Measurement of Inventory which applies to all inventory except inventory that is measured using last-in, first-out (“LIFO”) or the retail inventory method. Inventory measured using first-in, first-out (“FIFO”) or average cost is covered by the new amendments. Inventory within the scope of the new guidance should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments will take effect for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The new guidance should be applied prospectively, and earlier application is permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the impact the adoption of this ASU will have on our financial statements.

 

7
 

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 March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation:  Improvements to Employee Share-Based Payment Accounting, which relates to the accounting for employee share-based payments.  This standard addresses several aspects of the accounting for share-based payment award transactions, including:  (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows.  This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.  The Company is evaluating the impact the adoption of this ASU will have on our financial statements.

 

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

 

The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. Words such as  “plan,” “expect,” “aim,” “believe,” “project,” “target,” “anticipate,” “intend,” “estimate,” “will,” “should,” “could” and other words and terms of similar meaning, typically identify these forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual results could differ from those projected in any forward-looking statements because of the factors identified in and incorporated by reference from Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended September 30, 2015, as well as in other filings we make with the Securities and Exchange Commission, which should be considered an integral part of Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” All forward-looking statements included herein are made as the date of this Quarterly Report on Form 10-Q and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

 

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

 

OVERVIEW

 

General

 

Clearfield, Inc. manufactures, markets, and sells an end-to-end fiber management and enclosure platform that consolidates, distributes and protects fiber as it moves from the inside plant to the outside plant and all the way to the home, business and cell site. While continuing to penetrate the wireline requirements for fiber-to-the-home (“FTTH”) builds, Clearfield is actively engaged in the expansion of wireless services through the deployments of its technologies for cell backhaul and distributed antennas wireless services.

 

The Company has successfully established itself as a value-added supplier to its target market of broadband service providers, including independent local exchange carriers (Traditional Carriers) (telephone, or “telcos”), multiple service operators (cable), wireless service providers, competitive local exchange carriers (Alternative Carriers), municipal-owned utilities, as well as commercial and industrial original equipment manufacturers (“OEMs”). Clearfield has expanded its product offerings and broadened its customer base during its years of operation.

 

8
 

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. On September 9, 2014, the Company entered into a lease for a new facility in Brooklyn Park, Minnesota which replaced its plant in Plymouth.  The lease term commenced in January 2015 and this facility now serves as the Company’s headquarters. 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, 2016 vS. three months ended JUNE 30, 2015

 

Net sales for the third quarter of fiscal 2016 ended June 30, 2016 were $21,599,000, an increase of approximately 19%, or $3,403,000 from net sales of $18,196,000 for the third quarter of fiscal 2015. Net sales to broadband service providers and commercial data networks customers were $20,018,000 in the third quarter of fiscal 2016, versus $16,716,000 in the same period of fiscal 2015. Among this group, the Company recorded $1,147,000 in international sales for the third quarter of fiscal 2016, versus $1,301,000 in the same period of fiscal 2015. Net sales to build-to-print and OEM customers were $1,581,000 in the third quarter of fiscal 2016 versus $1,480,000 in the same period of fiscal 2015. The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Accordingly, international sales represented 5% and 7% of total net sales for the third quarters of fiscal 2016 and 2015, respectively.

 

The increase in net sales for the quarter ended June 30, 2016 of $3,403,000 compared to the quarter ended June 30, 2015 is primarily attributable to an increase of $2,266,000 in net sales to our customer base of commercial data network providers, build-to-print and OEM manufacturers, and broadband service providers, outside of the Alternative Carrier group and international sales noted below, when compared to fiscal 2015. The improvement was due to increased deployments by the Company’s Traditional Carrier customers, as well as expanded sales channels. Ongoing builds of an Alternative Carrier customer also increased net sales by $1,291,000 in the quarter ended June 30, 2016. Net sales were negatively affected by a decrease in international sales of $154,000 during the same period due to sluggish demand. The Company expects its international sales could be uneven until a more favorable foreign currency exchange rate environment exists. The Company does not have the ability to forecast future sales as 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 2016 was $12,259,000, an increase of $1,860,000, or 18%, from $10,399,000 in the comparable period of fiscal 2015. Gross margin was 43.2% in the fiscal 2016 third quarter, an increase from 42.8% for the fiscal 2015 third quarter. Gross profit increased $1,543,000, or 20%, to $9,340,000 for the three months ended June 30, 2016 from $7,797,000 in the comparable period in fiscal 2015. The increase in cost of sales in the third quarter of fiscal 2016 is primarily a result of increased net sales. The increase in gross profit percentage is the result of a higher percentage of sales associated with optical component technologies, which generally have higher margins.

 

Selling, general and administrative expenses increased $1,032,000, or 21%, to $5,878,000 in the fiscal 2016 third quarter from $4,846,000 for the fiscal 2015 third quarter. The increase in the third quarter of fiscal 2016 consists primarily of higher compensation expenses in the amount of $843,000 mainly due to additional personnel, wage increases, and higher performance compensation accruals.

 

Income from operations for the quarter ended June 30, 2016 was $3,462,000 compared to income from operations of $2,951,000 for the comparable quarter of fiscal 2015, an increase of approximately 17%. This increase is attributable to increased net sales and higher gross profit.

 

Interest income for the quarter ended June 30, 2016 was $42,000 compared to $25,000 for the comparable quarter for fiscal 2015. The increase is due mainly to higher interest rates earned on its investments in fiscal 2016. The Company invests its excess cash primarily in FDIC-backed bank certificates of deposit and money market accounts.

 

9
 

We recorded a provision for income taxes of $1,221,000 and $1,023,000 for the three months ended June 30, 2016 and 2015, respectively. Due to net operating loss utilization, income tax expense primarily had a non-cash effect on the operating cash flow in the third quarter of fiscal 2015. 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 $198,000 from the third quarter for fiscal 2015 is primarily due to higher profitability in the third quarter of fiscal 2016. The increase in the income tax expense rate to 34.9% for the third quarter of fiscal 2016 from 34.4% for the third quarter of fiscal 2015 is primarily the result of having lower discrete benefits in the quarter. Our provisions for income taxes include current federal alternative minimum tax expense, state income tax expense and deferred tax expense.

 

The Company’s net income for the three months ended June 30, 2016 was $2,282,000, or $0.17 per basic and $0.16 per diluted share. The Company’s net income for the three months ended June 30, 2015 was $1,953,000, or $0.15 per basic and $0.14 per diluted share.

 

NINE months ended JUNE 30, 2016 vS. NINE months ended JUNE 30, 2015

 

Net sales for the nine months ended June 30, 2016 were $54,236,000, an increase of 22%, or approximately $9,683,000 from net sales of $44,553,000 for the first nine months of fiscal 2015. Net sales to broadband service providers and commercial data networks customers were $50,340,000 for the first nine months of fiscal 2016, versus $40,638,000 in the same period of fiscal 2015. Among this group, the Company recorded $2,606,000 in international sales versus $4,010,000 in the same period of fiscal 2015. Net sales to build-to-print and OEM customers were $3,896,000 in the first nine months of fiscal 2016 versus $3,915,000 in the same period of fiscal 2015. The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Accordingly, international sales represented 5% and 9% of total net sales for the first nine months of fiscal 2016 and 2015, respectively.

 

The increase in net sales for the nine months ended June 30, 2016 of $9,683,000 compared to the nine months ended June 30, 2015 is primarily attributable to an increase of $8,462,000 in net sales to our customer base of commercial data network providers, build-to-print and OEM manufacturers, and broadband service providers, outside of the Alternative Carrier group and international sales noted below, when compared to fiscal 2015. The improvement was due to increased deployments by the Company’s Traditional Carrier customers, as well as expanded sales channels. Ongoing builds of an Alternative Carrier customer also increased net sales by $2,625,000 in the nine months ended June 30, 2016. Net sales were negatively affected by a decrease in international sales of $1,404,000 during the same period due sluggish demand. The Company expects its international sales may continue to be lower than the prior years until a more favorable foreign currency exchange rate environment exists. The Company does not have the ability to forecast future sales as 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, 2016 was $30,938,000, an increase of $4,677,000, or 18%, from $26,261,000 in the comparable period of fiscal 2015. Gross margin was 43.0% in the fiscal 2016 first nine months, up from 41.1% for the comparable nine months in fiscal 2015. Gross profit increased $5,004,000, or 27%, to $23,297,000 for the nine months ended June 30, 2016 from $18,293,000 in the comparable period in fiscal 2015. The increase in cost of sales in the first nine months of fiscal 2016 is primarily a result of increased net sales. The increase in gross profit percentage is the result of a higher percentage of sales associated with optical component technologies, which generally have higher margins.

 

Selling, general and administrative expenses increased 18%, or $2,451,000, from $13,261,000 for the first nine months of fiscal 2015 to $15,712,000 for the first nine months of fiscal 2016. The increase in the first nine months of fiscal 2016 consists primarily of higher compensation expenses in the amount of $2,119,000 mainly due to additional personnel, wage increases, and higher performance compensation accruals and increased depreciation expense of $104,000.

 

Income from operations for the nine months ended June 30, 2016 was $7,585,000 compared to income from operations of $5,032,000 for the first nine months of fiscal 2015, an increase of $2,553,000, or 51%. This increase is attributable to increased net sales and higher gross profit.

 

Interest income for the nine months ended June 30, 2016 was $114,000 compared to $75,000 for the comparable period for fiscal 2015. The increase is due mainly to higher interest rates earned on its investments in fiscal 2016. The Company invests its excess cash primarily in FDIC-backed bank certificates of deposit and money market accounts.

 

10
 

We recorded a provision for income taxes of $2,595,000 and $1,796,000 for the nine months ended June 30, 2016 and 2015, respectively. Due to net operating loss utilization, income tax expense primarily included a non-cash effect on the operating cash flow for the first nine months of both fiscal 2016 and 2015. 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 $799,000 from the nine months ended June 30, 2015 is primarily due to higher profitability in the first nine months of fiscal 2016. The decrease in the income tax expense rate to 33.7% for the first nine months of fiscal 2016 from 35.2% for the first nine months of fiscal 2015 is primarily the result of the Company having additional positive discrete items, including the benefit related to the permanent extension of research and development credits in Q1 of fiscal 2016, additional stock compensation deductions, and higher profitability in the first nine months of fiscal 2016.  Our provisions for income taxes include current federal alternative minimum tax expense, state income tax expense and deferred tax expense.

 

The Company’s net income for the first nine months of fiscal 2016 ended June 30, 2016 was $5,104,000, or $0.38 per basic and $0.37 per diluted share. The Company’s net income for the first nine months of fiscal 2015 ended June 30, 2015 was $3,311,000, or $0.25 per basic and $0.24 per diluted share.

 

LIQUIDITY AND CAPITAL RESOURCES

 

At June 30, 2016, the Company had combined balances of cash, short-term and long-term investments of $40,550,000 as compared to $34,286,000 at September 30, 2015. As of June 30, 2016, our principal source of liquidity was our cash, cash equivalents and short-term investments. Those sources total $31,980,000 at June 30, 2016 compared to $25,996,000 at September 30, 2015. 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 $8,570,000 as of June 30, 2016, compared to $8,290,000 as of September 30, 2015. We believe the combined balances of short-term cash and investments along with long-term investments provide a more accurate indication of our available liquidity. We had no long-term debt obligations at June 30, 2016 or September 30, 2015.

 

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

 

Operating Activities

 

Net cash provided by operating activities totaled $5,143,000 for the nine months ended June 30, 2016. This was primarily due to net income of $5,104,000, non-cash expenses for depreciation and amortization of $1,068,000, deferred taxes of $578,000, and stock-based compensation of $844,000 offset by tax benefits from stock-based awards of $1,786,000, in addition to changes in operating assets and liabilities using cash. The Company has historically been utilizing its net operating losses (“NOLs”) for taxes due. When the NOLs are fully consumed, the Company will no longer have this non-cash tax benefit which will result in the Company having to use cash for its tax expense. The Company expects the NOLs to be exhausted in the 2016 calendar year, resulting in a higher amount of cash to be paid in future quarters as compared to previously reported fiscal quarters. Changes in operating assets and liabilities using cash include increases for the nine months ending June 30, 2016 in accounts receivable and inventory of $2,716,000 and $924,000, respectively. Accounts receivable balances can be influenced by the timing of shipments for customer projects and payment terms. Days sales outstanding, which measures how quickly receivables are collected, increased two days to 37 days from September 30, 2015 to June 30, 2016. The increase in inventory represents an adjustment for seasonal demand along with changes in stocking levels. Changes in working capital items providing cash include an increase in accounts payable and accrued expenses in the amount of $3,313,000, primarily reflecting inventory purchases and increased compensation accruals.

 

Net cash provided by operating activities totaled $4,341,000 for the nine months ended June 30, 2015. This was primarily due to net income of $3,311,000, non-cash expenses for depreciation and amortization of $871,000, deferred taxes of $1,682,000, and stock-based compensation of $845,000, offset by changes in operating assets and liabilities using cash. Changes in operating assets and liabilities providing cash include an increase in accounts payable and accrued expenses of $1,269,000, primarily related to inventory and fixed asset purchases. Changes in operating assets and liabilities using cash include an increases in accounts receivable and inventory of $2,359,000 and $1,344,000, respectively. The increase in accounts receivable is primarily attributable to the increased sales in the quarter ended June 30, 2015. In addition, days sales outstanding, which measures how quickly receivables are collected, increased five days to 37 days from September 30, 2014 to June 30, 2015. Accounts receivable can also be influenced by the timing of shipments for customer projects and payment terms. The increase in inventory represents an adjustment for seasonal demand along with changes in stocking levels for product development life cycles.

 

11
 

Investing Activities

 

We invest our excess cash in money market accounts and bank CDs in denominations across numerous banks. We believe we obtain a competitive rate of return given the economic climate along with the security provided by the FDIC on these investments. During the nine months ended June 30, 2016, we used cash to purchase $5,508,000 of FDIC-backed securities and received $5,761,000 on CDs that matured. Purchases of capital equipment and patents, mainly related to information technology and manufacturing equipment, consumed $982,000 of cash in the nine months ended June 30, 2016.

 

During the nine months ended June 30, 2015, we used cash to purchase $7,517,000 of FDIC-backed securities and received $6,784,000 on CDs that matured. Purchases of capital equipment and patents consumed $4,028,000 of cash. This consisted primarily of $3,027,000 in leasehold improvements and office equipment for the build out of our new facility which was completed in the second quarter of fiscal 2015.

 

Financing Activities

 

For the nine months ended June 30, 2016, we received $254,000 from employees’ participation and purchase of stock through our ESPP. We also received $474,000 from stock option exercises. Additionally, we recognized $1,786,000 in tax benefits from stock-based awards and used $334,000 to repurchase our common stock in the nine months ended June 30, 2016. As of June 30, 2016, we had authority to purchase approximately $6,817,000 in additional shares under the repurchase program announced on November 13, 2014.

 

For the nine months ended June 30, 2015, we received $211,000 from employees’ participation and purchase of stock through our ESPP and $42,000 from the issuance of stock as a result of employees exercising options. For the nine months ended June 30, 2015, we used $849,000 to repurchase our common stock.

 

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, 2015. Management made no changes to the Company’s critical accounting policies during the quarter ended June 30, 2016.

 

In applying its critical accounting policies, management reassesses its estimates each reporting period based on available information. Changes in these estimates did not have a significant impact on earnings for the quarter ended June 30, 2016.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

12
 

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, 2016. Based upon that evaluation, the Company’s Chief Executive Officer and the Company’s Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

 

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, 2016 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

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

 

ITEM 1A. RISK FACTORS

 

The most significant risk factors applicable to the Company are described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2015. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K.

 

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

 

In the three months ending June 30, 2016, the Company repurchased shares of stock as follows:

 

ISSUER PURCHASES OF EQUITY SECURITIES
Period  Total
Number
of Shares
Purchased		  Average
Price Paid
per Share		  Total Number of
Shares
Purchased as Part
of Publicly
Announced Plans
or Programs		  Approximate Dollar Value
of Shares that
May Yet Be Purchased
Under the Program (1)
April 1-30, 2016   —   $—    —   $— 
May 1-31, 2016   875    17.18    —    — 
June 1-30, 2016   —    —    —    — 
Total   875   $17.18    —   $6,817,082 

 

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

 

In the three months ending June 30, 2016, the Company repurchased a total of 875 shares in connection with payment of taxes upon vesting of restricted stock previously issued to employees.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

13
 

 

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

 

 

 

 

 

14
 

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 3, 2016    /s/ Cheryl Beranek
   

By: Cheryl Beranek

Its: President and Chief Executive Officer

    (Principal Executive Officer)
     
August 3, 2016   /s/ Daniel Herzog
   

By: Daniel Herzog

Its: Chief Financial Officer

    (Principal Financial and Accounting Officer)

 

 

 

 

 

 

15

 

 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 3, 2016   /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 3, 2016   /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, 2016 of Clearfield, Inc. (the “Company”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

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

 

 

August 3, 2016   /s/ Cheryl Beranek
    By: Cheryl Beranek, President and Chief Executive Officer
    (Principal Executive Officer)

 

August 3, 2016   /s/ Daniel Herzog
    By: Daniel Herzog, Chief Financial Officer
    (Principal Financial and Accounting Officer)

 EX-101.INS 5 clfd-20160630.xml XBRL INSTANCE FILE 11510770 11184315 8570000 8290000 P3Y 541016 80802 6 5 11.40 11.40 0.85 false --09-30 Q3 2016 2016-06-30 10-Q 0000796505 14094219 Yes Accelerated Filer Clearfield, Inc. No No clfd 3171964 2357791 8727163 6010900 51171 80803 3328643 2598661 58830692 55887850 370465 843658 336310 34155 765347 78311 280526 844992 99473 79473 66636890 57627617 49565636 40753629 <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 1. Basis of Presentation</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"><div style="display: inline; color: black">The accompanying (a) condensed balance sheet as of September 30, 2015, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented. </div>Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors.<div style="display: inline; color: black"> These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the year ended September 30, 2015.</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> 24587571 18071210 18191493 17161041 <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 3. Cash, Cash Equivalents and Investments</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of not more than three years. CDs with original maturities of more than three months are reported as held-to-maturity investments</div> 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. <div style="display: inline; color: black">The maturity dates of the Company&#x2019;s CDs at June 30, 2016 and September 30, 2015 are as follows:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">&nbsp;</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; 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" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">June 30, 2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Less than one year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">7,392,075</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">7,925,000</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-3 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,570,000</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">8,290,000</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">15,962,075</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">16,215,000</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 6516361 -1030452 0.01 0.01 50000000 50000000 14089769 13705658 14089769 13705658 140898 137057 <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 7. Major Customer Concentration</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The following table summarizes customers comprising 10% or more of net sales for the three and nine months ended June 30, 2016 and June 30, 2015:</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; 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" nowrap="nowrap" 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" nowrap="nowrap" 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">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left; text-indent: 0in">Customer A</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">15</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">29</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">20</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">27</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Customer B</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">20</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">12</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">17</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">*</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">Customer C</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">11</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">*</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">*</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">*</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">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">* Less than 10%</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">As of June 30, 2016, Customer B accounted for 24% of accounts receivable. As of September 30, 2015, Customers B and A accounted for 17% and 14% of accounts receivable, respectively. Customers A and B are both distributors. Customer C is an Alternative Carrier.</div></div> 0.24 0.17 0.14 0.15 0.29 0.2 0.27 0.2 0.12 0.17 0.11 12258523 10399171 30938180 26260624 578090 1682164 240814 228345 1146899 514078 1082887 1068297 870692 <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 4. Stock-Based Compensation</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company recorded $370,465 and $843,658 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 three and nine months ended June 30, 2016, respectively. For the three months ended June 30, 2016, $336,310 of this expense is included in selling, general and administrative expense, and $34,155 is included in cost of sales. For the nine months ended June 30, 2016, $765,347 of this expense is included in selling, general and administrative expense, and $78,311 is included in cost of sales. The Company recorded $280,526 and $844,992 of compensation expense related to current and past equity awards for the three and nine months ended June 30, 2015, respectively. For the three and nine months ended June 30, 2015, all of this expense was included in selling, general and administrative expense. As of June 30, 2016, $7,895,912 of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a period of approximately 8.3 years.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: Page; Sequence: 6; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">There were no stock options granted during the nine month periods ended June 30, 2016 or June 30, 2015. The following is a summary of stock option activity during the nine months ended June 30, 2016:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of <br /> options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average <br /> exercise&nbsp;price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Outstanding at September 30, 2015</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">297,384</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">5.29</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">-</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">-</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 10pt">Exercised</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">(172,450</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">5.88</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Cancelled or Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</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">-</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, 2016</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">124,934</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">4.47</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 June 30, 2016, the weighted average remaining contractual term for all outstanding and exercisable stock options was 1.6 years and their aggregate intrinsic value was $1,676,391. During the nine months ended June 30, 2016, the Company received proceeds of $473,651 from the exercise of stock options. During the nine months ended June 30, 2015, exercised stock options totaled 42,000 shares, resulting in $41,688 of proceeds to the Company.</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"><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 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.</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 nine month period ended June 30, 2016, the Company granted non-employee directors restricted stock awards totaling 2,712 shares of common stock, with a vesting term of approximately one year and a fair value of $14.73 per share. The Company also granted outgoing non-employee directors fully-vested stock awards totaling 1,356 shares of common stock, with a fair value of $14.73 per share. Additionally, the Company granted employees restricted stock awards totaling 259,555 shares of common stock, with a vesting term of three to five years and a fair value of $17.43 per share during the nine month period ended June 30, 2016.</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 nine month period ended June 30, 2015, the Company granted non-employee directors restricted stock awards totaling 3,705 shares of common stock, with a vesting term of approximately one year and a fair value of $13.48 per share. Additionally, the Company granted employees restricted stock awards totaling 3,000 shares of common stock, with a vesting term of ten years and a fair value of $13.33 per share.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Restricted stock transactions during the nine month period ended June 30, 2016 are summarized as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of <br /> shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average grant <br /> date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Unvested shares at September 30, 2015</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">409,130</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">9.97</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">263,623</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">17.39</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 10pt">Vested</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">(7,956</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">14.69</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(8,400</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">12.04</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, 2016</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">656,397</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">13.23</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 may purchase the Company&#x2019;s common stock on a voluntary after-tax basis. Employees may purchase the Company&#x2019;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, 2016 and December 31, 2015, employees purchased 11,966 and 10,352 shares at a price of $11.40 and $11.40 per share, respectively. After the employee purchase on June 30, 2016, 143,122 shares of common stock were available for future purchase under the ESPP.</div></div> 0.17 0.15 0.38 0.25 0.16 0.14 0.37 0.24 <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 2. Net Income Per Share</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">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> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; 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" nowrap="nowrap" 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" nowrap="nowrap" 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">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; 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: 10%; font-size: 10pt; text-align: right">2,282,421</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">1,952,900</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">5,104,407</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">3,310,934</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">13,397,509</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">13,200,121</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">13,331,632</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">13,204,625</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">409,419</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">414,828</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">322,844</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">376,473</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">13,806,928</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">13,614,949</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">13,654,476</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">13,581,098</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: 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">0.17</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">$</td> <td style="font-size: 10pt; text-align: right">0.15</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">0.38</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">$</td> <td style="font-size: 10pt; text-align: right">0.25</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 10pt">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">0.16</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">$</td> <td style="font-size: 10pt; text-align: right">0.14</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">0.37</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">0.24</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 0.349 0.337 0.344 0.352 7895912 P8Y109D 1786000 1786000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: bold;">Note 5. Accounts Receivable and Net Sales</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Credit is extended based on the evaluation of a customer&#x2019;s financial condition and collateral is generally not required. Accounts that are outstanding longer than the contractual payment terms are considered past due.<div style="display: inline; font-size: 10pt"> </div>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 June 30, 2016 and September 30, 2015, the balance in the allowance for doubtful accounts was $99,473 and $79,473, respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">See Note 7, &#x201c;Major Customer Concentration&#x201d; for further information regarding accounts receivable and net sales.</div></div> P20Y -1135 -13637 2570511 2570511 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note 8. Goodwill and Patents</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed in the fourth quarter ended September 30, 2015 did not indicate an impairment of goodwill. During the nine months ended June 30, 2016, there were no triggering events that indicate potential impairment exists.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, not exceeding 20 years. As of June 30, 2016, the Company has six patents granted and five pending applications inside the United States.</div></div> 9340197 7796740 23297442 18292691 15962075 16215000 7392075 7925000 3503453 2975900 7699439 5106934 <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 9. Income Taxes</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">For the three and nine months ended June 30, 2016, the Company recorded a provision for income taxes of $1,221,032 and $2,595,032, respectively, reflecting an effective tax rate of 34.9% and 33.7%, respectively. The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, expenses related to equity award compensation and favorable discrete items for the three and nine months ended June 30, 2016, including the benefit related to research and development credits which was permanently extended in December 2015 by the federal government.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of both June 30, 2016 and September 30, 2015, the Company had a remaining valuation allowance of approximately $659,000 related to state net operating loss carry forwards the Company does not expect to utilize. Based on the Company&#x2019;s analysis and review of long-term forecasts and all available evidence, the Company has determined that there should be no change in this existing valuation allowance in the quarter ended June 30, 2016.</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 three and nine months ended June 30, 2015, the Company recorded a provision for income taxes of $1,023,000 and $1,796,000, respectively, reflecting an effective tax rate of 34.4% and 35.2%, respectively. The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment and expenses related to equity award compensation.</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 net operating loss carry-forwards and other deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a &#x201c;more likely than not&#x201d; criteria by assessing the available positive and negative factors surrounding its recoverability.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">As of June 30, 2016, we do not have any unrecognized tax benefits. It is the Company&#x2019;s practice to recognize interest and penalties accrued on any unrecognize</div>d tax benefits as a component of income tax expense. The Company does not expect any material changes in its unrecognized tax positions over the next 12 months.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the quarter ended December 31, 2015, the Company early adopted Accounting Standards Update (&#x201c;ASU&#x201d;) 2015-17 to present balance sheet classification of deferred income taxes as noncurrent. This adoption was applied prospectively and therefore, prior periods were not retrospectively adjusted.</div></div> 1221032 2595032 1023000 1796000 338616 20350 3312992 1268980 2716263 2358856 923530 1343986 340130 -52496 <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 6. 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; 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" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">June 30, 2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">5,421,596</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">4,811,993</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Work-in-progress</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">842,726</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">310,149</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,842,062</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,060,712</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Inventories</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">8,106,384</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">7,182,854</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 1842062 2060712 8106384 7182854 5421596 4811993 842726 310149 41608 24924 114316 75308 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">June 30, 2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Less than one year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">7,392,075</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">7,925,000</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-3 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,570,000</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,290,000</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">15,962,075</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">16,215,000</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 7306670 6348487 66636890 57627617 6551778 5037255 754892 1311232 8570000 8290000 2103025 -610383 -729320 -4761122 5142656 4341053 5104407 3310934 2282421 1952900 <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 10. 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 Pronouncement</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In May 2014, the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued guidance creating Accounting Standards Codification (&#x201c;ASC&#x201d;) Section 606, <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers</div>. The new section will replace Section 605, &#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 December 15, 2017, and interim periods within that reporting period. Early application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the impact the adoption of this standard will have on our financial statements.</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 July&nbsp;2015, the FASB issued ASU 2015-11,&nbsp;<div style="display: inline; font-style: italic;">Inventory (Topic 330) Related to Simplifying the Measurement of Inventory</div> which applies to all inventory except inventory that is measured using last-in, first-out (&#x201c;LIFO&#x201d;) or the retail inventory method. Inventory measured using first-in, first-out (&#x201c;FIFO&#x201d;) or average cost is covered by the new amendments. Inventory within the scope of the new guidance should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments will take effect for public business entities for fiscal years beginning after December&nbsp;15, 2016, including interim periods within those fiscal years. The new guidance should be applied prospectively, and earlier application is permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the impact the adoption of this ASU will have on our financial statements.</div> <!-- Field: Page; Sequence: 9; Value: 1 --> <div style="page-break-before: always; margin-top: 6pt"> &nbsp; </div> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In February 2016, the FASB issued ASU 2016-02, <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 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.</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 March 2016, the FASB issued ASU 2016-09, <div style="display: inline; font-style: italic;">Compensation &#x2013; Stock Compensation:&nbsp; Improvements to Employee Share-Based Payment Accounting, </div>which relates to the accounting for employee share-based payments.&nbsp; This standard addresses several aspects of the accounting for share-based payment award transactions, including:&nbsp; (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows.&nbsp; This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.&nbsp; The Company is evaluating the impact the adoption of this ASU will have on our financial statements.</div></div> 3461845 2950976 7585123 5031626 659000 659000 752443 416766 370259 323804 333761 849157 77291 14373 5508075 7517000 982245 4028122 0.01 0.01 500 500 0 0 0 0 254426 211459 5761000 6784000 473651 41688 5560484 5689673 358630 -4745777 21598720 18195911 54235622 44553315 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;; 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" nowrap="nowrap" 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" nowrap="nowrap" 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">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; 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: 10%; font-size: 10pt; text-align: right">2,282,421</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">1,952,900</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">5,104,407</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">3,310,934</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">13,397,509</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">13,200,121</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">13,331,632</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">13,204,625</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">409,419</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">414,828</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">322,844</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">376,473</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">13,806,928</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">13,614,949</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">13,654,476</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">13,581,098</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: 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">0.17</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">$</td> <td style="font-size: 10pt; text-align: right">0.15</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">0.38</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">$</td> <td style="font-size: 10pt; text-align: right">0.25</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 10pt">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">0.16</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">$</td> <td style="font-size: 10pt; text-align: right">0.14</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">0.37</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">$</td> <td style="font-size: 10pt; text-align: right">0.24</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">June 30, 2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">5,421,596</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">4,811,993</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Work-in-progress</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">842,726</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">310,149</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,842,062</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,060,712</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Inventories</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">8,106,384</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">7,182,854</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of <br /> options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average <br /> exercise&nbsp;price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Outstanding at September 30, 2015</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">297,384</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">5.29</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">-</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">-</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 10pt">Exercised</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">(172,450</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">5.88</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Cancelled or Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</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">-</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, 2016</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">124,934</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">4.47</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of <br /> shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average grant <br /> date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Unvested shares at September 30, 2015</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">409,130</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">9.97</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">263,623</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">17.39</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 10pt">Vested</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">(7,956</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">14.69</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(8,400</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">12.04</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, 2016</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">656,397</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">13.23</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;; 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" nowrap="nowrap" 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" nowrap="nowrap" 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">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left; text-indent: 0in">Customer A</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">15</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">29</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">20</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right">27</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Customer B</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">20</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">12</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">17</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">*</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">Customer C</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">11</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">*</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">*</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">*</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 5878352 4845764 15712319 13261065 843658 844992 P1Y P10Y P1Y P3Y P5Y P1Y P10Y 8400 12.04 2712 1356 259555 3705 3000 263623 14.73 14.73 17.43 13.48 13.33 17.39 409130 656397 9.97 13.23 7956 14.69 143122 0 0 1676391 297384 124934 5.29 4.47 5.88 P1Y219D 7392075 7925000 11966 10352 42000 172450 59330220 51279130 0 409419 414828 322844 376473 13806928 13614949 13654476 13581098 13397509 13200121 13331632 13204625 Less than 10% iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000796505 2014-10-01 2015-06-30 0000796505 us-gaap:RestrictedStockMember clfd:StockCompensationPlan2007Member clfd:EmployeesMember 2014-10-01 2015-06-30 0000796505 us-gaap:RestrictedStockMember clfd:StockCompensationPlan2007Member clfd:NonEmployeeDirectorsMember 2014-10-01 2015-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerAMember 2014-10-01 2015-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerBMember 2014-10-01 2015-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerCMember 2014-10-01 2015-06-30 0000796505 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2014-10-01 2015-06-30 0000796505 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerAMember 2014-10-01 2015-09-30 0000796505 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerBMember 2014-10-01 2015-09-30 0000796505 2015-04-01 2015-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerAMember 2015-04-01 2015-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerBMember 2015-04-01 2015-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerCMember 2015-04-01 2015-06-30 0000796505 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2015-04-01 2015-06-30 0000796505 clfd:EmployeeStockPurchasePlanMember 2015-10-01 2015-12-31 0000796505 2015-10-01 2016-06-30 0000796505 us-gaap:RestrictedStockMember 2015-10-01 2016-06-30 0000796505 us-gaap:RestrictedStockMember clfd:StockCompensationPlan2007Member us-gaap:MaximumMember clfd:EmployeeAndNonemployeeDirectorsMember 2015-10-01 2016-06-30 0000796505 us-gaap:RestrictedStockMember clfd:StockCompensationPlan2007Member us-gaap:MaximumMember clfd:EmployeesMember 2015-10-01 2016-06-30 0000796505 us-gaap:RestrictedStockMember clfd:StockCompensationPlan2007Member us-gaap:MinimumMember clfd:EmployeeAndNonemployeeDirectorsMember 2015-10-01 2016-06-30 0000796505 us-gaap:RestrictedStockMember clfd:StockCompensationPlan2007Member us-gaap:MinimumMember clfd:EmployeesMember 2015-10-01 2016-06-30 0000796505 us-gaap:RestrictedStockMember clfd:StockCompensationPlan2007Member clfd:EmployeesMember 2015-10-01 2016-06-30 0000796505 us-gaap:RestrictedStockMember clfd:StockCompensationPlan2007Member clfd:NonEmployeeDirectorsMember 2015-10-01 2016-06-30 0000796505 us-gaap:RestrictedStockMember clfd:StockCompensationPlan2007Member clfd:OutgoingNonEmployeeDirectorsMember 2015-10-01 2016-06-30 0000796505 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerBMember 2015-10-01 2016-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerAMember 2015-10-01 2016-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerBMember 2015-10-01 2016-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerCMember 2015-10-01 2016-06-30 0000796505 us-gaap:PatentsMember us-gaap:MaximumMember 2015-10-01 2016-06-30 0000796505 us-gaap:CostOfSalesMember 2015-10-01 2016-06-30 0000796505 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2015-10-01 2016-06-30 0000796505 clfd:EmployeeStockPurchasePlanMember 2015-10-01 2016-06-30 0000796505 us-gaap:MaximumMember 2015-10-01 2016-06-30 0000796505 2016-04-01 2016-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerAMember 2016-04-01 2016-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerBMember 2016-04-01 2016-06-30 0000796505 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember clfd:CustomerCMember 2016-04-01 2016-06-30 0000796505 us-gaap:CostOfSalesMember 2016-04-01 2016-06-30 0000796505 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2016-04-01 2016-06-30 0000796505 2014-09-30 0000796505 2015-06-30 0000796505 2015-09-30 0000796505 us-gaap:RestrictedStockMember 2015-09-30 0000796505 us-gaap:StateAndLocalJurisdictionMember 2015-09-30 0000796505 2016-06-30 0000796505 us-gaap:RestrictedStockMember 2016-06-30 0000796505 us-gaap:StateAndLocalJurisdictionMember 2016-06-30 0000796505 clfd:EmployeeStockPurchasePlanMember 2016-06-30 0000796505 2016-07-27 EX-101.SCH 6 clfd-20160630.xsd XBRL SCHEMA FILE 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink 001 - Statement - Condensed Balance Sheets (Current Period Unaudited) link:calculationLink link:definitionLink link:presentationLink 002 - Statement - Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 003 - Statement - Condensed Statements of Operations (Unaudited) link:calculationLink link:definitionLink link:presentationLink 004 - Statement - Condensed Statements of Cash Flows (Unaudited) link:calculationLink link:definitionLink link:presentationLink 005 - Disclosure - Note 1 - Basis of Presentation link:calculationLink link:definitionLink link:presentationLink 006 - Disclosure - Note 2 - Net Income Per Share link:calculationLink link:definitionLink link:presentationLink 007 - Disclosure - Note 3 - Cash, Cash Equivalents and Investments link:calculationLink link:definitionLink link:presentationLink 008 - Disclosure - Note 4 - Stock-based Compensation link:calculationLink link:definitionLink link:presentationLink 009 - Disclosure - Note 5 - Accounts Receivable and Net Sales link:calculationLink link:definitionLink link:presentationLink 010 - Disclosure - Note 6 - Inventories link:calculationLink link:definitionLink link:presentationLink 011 - Disclosure - Note 7 - Major Customer Concentration link:calculationLink link:definitionLink link:presentationLink 012 - Disclosure - Note 8 - Goodwill and Patents link:calculationLink link:definitionLink link:presentationLink 013 - Disclosure - Note 9 - Income Taxes link:calculationLink link:definitionLink link:presentationLink 014 - Document - Note 10 - Accounting Pronouncements link:calculationLink link:definitionLink link:presentationLink 015 - Disclosure - Note 2 - Net Income Per Share (Tables) link:calculationLink link:definitionLink link:presentationLink 016 - Disclosure - Note 3 - Cash, Cash Equivalents and Investments (Tables) link:calculationLink link:definitionLink link:presentationLink 017 - Disclosure - Note 4 - Stock-based Compensation (Tables) link:calculationLink link:definitionLink link:presentationLink 018 - Disclosure - Note 6 - Inventories (Tables) link:calculationLink link:definitionLink link:presentationLink 019 - Disclosure - Note 7 - Major Customer Concentration (Tables) link:calculationLink link:definitionLink link:presentationLink 020 - Disclosure - Note 2 - Net Income Per Common Share (Details) link:calculationLink link:definitionLink link:presentationLink 021 - Disclosure - Note 3 - Cash, Cash Equivalents and Investments (Details Textual) link:calculationLink link:definitionLink link:presentationLink 022 - Disclosure - Note 3 - CD Maturity Dates (Details) link:calculationLink link:definitionLink link:presentationLink 023 - Disclosure - Note 4 - Stock-based Compensation (Details Textual) link:calculationLink link:definitionLink link:presentationLink 024 - Disclosure - Note 4 - Stock Option Activity (Details) link:calculationLink link:definitionLink link:presentationLink 025 - Disclosure - Note 4 - Restricted Stock Transactions (Details) link:calculationLink link:definitionLink link:presentationLink 026 - Disclosure - Note 5 - Accounts Receivable and Net Sales (Details Textual) link:calculationLink link:definitionLink link:presentationLink 027 - Disclosure - Note 6 - Components of Inventory (Details) link:calculationLink link:definitionLink link:presentationLink 028 - Disclosure - Note 7 - Major Customer Concentration (Details Textual) link:calculationLink link:definitionLink link:presentationLink 029 - Disclosure - Note 7 - Customers Comprising 10% or More of Net Sales (Details) link:calculationLink link:definitionLink link:presentationLink 030 - Disclosure - Note 8 - Goodwill and Patents (Details Textual) link:calculationLink link:definitionLink link:presentationLink 031 - Disclosure - Note 9 - Income Taxes (Details Textual) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 7 clfd-20160630_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 clfd-20160630_def.xml XBRL DEFINITION FILE EX-101.LAB 9 clfd-20160630_lab.xml XBRL LABEL FILE Document And Entity Information Supplemental disclosures for cash flow information Note To Financial Statement Details Textual statementnote2netincomepersharetables Operating expenses statementnote3cashcashequivalentsandinvestmentstables statementnote4stockbasedcompensationtables statementnote6inventoriestables statementnote7majorcustomerconcentrationtables statementnote2netincomepercommonsharedetails Amendment Flag us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements statementnote3cdmaturitydatesdetails statementnote4stockoptionactivitydetails statementnote4restrictedstocktransactionsdetails statementnote6componentsofinventorydetails statementnote7customerscomprising10ormoreofnetsalesdetails Notes To Financial Statements Notes To Financial Statements [Abstract] Document Fiscal Year Focus Changes in operating assets and liabilities: Document Fiscal Period Focus New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Document Period End Date Selling, general and administrative us-gaap_OperatingLossCarryforwardsValuationAllowance Operating Loss Carryforwards, Valuation Allowance Current Fiscal Year End Date us-gaap_EffectiveIncomeTaxRateContinuingOperations Effective Income Tax Rate Reconciliation, Percent Document Information [Line Items] Document Information [Table] Entity Current Reporting Status Entity Voluntary Filers Entity Filer Category 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. us-gaap_GainLossOnDispositionOfAssets1 Loss on disposal of assets Document Type clfd_HeldtomaturitySecuritiesDebtMaturitiesAfterOneThroughThreeYearsNetCarryingAmount 1-3 years Carrying amount of debt securities accounted for as held-to-maturity, net of adjustments including, but not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized, and fair value hedge accounting adjustments, maturing in the next fiscal year through the third fiscal year following the latest fiscal year. Common stock, shares outstanding (in shares) Cash and Cash Equivalents Disclosure [Text Block] Cash flows from financing activities us-gaap_NetCashProvidedByUsedInInvestingActivities Net cash used in investing activities us-gaap_StockholdersEquity Total Shareholders’ Equity Entity Well-known Seasoned Issuer Statement of Financial Position [Abstract] Preferred stock, shares outstanding (in shares) Other Assets us-gaap_IncreaseDecreaseInInventories Inventories us-gaap_TableTextBlock Notes Tables Statement [Table] Income Statement [Abstract] us-gaap_IncreaseDecreaseInAccountsReceivable Accounts receivable, net Statement of Cash Flows [Abstract] us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets Prepaid expenses and other Diluted (in dollars per share) Diluted (in dollars per share) Basic (in dollars per share) Basic (in dollars per share) clfd_NumberOfPatentsPending Number of Patents Pending Represents the number of patents pending. clfd_NumberOfPatentsGranted Number of Patents Granted Represents the number of patents granted in the United States. Cost of Sales [Member] us-gaap_WeightedAverageNumberOfSharesOutstandingBasic Weighted average common shares (in shares) Weighted average shares outstanding: us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment Dilutive potential common shares (in shares) Customer A [Member] Disclosure for customer A. Income Statement Location [Domain] us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding Weighted average dilutive common shares outstanding (in shares) Diluted (in shares) Income Statement Location [Axis] Maximum [Member] Minimum [Member] Range [Axis] Range [Domain] Customer [Axis] Customer [Domain] Non Employee Directors [Member] Represents information pertaining to non-employee directors of the Company. Employees [Member] Represents information about the Company's employees. us-gaap_DeferredTaxLiabilitiesNoncurrent Deferred taxes Customer C [Member] Disclosure for customer C. Customer B [Member] Disclosure for customer B. Retained earnings (accumulated deficit) us-gaap_LiabilitiesAndStockholdersEquity Total Liabilities and Shareholders’ Equity Net sales Legal Entity [Axis] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Entity Registrant Name Entity Central Index Key Entity [Domain] Investments Classified by Contractual Maturity Date [Table Text Block] Entity Common Stock, Shares Outstanding (in shares) Other Liabilities Income Tax Authority [Domain] State and Local Jurisdiction [Member] us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans Stock Issued During Period, Shares, Employee Stock Purchase Plans Income Tax Authority [Axis] us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Exercised (in shares) Cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Trading Symbol us-gaap_LiabilitiesNoncurrent Total other liabilities us-gaap_UnrecognizedTaxBenefits Unrecognized Tax Benefits us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities Accounts payable and accrued expenses Stock Compensation Plan 2007 [Member] Name of the Company's equity-based compensation arrangement plan. us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments Income before income taxes Selling, General and Administrative Expenses [Member] Current Assets Equity Component [Domain] Equity Components [Axis] us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease Increase (decrease) in cash and cash equivalents Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Income tax expense Income Tax Expense (Benefit) Accounts receivables, net Class of Stock [Axis] us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent Allowance for Doubtful Accounts Receivable, Current Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Short-term investments Accounts Receivable [Member] Accounts payable Accrued expenses us-gaap_InventoryRawMaterials Raw materials Common stock, par value (in dollars per share) Accrued compensation Schedules of Concentration of Risk, by Risk Factor [Table Text Block] Concentration Risk Disclosure [Text Block] us-gaap_InventoryWorkInProcess Work-in-progress us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount Less than one year us-gaap_InventoryFinishedGoods Finished goods Preferred stock, $.01 par value; authorized 500 shares; no shares outstanding Preferred stock, par value (in dollars per share) Preferred stock, authorized shares (in shares) us-gaap_AllocatedShareBasedCompensationExpense Allocated Share-based Compensation Expense Proceeds from issuance of common stock under employee stock purchase plan Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] Cost of sales us-gaap_OperatingIncomeLoss Income from operations us-gaap_GrossProfit Gross profit Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] us-gaap_LiabilitiesCurrent Total Current Liabilities Basis of Accounting [Text Block] us-gaap_PaymentsForRepurchaseOfCommonStock Repurchase of common stock Common stock, authorized 50,000,000, $.01 par value; 14,089,769 and 13,705,658, shares issued and outstanding at June 30, 2016 and September 30, 2015 Proceeds from issuance of common stock upon exercise of stock options Proceeds from Stock Options Exercised Common stock, shares issued (in shares) Common stock, shares authorized (in shares) Accounting Policies [Abstract] Statement [Line Items] Sales Revenue, Net [Member] us-gaap_PolicyTextBlockAbstract Accounting Policies Disclosure of Compensation Related Costs, Share-based Payments [Text Block] us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation Tax withholding related to exercise of stock options us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities Tax benefit from stock-based awards Cash flows from investing activities us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash provided by operating activities Financing Receivables [Text Block] Cash flows from operating activities us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized Interest income Scenario, Unspecified [Domain] Finite-Lived Intangible Assets by Major Class [Axis] Title of Individual [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Relationship to Entity [Domain] Scenario [Axis] us-gaap_ConcentrationRiskPercentage1 Concentration Risk, Percentage Outgoing Non Employee Directors [Member] Represents outgoing non employee directors. Plan Name [Domain] Plan Name [Axis] us-gaap_NetCashProvidedByUsedInFinancingActivities Net cash provided by (used in) financing activities Long-term investments Proceeds from maturities of investments Property, plant and equipment, net Goodwill us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Other Inventory Disclosure [Text Block] Schedule of Inventory, Current [Table Text Block] Patents [Member] Income Tax Disclosure [Text Block] Deferred rent us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant us-gaap_IncomeTaxesPaid Cash paid during the year for income taxes Adjustments to reconcile net income to net cash provided by operating activities: Employee Stock Purchase Plan [Member] The employee stock purchase plan. us-gaap_PaymentsToAcquireInvestments Purchases of investments Non-cash financing activities us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber Options, outstanding (in shares) Options, outstanding (in shares) us-gaap_FiniteLivedIntangibleAssetUsefulLife Finite-Lived Intangible Asset, Useful Life us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice Weighted-average exercise price, outstanding (in dollars per share) Weighted-average exercise price, outstanding (in dollars per share) Equity Award [Domain] Award Type [Axis] us-gaap_DepreciationDepletionAndAmortization Depreciation and amortization us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice Exercised (in dollars per share) Net income Net income Net income us-gaap_HeldToMaturitySecurities Total 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. 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. us-gaap_Liabilities Total Liabilities Inventories Inventories 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. Commitment and Contingencies us-gaap_Assets Total Assets us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term Current Liabilities us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Restricted Stock [Member] Other current assets us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod Forfeited (in shares) us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities Tax benefit from stock-based awards us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber Balance, unvested shares (in shares) Balance, unvested shares (in shares) us-gaap_ShareBasedCompensation Stock-based compensation us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Goodwill and Intangible Assets Disclosure [Text Block] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod Vested (in shares) Additional paid-in capital us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Purchases of property, plant and equipment and intangible assets Cashless exercise of stock options The issuance of common stock funded through shares sold to the company. us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue Balance, weighted-average grant date fair value (in dollars per share) Balance, weighted-average grant date fair value (in dollars per share) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue Forfeited (in dollars per share) us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue Vested (in dollars per share) Deferred taxes us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Concentration Risk Type [Domain] Concentration Risk Type [Axis] Customer Concentration Risk [Member] Employee and Non-Employee Directors [Member] Represents key employees and non-employee directors. us-gaap_AssetsCurrent Total Current Assets Earnings Per Share [Text Block] Shareholders’ Equity Net income per common share: us-gaap_DeferredIncomeTaxExpenseBenefit Deferred taxes EX-101.PRE 10 clfd-20160630_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document And Entity Information - shares
 9 Months Ended
Jun. 30, 2016
Jul. 27, 2016
Document Information [Line Items]    
Entity Registrant Name Clearfield, Inc.  
Entity Central Index Key 0000796505  
Trading Symbol clfd  
Current Fiscal Year End Date --09-30  
Entity Filer Category Accelerated Filer  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Entity Common Stock, Shares Outstanding (in shares)   14,094,219
Document Type 10-Q  
Document Period End Date Jun. 30, 2016  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q3  
Amendment Flag false  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2016
Sep. 30, 2015
Current Assets    
Cash and cash equivalents $ 24,587,571 $ 18,071,210
Short-term investments 7,392,075 7,925,000
Accounts receivables, net 8,727,163 6,010,900
Inventories 8,106,384 7,182,854
Deferred taxes 1,146,899
Other current assets 752,443 416,766
Total Current Assets 49,565,636 40,753,629
Property, plant and equipment, net 5,560,484 5,689,673
Other Assets    
Long-term investments 8,570,000 8,290,000
Goodwill 2,570,511 2,570,511
Other 370,259 323,804
Total other assets 11,510,770 11,184,315
Total Assets 66,636,890 57,627,617
Current Liabilities    
Accounts payable 3,171,964 2,357,791
Accrued compensation 3,328,643 2,598,661
Accrued expenses 51,171 80,803
Total Current Liabilities 6,551,778 5,037,255
Other Liabilities    
Deferred taxes 514,078 1,082,887
Deferred rent 240,814 228,345
Total other liabilities 754,892 1,311,232
Total Liabilities 7,306,670 6,348,487
Commitment and Contingencies
Shareholders’ Equity    
Preferred stock, $.01 par value; authorized 500 shares; no shares outstanding 0 0
Common stock, authorized 50,000,000, $.01 par value; 14,089,769 and 13,705,658, shares issued and outstanding at June 30, 2016 and September 30, 2015 140,898 137,057
Additional paid-in capital 58,830,692 55,887,850
Retained earnings (accumulated deficit) 358,630 (4,745,777)
Total Shareholders’ Equity 59,330,220 51,279,130
Total Liabilities and Shareholders’ Equity $ 66,636,890 $ 57,627,617
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Jun. 30, 2016
Sep. 30, 2015
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 500 500
Preferred stock, shares outstanding (in shares) 0 0
Common stock, shares authorized (in shares) 50,000,000 50,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 14,089,769 13,705,658
Common stock, shares outstanding (in shares) 14,089,769 13,705,658
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Net sales $ 21,598,720 $ 18,195,911 $ 54,235,622 $ 44,553,315
Cost of sales 12,258,523 10,399,171 30,938,180 26,260,624
Gross profit 9,340,197 7,796,740 23,297,442 18,292,691
Operating expenses        
Selling, general and administrative 5,878,352 4,845,764 15,712,319 13,261,065
Income from operations 3,461,845 2,950,976 7,585,123 5,031,626
Interest income 41,608 24,924 114,316 75,308
Income before income taxes 3,503,453 2,975,900 7,699,439 5,106,934
Income tax expense 1,221,032 1,023,000 2,595,032 1,796,000
Net income $ 2,282,421 $ 1,952,900 $ 5,104,407 $ 3,310,934
Net income per common share:        
Basic (in dollars per share) $ 0.17 $ 0.15 $ 0.38 $ 0.25
Diluted (in dollars per share) $ 0.16 $ 0.14 $ 0.37 $ 0.24
Weighted average shares outstanding:        
Weighted average common shares (in shares) 13,397,509 13,200,121 13,331,632 13,204,625
Diluted (in shares) 13,806,928 13,614,949 13,654,476 13,581,098
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Net income $ 5,104,407 $ 3,310,934
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,068,297 870,692
Deferred taxes 578,090 1,682,164
Loss on disposal of assets 1,135 13,637
Stock-based compensation 843,658 844,992
Tax benefit from stock-based awards (1,786,000)
Changes in operating assets and liabilities:    
Accounts receivable, net (2,716,263) (2,358,856)
Inventories (923,530) (1,343,986)
Prepaid expenses and other (340,130) 52,496
Accounts payable and accrued expenses 3,312,992 1,268,980
Net cash provided by operating activities 5,142,656 4,341,053
Cash flows from investing activities    
Purchases of property, plant and equipment and intangible assets (982,245) (4,028,122)
Purchases of investments (5,508,075) (7,517,000)
Proceeds from maturities of investments 5,761,000 6,784,000
Net cash used in investing activities (729,320) (4,761,122)
Cash flows from financing activities    
Tax benefit from stock-based awards 1,786,000
Proceeds from issuance of common stock under employee stock purchase plan 254,426 211,459
Proceeds from issuance of common stock upon exercise of stock options 473,651 41,688
Tax withholding related to exercise of stock options (77,291) (14,373)
Repurchase of common stock (333,761) (849,157)
Net cash provided by (used in) financing activities 2,103,025 (610,383)
Increase (decrease) in cash and cash equivalents 6,516,361 (1,030,452)
Cash and cash equivalents, beginning of period 18,071,210 18,191,493
Cash and cash equivalents, end of period 24,587,571 17,161,041
Supplemental disclosures for cash flow information    
Cash paid during the year for income taxes 338,616 20,350
Non-cash financing activities    
Cashless exercise of stock options $ 541,016 $ 80,802
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 1 - Basis of Presentation
 9 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Basis of Accounting [Text Block]
Note 1. Basis of Presentation
 
The accompanying (a) condensed balance sheet as of September 30, 2015, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented.
Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors.
These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015.
 
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.
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 2 - Net Income Per Share
 9 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note 2. Net Income Per Share
 
Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive.
 
    Three Months Ended June 30,   Nine Months Ended June 30,
    2016   2015   2016   2015
Net income   $ 2,282,421     $ 1,952,900     $ 5,104,407     $ 3,310,934  
Weighted average common shares     13,397,509       13,200,121       13,331,632       13,204,625  
Dilutive potential common shares     409,419       414,828       322,844       376,473  
Weighted average dilutive common shares outstanding     13,806,928       13,614,949       13,654,476       13,581,098  
Net income per common share:                                
Basic   $ 0.17     $ 0.15     $ 0.38     $ 0.25  
Diluted   $ 0.16     $ 0.14     $ 0.37     $ 0.24  
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 3 - Cash, Cash Equivalents and Investments
 9 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Cash and Cash Equivalents Disclosure [Text Block]
Note 3. Cash, Cash Equivalents and Investments
 
The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of not more than three years. CDs with original maturities of more than three months are reported as held-to-maturity investments
and are carried at amortized cost. 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 at June 30, 2016 and September 30, 2015 are as follows:
 
    June 30, 2016   September 30, 2015
Less than one year   $ 7,392,075     $ 7,925,000  
1-3 years     8,570,000       8,290,000  
Total   $ 15,962,075     $ 16,215,000  
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 4 - Stock-based Compensation
 9 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note 4. Stock-Based Compensation
 
The Company recorded $370,465 and $843,658 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, 2016, respectively. For the three months ended June 30, 2016, $336,310 of this expense is included in selling, general and administrative expense, and $34,155 is included in cost of sales. For the nine months ended June 30, 2016, $765,347 of this expense is included in selling, general and administrative expense, and $78,311 is included in cost of sales. The Company recorded $280,526 and $844,992 of compensation expense related to current and past equity awards for the three and nine months ended June 30, 2015, respectively. For the three and nine months ended June 30, 2015, all of this expense was included in selling, general and administrative expense. As of June 30, 2016, $7,895,912 of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a period of approximately 8.3 years.
 
There were no stock options granted during the nine month periods ended June 30, 2016 or June 30, 2015. The following is a summary of stock option activity during the nine months ended June 30, 2016:
 
    Number of
options		   Weighted average
exercise price
Outstanding at September 30, 2015     297,384     $ 5.29  
Granted     -       -  
Exercised     (172,450 )     5.88  
Cancelled or Forfeited     -       -  
Outstanding at June 30, 2016     124,934     $ 4.47  
 
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, 2016, the weighted average remaining contractual term for all outstanding and exercisable stock options was 1.6 years and their aggregate intrinsic value was $1,676,391. During the nine months ended June 30, 2016, the Company received proceeds of $473,651 from the exercise of stock options. During the nine months ended June 30, 2015, exercised stock options totaled 42,000 shares, resulting in $41,688 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 month period ended June 30, 2016, the Company granted non-employee directors restricted stock awards totaling 2,712 shares of common stock, with a vesting term of approximately one year and a fair value of $14.73 per share. The Company also granted outgoing non-employee directors fully-vested stock awards totaling 1,356 shares of common stock, with a fair value of $14.73 per share. Additionally, the Company granted employees restricted stock awards totaling 259,555 shares of common stock, with a vesting term of three to five years and a fair value of $17.43 per share during the nine month period ended June 30, 2016.
 
During the nine month period ended June 30, 2015, the Company granted non-employee directors restricted stock awards totaling 3,705 shares of common stock, with a vesting term of approximately one year and a fair value of $13.48 per share. Additionally, the Company granted employees restricted stock awards totaling 3,000 shares of common stock, with a vesting term of ten years and a fair value of $13.33 per share.
 
Restricted stock transactions during the nine month period ended June 30, 2016 are summarized as follows:
 
    Number of
shares		   Weighted average grant
date fair value
Unvested shares at September 30, 2015     409,130     $ 9.97  
Granted     263,623       17.39  
Vested     (7,956 )     14.69  
Forfeited     (8,400 )     12.04  
Unvested at June 30, 2016     656,397     $ 13.23  
 
Employee Stock Purchase Plan
 
Clearfield, Inc.’s ESPP allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after-tax basis. Employees may purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six month phases, with phases beginning on January 1 and July 1 of each calendar year. For the phases that ended on June 30, 2016 and December 31, 2015, employees purchased 11,966 and 10,352 shares at a price of $11.40 and $11.40 per share, respectively. After the employee purchase on June 30, 2016, 143,122 shares of common stock were available for future purchase under the ESPP.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 5 - Accounts Receivable and Net Sales
 9 Months Ended
Jun. 30, 2016
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 June 30, 2016 and September 30, 2015, the balance in the allowance for doubtful accounts was $99,473 and $79,473, respectively.
 
See Note 7, “Major Customer Concentration” for further information regarding accounts receivable and net sales.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 6 - Inventories
 9 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Inventory Disclosure [Text Block]
Note 6. Inventories
 
Inventories consist of the following as of:
 
    June 30, 2016   September 30, 2015
Raw materials   $ 5,421,596     $ 4,811,993  
Work-in-progress     842,726       310,149  
Finished goods     1,842,062       2,060,712  
Inventories   $ 8,106,384     $ 7,182,854  
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 7 - Major Customer Concentration
 9 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]
Note 7. Major Customer Concentration
 
The following table summarizes customers comprising 10% or more of net sales for the three and nine months ended June 30, 2016 and June 30, 2015:
 
    Three Months Ended June 30,   Nine Months Ended June 30,
    2016   2015   2016   2015
Customer A     15 %     29 %     20 %     27 %
Customer B     20 %     12 %     17 %     *  
Customer C     11 %     *       *       *  
 
* Less than 10%
 
As of June 30, 2016, Customer B accounted for 24% of accounts receivable. As of September 30, 2015, Customers B and A accounted for 17% and 14% of accounts receivable, respectively. Customers A and B are both distributors. Customer C is an Alternative Carrier.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 8 - Goodwill and Patents
 9 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
Note 8. Goodwill and Patents
 
The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed in the fourth quarter ended September 30, 2015 did not indicate an impairment of goodwill. During the nine months ended June 30, 2016, there were no triggering events that indicate potential impairment exists.
 
The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, not exceeding 20 years. As of June 30, 2016, the Company has six patents granted and five pending applications inside the United States.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 9 - Income Taxes
 9 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note 9. Income Taxes
 
For the three and nine months ended June 30, 2016, the Company recorded a provision for income taxes of $1,221,032 and $2,595,032, respectively, reflecting an effective tax rate of 34.9% and 33.7%, respectively. The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, expenses related to equity award compensation and favorable discrete items for the three and nine months ended June 30, 2016, including the benefit related to research and development credits which was permanently extended in December 2015 by the federal government.
 
As of both June 30, 2016 and September 30, 2015, the Company had a remaining valuation allowance of approximately $659,000 related to state net operating loss carry forwards the Company does not expect to utilize. Based on the Company’s analysis and review of long-term forecasts and all available evidence, the Company has determined that there should be no change in this existing valuation allowance in the quarter ended June 30, 2016.
 
For the three and nine months ended June 30, 2015, the Company recorded a provision for income taxes of $1,023,000 and $1,796,000, respectively, reflecting an effective tax rate of 34.4% and 35.2%, respectively. The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment and expenses related to equity award compensation.
 
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 net operating loss carry-forwards and other deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than not” criteria by assessing the available positive and negative factors surrounding its recoverability.
 
As of June 30, 2016, we do not have any unrecognized tax benefits. It is the Company’s practice to recognize interest and penalties accrued on any unrecognize
d tax benefits as a component of income tax expense. The Company does not expect any material changes in its unrecognized tax positions over the next 12 months.
 
During the quarter ended December 31, 2015, the Company early adopted Accounting Standards Update (“ASU”) 2015-17 to present balance sheet classification of deferred income taxes as noncurrent. This adoption was applied prospectively and therefore, prior periods were not retrospectively adjusted.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 10 - Accounting Pronouncements
 9 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Note 10. Accounting Pronouncements
 
Recent Accounting Pronouncement
 
In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance creating Accounting Standards Codification (“ASC”) Section 606,
Revenue from Contracts with Customers
. The new section will replace Section 605, “Revenue Recognition” and creates modifications to various other revenue accounting standards for specialized transactions and industries. The section is intended to conform revenue accounting principles with a concurrently issued International Financial Reporting Standards with previously differing treatment between United States practice and those of much of the rest of the world, as well as, to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. Early application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the impact the adoption of this standard will have on our financial statements.
 
In July 2015, the FASB issued ASU 2015-11, 
Inventory (Topic 330) Related to Simplifying the Measurement of Inventory
which applies to all inventory except inventory that is measured using last-in, first-out (“LIFO”) or the retail inventory method. Inventory measured using first-in, first-out (“FIFO”) or average cost is covered by the new amendments. Inventory within the scope of the new guidance should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments will take effect for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The new guidance should be applied prospectively, and earlier application is permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the impact the adoption of this ASU 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 March 2016, the FASB issued ASU 2016-09,
Compensation – Stock Compensation:  Improvements to Employee Share-Based Payment Accounting,
which relates to the accounting for employee share-based payments.  This standard addresses several aspects of the accounting for share-based payment award transactions, including:  (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows.  This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.  The Company is evaluating the impact the adoption of this ASU will have on our financial statements.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 2 - Net Income Per Share (Tables)
 9 Months Ended
Jun. 30, 2016
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three Months Ended June 30,   Nine Months Ended June 30,
    2016   2015   2016   2015
Net income   $ 2,282,421     $ 1,952,900     $ 5,104,407     $ 3,310,934  
Weighted average common shares     13,397,509       13,200,121       13,331,632       13,204,625  
Dilutive potential common shares     409,419       414,828       322,844       376,473  
Weighted average dilutive common shares outstanding     13,806,928       13,614,949       13,654,476       13,581,098  
Net income per common share:                                
Basic   $ 0.17     $ 0.15     $ 0.38     $ 0.25  
Diluted   $ 0.16     $ 0.14     $ 0.37     $ 0.24  
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 3 - Cash, Cash Equivalents and Investments (Tables)
 9 Months Ended
Jun. 30, 2016
Notes Tables  
Investments Classified by Contractual Maturity Date [Table Text Block]
    June 30, 2016   September 30, 2015
Less than one year   $ 7,392,075     $ 7,925,000  
1-3 years     8,570,000       8,290,000  
Total   $ 15,962,075     $ 16,215,000  
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 4 - Stock-based Compensation (Tables)
 9 Months Ended
Jun. 30, 2016
Notes Tables  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
    Number of
options		   Weighted average
exercise price
Outstanding at September 30, 2015     297,384     $ 5.29  
Granted     -       -  
Exercised     (172,450 )     5.88  
Cancelled or Forfeited     -       -  
Outstanding at June 30, 2016     124,934     $ 4.47  
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, 2015     409,130     $ 9.97  
Granted     263,623       17.39  
Vested     (7,956 )     14.69  
Forfeited     (8,400 )     12.04  
Unvested at June 30, 2016     656,397     $ 13.23  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 6 - Inventories (Tables)
 9 Months Ended
Jun. 30, 2016
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
    June 30, 2016   September 30, 2015
Raw materials   $ 5,421,596     $ 4,811,993  
Work-in-progress     842,726       310,149  
Finished goods     1,842,062       2,060,712  
Inventories   $ 8,106,384     $ 7,182,854  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 7 - Major Customer Concentration (Tables)
 9 Months Ended
Jun. 30, 2016
Notes Tables  
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
    Three Months Ended June 30,   Nine Months Ended June 30,
    2016   2015   2016   2015
Customer A     15 %     29 %     20 %     27 %
Customer B     20 %     12 %     17 %     *  
Customer C     11 %     *       *       *  
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 2 - Net Income Per Common Share (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Net income $ 2,282,421 $ 1,952,900 $ 5,104,407 $ 3,310,934
Weighted average common shares (in shares) 13,397,509 13,200,121 13,331,632 13,204,625
Dilutive potential common shares (in shares) 409,419 414,828 322,844 376,473
Weighted average dilutive common shares outstanding (in shares) 13,806,928 13,614,949 13,654,476 13,581,098
Net income per common share:        
Basic (in dollars per share) $ 0.17 $ 0.15 $ 0.38 $ 0.25
Diluted (in dollars per share) $ 0.16 $ 0.14 $ 0.37 $ 0.24
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 3 - Cash, Cash Equivalents and Investments (Details Textual)
 9 Months Ended
Jun. 30, 2016
Maximum [Member]  
Held-to-maturity Securities, Investment Term 3 years
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 3 - CD Maturity Dates (Details) - USD ($)
Jun. 30, 2016
Sep. 30, 2015
Less than one year $ 7,392,075 $ 7,925,000
1-3 years 8,570,000 8,290,000
Total $ 15,962,075 $ 16,215,000
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 4 - Stock-based Compensation (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Selling, General and Administrative Expenses [Member]          
Allocated Share-based Compensation Expense $ 336,310   $ 280,526 $ 765,347 $ 844,992
Cost of Sales [Member]          
Allocated Share-based Compensation Expense $ 34,155     $ 78,311  
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  
Minimum [Member] | Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]          
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period       3 years  
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  
Maximum [Member] | Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]          
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period       5 years  
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       2,712 3,705
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value       $ 14.73 $ 13.48
Restricted Stock [Member] | Outgoing Non Employee Directors [Member] | Stock Compensation Plan 2007 [Member]          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period       1,356  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value       $ 14.73  
Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]          
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         10 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period       259,555 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       $ 17.43 $ 13.33
Restricted Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period       263,623  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value       $ 17.39  
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   10,352   11,966  
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price   $ 11.40   $ 11.40  
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 143,122     143,122  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross       0 0
Allocated Share-based Compensation Expense $ 370,465     $ 843,658  
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized 7,895,912     $ 7,895,912  
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition       8 years 109 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term       1 year 219 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 1,676,391     $ 1,676,391  
Proceeds from Stock Options Exercised       $ 473,651 $ 41,688
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period       172,450 42,000
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 4 - Stock Option Activity (Details) - $ / shares
 9 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Options, outstanding (in shares) 297,384  
Weighted-average exercise price, outstanding (in dollars per share) $ 5.29  
Exercised (in shares) (172,450) (42,000)
Exercised (in dollars per share) $ 5.88  
Options, outstanding (in shares) 124,934  
Weighted-average exercise price, outstanding (in dollars per share) $ 4.47  
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 4 - Restricted Stock Transactions (Details) - Restricted Stock [Member]
 9 Months Ended
Jun. 30, 2016
$ / shares
shares
Balance, unvested shares (in shares) | shares 409,130
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 9.97
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares 263,623
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares $ 17.39
Vested (in shares) | shares (7,956)
Vested (in dollars per share) | $ / shares $ 14.69
Forfeited (in shares) | shares (8,400)
Forfeited (in dollars per share) | $ / shares $ 12.04
Balance, unvested shares (in shares) | shares 656,397
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 13.23
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 5 - Accounts Receivable and Net Sales (Details Textual) - USD ($)
Jun. 30, 2016
Sep. 30, 2015
Allowance for Doubtful Accounts Receivable, Current $ 99,473 $ 79,473
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 6 - Components of Inventory (Details) - USD ($)
Jun. 30, 2016
Sep. 30, 2015
Raw materials $ 5,421,596 $ 4,811,993
Work-in-progress 842,726 310,149
Finished goods 1,842,062 2,060,712
Inventories $ 8,106,384 $ 7,182,854
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 7 - Major Customer Concentration (Details Textual) - Accounts Receivable [Member] - Customer Concentration Risk [Member]
 9 Months Ended 12 Months Ended
Jun. 30, 2016
Sep. 30, 2015
Customer B [Member]    
Concentration Risk, Percentage 24.00% 17.00%
Customer A [Member]    
Concentration Risk, Percentage   14.00%
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 7 - 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, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Customer A [Member]        
Concentration Risk, Percentage 15.00% 29.00% 20.00% 27.00%
Customer B [Member]        
Concentration Risk, Percentage 20.00% 12.00% 17.00% [1]
Customer C [Member]        
Concentration Risk, Percentage 11.00% [1] [1] [1]
[1] Less than 10%
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 8 - Goodwill and Patents (Details Textual)
 9 Months Ended
Jun. 30, 2016
Patents [Member] | Maximum [Member]  
Finite-Lived Intangible Asset, Useful Life 20 years
Number of Patents Granted 6
Number of Patents Pending 5
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 9 - Income Taxes (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Sep. 30, 2015
State and Local Jurisdiction [Member]          
Operating Loss Carryforwards, Valuation Allowance $ 659,000   $ 659,000   $ 659,000
Unrecognized Tax Benefits 0   0    
Income Tax Expense (Benefit) $ 1,221,032 $ 1,023,000 $ 2,595,032 $ 1,796,000  
Effective Income Tax Rate Reconciliation, Percent 34.90% 34.40% 33.70% 35.20%  
EXCEL 43 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 44 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 45 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 47 FilingSummary.xml IDEA: XBRL DOCUMENT 3.5.0.2 html 49 140 1 true 19 0 false 4 false false R1.htm 000 - Document - Document And Entity Information Sheet http://www.clearfieldconnection.com/20160630/role/statement-document-and-entity-information Document And Entity Information Cover 1 false false R2.htm 001 - Statement - Condensed Balance Sheets (Current Period Unaudited) Sheet http://www.clearfieldconnection.com/20160630/role/statement-condensed-balance-sheets-current-period-unaudited Condensed Balance Sheets (Current Period Unaudited) Statements 2 false false R3.htm 002 - Statement - Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) Sheet http://www.clearfieldconnection.com/20160630/role/statement-condensed-balance-sheets-current-period-unaudited-parentheticals Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) Statements 3 false false R4.htm 003 - Statement - Condensed Statements of Operations (Unaudited) Sheet http://www.clearfieldconnection.com/20160630/role/statement-condensed-statements-of-operations-unaudited Condensed Statements of Operations (Unaudited) Statements 4 false false R5.htm 004 - Statement - Condensed Statements of Cash Flows (Unaudited) Sheet http://www.clearfieldconnection.com/20160630/role/statement-condensed-statements-of-cash-flows-unaudited Condensed Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 005 - Disclosure - Note 1 - Basis of Presentation Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-1-basis-of-presentation Note 1 - Basis of Presentation Notes 6 false false R7.htm 006 - Disclosure - Note 2 - Net Income Per Share Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-2-net-income-per-share Note 2 - Net Income Per Share Notes 7 false false R8.htm 007 - Disclosure - Note 3 - Cash, Cash Equivalents and Investments Sheet http://www.clearfieldconnection.com/20160630/role/statement--note-3-cash-cash-equivalents-and-investments Note 3 - Cash, Cash Equivalents and Investments Notes 8 false false R9.htm 008 - Disclosure - Note 4 - Stock-based Compensation Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-4-stockbased-compensation Note 4 - Stock-based Compensation Notes 9 false false R10.htm 009 - Disclosure - Note 5 - Accounts Receivable and Net Sales Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-5-accounts-receivable-and-net-sales- Note 5 - Accounts Receivable and Net Sales Notes 10 false false R11.htm 010 - Disclosure - Note 6 - Inventories Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-6-inventories Note 6 - Inventories Notes 11 false false R12.htm 011 - Disclosure - Note 7 - Major Customer Concentration Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-7-major-customer-concentration Note 7 - Major Customer Concentration Notes 12 false false R13.htm 012 - Disclosure - Note 8 - Goodwill and Patents Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-8-goodwill-and-patents Note 8 - Goodwill and Patents Notes 13 false false R14.htm 013 - Disclosure - Note 9 - Income Taxes Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-9-income-taxes Note 9 - Income Taxes Notes 14 false false R15.htm 014 - Document - Note 10 - Accounting Pronouncements Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-10-accounting-pronouncements Note 10 - Accounting Pronouncements Uncategorized 15 false false R16.htm 015 - Disclosure - Note 2 - Net Income Per Share (Tables) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-2-net-income-per-share-tables Note 2 - Net Income Per Share (Tables) Uncategorized 16 false false R17.htm 016 - Disclosure - Note 3 - Cash, Cash Equivalents and Investments (Tables) Sheet http://www.clearfieldconnection.com/20160630/role/statement--note-3-cash-cash-equivalents-and-investments-tables Note 3 - Cash, Cash Equivalents and Investments (Tables) Uncategorized 17 false false R18.htm 017 - Disclosure - Note 4 - Stock-based Compensation (Tables) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-4-stockbased-compensation-tables Note 4 - Stock-based Compensation (Tables) Uncategorized 18 false false R19.htm 018 - Disclosure - Note 6 - Inventories (Tables) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-6-inventories-tables Note 6 - Inventories (Tables) Uncategorized 19 false false R20.htm 019 - Disclosure - Note 7 - Major Customer Concentration (Tables) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-7-major-customer-concentration-tables Note 7 - Major Customer Concentration (Tables) Uncategorized 20 false false R21.htm 020 - Disclosure - Note 2 - Net Income Per Common Share (Details) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-2-net-income-per-common-share-details Note 2 - Net Income Per Common Share (Details) Uncategorized 21 false false R22.htm 021 - Disclosure - Note 3 - Cash, Cash Equivalents and Investments (Details Textual) Sheet http://www.clearfieldconnection.com/20160630/role/statement--note-3-cash-cash-equivalents-and-investments-details-textual Note 3 - Cash, Cash Equivalents and Investments (Details Textual) Uncategorized 22 false false R23.htm 022 - Disclosure - Note 3 - CD Maturity Dates (Details) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-3-cd-maturity-dates-details Note 3 - CD Maturity Dates (Details) Uncategorized 23 false false R24.htm 023 - Disclosure - Note 4 - Stock-based Compensation (Details Textual) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-4-stockbased-compensation-details-textual Note 4 - Stock-based Compensation (Details Textual) Uncategorized 24 false false R25.htm 024 - Disclosure - Note 4 - Stock Option Activity (Details) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-4-stock-option-activity-details Note 4 - Stock Option Activity (Details) Uncategorized 25 false false R26.htm 025 - Disclosure - Note 4 - Restricted Stock Transactions (Details) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-4-restricted-stock-transactions-details Note 4 - Restricted Stock Transactions (Details) Uncategorized 26 false false R27.htm 026 - Disclosure - Note 5 - Accounts Receivable and Net Sales (Details Textual) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-5-accounts-receivable-and-net-sales-details-textual Note 5 - Accounts Receivable and Net Sales (Details Textual) Uncategorized 27 false false R28.htm 027 - Disclosure - Note 6 - Components of Inventory (Details) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-6-components-of-inventory-details Note 6 - Components of Inventory (Details) Uncategorized 28 false false R29.htm 028 - Disclosure - Note 7 - Major Customer Concentration (Details Textual) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-7-major-customer-concentration-details-textual Note 7 - Major Customer Concentration (Details Textual) Uncategorized 29 false false R30.htm 029 - Disclosure - Note 7 - Customers Comprising 10% or More of Net Sales (Details) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-7-customers-comprising-10-or-more-of-net-sales-details Note 7 - Customers Comprising 10% or More of Net Sales (Details) Uncategorized 30 false false R31.htm 030 - Disclosure - Note 8 - Goodwill and Patents (Details Textual) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-8-goodwill-and-patents-details-textual Note 8 - Goodwill and Patents (Details Textual) Uncategorized 31 false false R32.htm 031 - Disclosure - Note 9 - Income Taxes (Details Textual) Sheet http://www.clearfieldconnection.com/20160630/role/statement-note-9-income-taxes-details-textual Note 9 - Income Taxes (Details Textual) Uncategorized 32 false false All Reports Book All Reports clfd-20160630.xml clfd-20160630.xsd clfd-20160630_cal.xml clfd-20160630_def.xml clfd-20160630_lab.xml clfd-20160630_pre.xml true true ZIP 49 0001171843-16-011454-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001171843-16-011454-xbrl.zip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end