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Selected Quarterly Data (Unaudited)
 12 Months Ended
Sep. 30, 2019
Selected Quarterly Financial Information Abstract  
Selected Quarterly Data (Unaudited)

22. Selected Quarterly Data (Unaudited)

The following table sets forth selected unaudited consolidated quarterly financial information for the years ended September 30, 2019 and 2018 (in thousands, except percents and per share amounts):

 

 

 

Fiscal Year 2019

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

Revenue, net of returns and allowances

 

$

23,225

 

 

$

20,633

 

 

$

21,003

 

 

$

20,174

 

Cost of sales

 

 

14,205

 

 

 

12,706

 

 

 

13,153

 

 

 

11,614

 

Gross profit

 

 

9,020

 

 

 

7,927

 

 

 

7,850

 

 

 

8,560

 

Selling, general and administrative

 

 

6,626

 

 

 

5,793

 

 

 

5,718

 

 

 

6,126

 

Research, development and engineering

 

 

866

 

 

 

713

 

 

 

746

 

 

 

743

 

Restructuring charges

 

 

864

 

 

 

173

 

 

 

35

 

 

 

38

 

Operating income

 

 

664

 

 

 

1,248

 

 

 

1,351

 

 

 

1,653

 

Interest and other income, net

 

 

166

 

 

 

96

 

 

 

249

 

 

 

341

 

Income from continuing operations before

   income taxes

 

 

830

 

 

 

1,344

 

 

 

1,600

 

 

 

1,994

 

Income tax provision

 

 

582

 

 

 

332

 

 

 

707

 

 

 

1,012

 

Income from continuing operations,

   net of tax

 

 

248

 

 

 

1,012

 

 

 

893

 

 

 

982

 

(Loss) income from discontinued

   operations, net of tax

 

 

(2,620

)

 

 

(6,647

)

 

 

1,154

 

 

 

(184

)

Net (loss) income

 

$

(2,372

)

 

$

(5,635

)

 

$

2,047

 

 

$

798

 

Gross margin

 

 

38.8

%

 

 

38.4

%

 

 

37.4

%

 

 

42.4

%

Operating margin

 

 

2.9

%

 

 

6.0

%

 

 

6.4

%

 

 

8.2

%

Income (Loss) Per Basic Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share from continuing

   operations

 

$

0.02

 

 

$

0.07

 

 

$

0.06

 

 

$

0.07

 

Basic (loss) income per share from

   discontinued operations

 

$

(0.18

)

 

$

(0.47

)

 

$

0.08

 

 

$

(0.01

)

Net (loss) income per basic share

 

$

(0.16

)

 

$

(0.40

)

 

$

0.14

 

 

$

0.06

 

Income (Loss) Per Diluted Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per share from continuing

   operations

 

$

0.02

 

 

$

0.07

 

 

$

0.06

 

 

$

0.07

 

Diluted (loss) income per share from

   discontinued operations

 

$

(0.18

)

 

$

(0.47

)

 

$

0.08

 

 

$

(0.01

)

Net (loss) income per diluted share

 

$

(0.16

)

 

$

(0.40

)

 

$

0.14

 

 

$

0.06

 

Weighted average shares outstanding - basic

 

 

14,220

 

 

 

14,228

 

 

 

14,245

 

 

 

14,266

 

Weighted average shares outstanding - diluted

 

 

14,252

 

 

 

14,258

 

 

 

14,316

 

 

 

14,304

 

 

 

 

Fiscal Year 2018

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

Revenue, net of returns and allowances

 

$

27,116

 

 

$

21,115

 

 

$

28,743

 

 

$

23,079

 

Cost of sales

 

 

17,156

 

 

 

12,533

 

 

 

18,560

 

 

 

14,886

 

Gross profit

 

 

9,960

 

 

 

8,582

 

 

 

10,183

 

 

 

8,193

 

Selling, general and administrative

 

 

6,424

 

 

 

6,319

 

 

 

6,775

 

 

 

6,225

 

Research, development and engineering

 

 

675

 

 

 

778

 

 

 

582

 

 

 

821

 

Impairment charges

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,247

 

Operating income (loss)

 

 

2,861

 

 

 

1,485

 

 

 

2,826

 

 

 

(1,100

)

Gain on sale of other assets

 

 

—

 

 

 

—

 

 

 

2,883

 

 

 

—

 

(Loss) income from equity method investment

 

 

(26

)

 

 

28

 

 

 

232

 

 

 

—

 

Interest and other income (expense), net

 

 

18

 

 

 

(32

)

 

 

410

 

 

 

342

 

Income (loss) from continuing operations before

   income taxes

 

 

2,853

 

 

 

1,481

 

 

 

6,351

 

 

 

(758

)

Income tax provision

 

 

1,152

 

 

 

420

 

 

 

1,372

 

 

 

352

 

Income (loss) from continuing operations,

   net of tax

 

 

1,701

 

 

 

1,061

 

 

 

4,979

 

 

 

(1,110

)

Income (loss) from discontinued operations,

   net of tax

 

 

4,751

 

 

 

1,774

 

 

 

(8

)

 

 

(7,843

)

Net income (loss)

 

$

6,452

 

 

$

2,835

 

 

$

4,971

 

 

$

(8,953

)

Gross margin

 

 

36.7

%

 

 

40.6

%

 

 

35.4

%

 

 

35.5

%

Operating margin

 

 

10.6

%

 

 

7.0

%

 

 

9.8

%

 

 

(4.8

)%

Income (Loss) Per Basic Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per share from

   continuing operations

 

$

0.12

 

 

$

0.07

 

 

$

0.33

 

 

$

(0.08

)

Basic income (loss) per share from

   discontinued operations

 

$

0.32

 

 

$

0.12

 

 

$

(0.00

)

 

$

(0.53

)

Net income (loss) per basic share

 

$

0.44

 

 

$

0.19

 

 

$

0.33

 

 

$

(0.61

)

Income (Loss) Per Diluted Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per share from

   continuing operations

 

$

0.11

 

 

$

0.07

 

 

$

0.33

 

 

$

(0.08

)

Diluted income (loss) per share from

   discontinued operations

 

$

0.31

 

 

$

0.12

 

 

$

(0.00

)

 

$

(0.53

)

Net income (loss) per diluted share

 

$

0.42

 

 

$

0.19

 

 

$

0.33

 

 

$

(0.61

)

Weighted average shares outstanding - basic

 

 

14,781

 

 

 

14,891

 

 

 

14,925

 

 

 

14,730

 

Weighted average shares outstanding - diluted

 

 

15,298

 

 

 

15,154

 

 

 

15,091

 

 

 

14,730