0001171843-19-005080.txt : 20190801 0001171843-19-005080.hdr.sgml : 20190801 20190801120641 ACCESSION NUMBER: 0001171843-19-005080 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 49 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190801 DATE AS OF CHANGE: 20190801 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: 19991741 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_080119p.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, 2019

 

[_] 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)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $0.01 par value CLFD The NASDAQ Stock Market LLC

 

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 every Interactive Data File required to be submitted 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 such files).

 

[X] YES       [_] NO

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [_]       Accelerated filer [X]       Non-accelerated filer [_]

 

Smaller reporting company [X]       Emerging growth company [_]

 

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

 

1

 

 

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 19, 2019
Common stock, par value $.01 13,651,869

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

CLEARFIELD, INC.

FORM 10-Q

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION 4
ITEM 1. FINANCIAL STATEMENTS 4
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 19
ITEM 4. CONTROLS AND PROCEDURES 19
PART II. OTHER INFORMATION 19
ITEM 1. LEGAL PROCEEDINGS 19
ITEM 1A. RISK FACTORS 19
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 20
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 20
ITEM 4. MINE SAFETY DISCLOSURES 20
ITEM 5. OTHER INFORMATION 20
ITEM 6. EXHIBITS 20
SIGNATURES 20

 

 

 

 

 

 

3

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

CLEARFIELD, INC.

CONDENSED BALANCE SHEETS

 

   (Unaudited)
June 30,
2019		 

(Audited)

September 30,

2018

Assets          
Current Assets          
Cash and cash equivalents  $6,030,842   $8,547,777 
Short-term investments   14,638,219    8,930,225 
Accounts receivables, net   9,302,944    12,821,258 
Inventories, net   9,424,262    10,050,135 
Other current assets   883,613    742,136 
Total current assets   40,279,880    41,091,531 
           
Property, plant and equipment, net   4,470,145    4,744,584 
           
Other Assets          
Long-term investments   22,519,000    17,974,000 
Goodwill   4,708,511    4,708,511 
Intangible assets, net   5,242,689    5,482,555 
Other   202,856    227,461 
Total other assets   32,673,056    28,392,527 
Total Assets  $77,423,081   $74,228,642 
           
Liabilities and Shareholders’ Equity          
Current Liabilities          
Accounts payable  $1,566,900   $2,363,380 
Accrued compensation   2,247,934    2,048,904 
Accrued expenses   280,484    568,507 
Total current liabilities   4,095,318    4,980,791 
           
Other Liabilities          
Deferred taxes   104,935    104,935 
Deferred rent   251,759    268,040 
Total other liabilities   356,694    372,975 
Total Liabilities   4,452,012    5,353,766 
           
Shareholders’ Equity          
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding   -      -   
Common stock, authorized 50,000,000, $.01 par value; 13,651,869 and 13,646,553, shares issued and outstanding at June 30, 2019 and September 30, 2018   136,519    136,466 
Additional paid-in capital   56,901,470    55,483,759 
Retained earnings   15,933,080    13,254,651 
Total Shareholders’ Equity   72,971,069    68,874,876 
Total Liabilities and Shareholders’ Equity  $77,423,081   $74,228,642 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

4

 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF EARNINGS

UNAUDITED

 

   Three Months Ended
June 30,		  Nine Months Ended
June 30,
   2019  2018  2019  2018
             
Net sales  $21,892,244   $21,480,590   $61,065,759   $55,178,369 
                     
Cost of sales   13,479,617    12,988,545    37,681,191    32,798,083 
                     
Gross profit   8,412,627    8,492,045    23,384,568    22,380,286 
                     
Operating expenses                    
Selling, general and administrative   6,870,994    6,087,362    20,374,613    19,856,922 
Income from operations   1,541,633    2,404,683    3,009,955    2,523,364 
                     
Interest income   212,894    116,549    517,474    331,650 
                     
Income before income taxes   1,754,527    2,521,232    3,527,429    2,855,014 
                     
Income tax expense   454,000    766,000    849,000    462,000 
Net income  $1,300,527   $1,755,232   $2,678,429   $2,393,014 
                     
Net income per share Basic  $0.10   $0.13   $0.20   $0.18 
Net income per share Diluted  $0.10   $0.13   $0.20   $0.18 
                     
Weighted average shares outstanding:                    
Basic   13,446,289    13,430,503    13,422,885    13,441,619 
Diluted   13,451,671    13,430,503    13,434,009    13,473,123 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

5

 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY

UNAUDITED

 

For the nine months ended June 30, 2019

 

   Common Stock  Additional  Retained  Total share-
   Shares  Amount  paid-in capital  earnings  holders’ equity
Balance as of September 30, 2018   13,646,553   $136,466   $55,483,759   $13,254,651   $68,874,876 
Stock-based compensation expense   -      -      1,535,628    -      1,535,628 
Restricted stock issuance, net   (6,890)   (69)   69    -      -   
Issuance of common stock under employee stock purchase plan   37,235    372    313,519    -      313,891 
Exercise of stock options, net of shares exchanged for payment   5,440    54    (30)   -      24 
Tax withholding related to vesting of restricted stock grants   (30,469)   (304)   (431,475)   -      (431,779)
Net income   -      -      -      2,678,429    2,678,429 
Balance as of June 30, 2019   13,651,869   $136,519   $56,901,470   $15,933,080   $72,971,069 

 

For the three months ended June 30, 2019

 

   Common Stock  Additional  Retained  Total share-
   Shares  Amount  paid-in capital  earnings  holders’ equity
Balance as of March 31, 2019   13,668,408   $136,684   $56,725,019   $14,632,553   $71,494,256 
Stock-based compensation expense   -      -      433,438    -      433,438 
Restricted stock issuance, net   (6,538)   (65)   65    -      -   
Issuance of common stock under employee stock purchase plan   19,923    199    167,752    -      167,951 
Exercise of stock options, net of shares exchanged for payment   -      -      -      -      -   
Tax withholding related to vesting of restricted stock grants   (29,924)   (299)   (424,804)   -      (425,103)
Net income   -      -      -      1,300,527    1,300,527 
Balance as of June 30, 2019   13,651,869   $136,519   $56,901,470   $15,933,080   $72,971,069 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 

 

6

 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY (CONTINUED)

UNAUDITED

 

For the nine months ended June 30, 2018

 

   Common Stock  Additional  Retained  Total share-
   Shares  Amount  paid-in capital  earnings  holders’ equity
Balance as of September 30, 2017   13,812,821   $138,128   $55,406,888   $8,980,104   $64,525,120 
Stock-based compensation expense   -      -      1,488,304    -      1,488,304 
Repurchase of common stock   (119,715)   (1,197)   (1,370,217)   -      (1,371,414)
Restricted stock issuance, net   (5,049)   (50)   50    -      -   
Issuance of common stock under employee stock purchase plan   30,174    301    297,559         297,860 
Exercise of stock options, net of shares exchanged for payment   6,925    69    21,105    -      21,174 
Tax withholding related to vesting of restricted stock grants   (31,213)   (312)   (348,215)   -      (348,527)
Net income   -      -      -      2,393,014    2,393,014 
Balance as of June 30, 2018   13,693,943   $136,939   $55,495,474   $11,373,118   $67,005,531 

 

For the three months ended June 30, 2018

 

   Common Stock  Additional  Retained  Total share-
   Shares  Amount  paid-in capital  earnings  holders’ equity
Balance as of March 31, 2018   13,811,076   $138,111   $56,296,908   $9,617,886   $66,052,905 
Stock-based compensation expense   -      -      519,223    -      519,223 
Repurchase of common stock   (100,133)   (1,001)   (1,134,389)   -      (1,135,390)
Restricted stock issuance, net   (3,640)   (36)   36    -      -   
Issuance of common stock under employee stock purchase plan   15,932    158    149,442    -      149,600 
Exercise of stock options, net of shares exchanged for payment   1,250    12    3,214    -      3,226 
Tax withholding related to vesting of restricted stock grants   (30,542)   (305)   (338,960)   -      (339,265)
Net income   -      -      -      1,755,232    1,755,232 
Balance as of June 30, 2018   13,693,943   $136,939   $55,495,474   $11,373,118   $67,005,531 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 

 

7

 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

UNAUDITED

 

   Nine Months Ended June 30,
   2019  2018
Cash flows from operating activities          
Net income  $2,678,429   $2,393,014 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   1,613,394    1,546,661 
Change in allowance for doubtful accounts   210,000    -   
Amortization of discount on investments   (43,601)   -   
Deferred taxes   -      (384,000)
Loss on disposal of assets   -      (20,358)
Stock based compensation   1,535,628    1,488,304 
Changes in operating assets and liabilities:          
Accounts receivable   3,308,314    (2,413,875)
Inventories, net   625,873    1,546,081 
Other assets   (116,872)   289,305 
Accounts payable, accrued expenses and deferred rent   (901,754)   (146,317)
Net cash provided by operating activities   8,909,411    4,298,815 
           
Cash flows from investing activities          
Purchases of property, plant and equipment and intangible assets   (1,099,089)   (920,356)
Purchases of investments   (17,444,393)   (5,403,075)
Proceeds from sale of property, plant, and equipment   -      83,052 
Proceeds from maturities of investments   7,235,000    4,444,000 
Business acquisition   -      (10,350,000)
Net cash used in investing activities   (11,308,482)   (12,146,379)
           
           
Cash flows from financing activities          
Repurchases of common stock   -      (1,371,414)
Proceeds from issuance of common stock under employee stock purchase plan   313,891    297,860 
Proceeds from issuance of common stock upon exercise of stock options   24    21,174 
Tax withholding related to vesting of restricted stock grants   (431,779)   (348,527)
Net cash used in financing activities   (117,864)   (1,400,907)
           
Decrease in cash and cash equivalents   (2,516,935)   (9,248,471)
           
Cash and cash equivalents, beginning of period   8,547,777    18,536,111 
           
Cash and cash equivalents, end of period  $6,030,842   $9,287,640 
           
Supplemental disclosures for cash flow information          
Cash paid during the year for income taxes  $1,081,068   $48,987 
           
Non-cash financing activities          
Cashless exercise of stock options  $17,390   $5,782 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

8

 

 

NOTES TO CONDENSED FINANCIAL STATEMENTS

 

Note 1. Basis of Presentation

 

The accompanying (a) condensed balance sheet as of September 30, 2018, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the three and nine months ended June 30, 2019 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, 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, 2018.

 

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

 

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

 

Recently Adopted Accounting Pronouncements

 

Effective October 1, 2018, we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), and ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date, which deferred the effective date of ASU 2014-09 by one year. ASU 2014-09 supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue, cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The adoption of ASU 2014-09, using the modified retrospective approach, had no material impact on our results of operations, cash flows, or financial position. Revenue continues to be recognized at a point in time for our product sales when products are delivered to or picked up by the customer and revenue for shipping and handling charges continues to be recognized when products are delivered to or picked up by the customer. Additional information and disclosures required by this new standard are contained in Note 5, “Revenue.”

 

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.

 

9

 

 

The following is a reconciliation of the numerator and denominator of the net income per common share computations for the three and nine months ended June 30, 2019 and 2018:

 

   Three Months Ended June 30,  Nine Months Ended June 30,
   2019  2018  2019  2018
Net income  $1,300,527   $1,755,232   $2,678,429   $2,393,014 
Weighted average common shares   13,446,289    13,430,503    13,422,885    13,441,619 
Dilutive potential common shares   5,382    -      11,124    31,504 
Weighted average dilutive common shares outstanding   13,451,671    13,430,503    13,434,009    13,473,123 
Net income per common share:                    
Basic  $0.10   $0.13   $0.20   $0.18 
Diluted  $0.10   $0.13   $0.20   $0.18 

 

 

Note 3. Cash, Cash Equivalents and Investments

 

The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of not more than five years. CDs with original maturities of more than three months are reported as held-to-maturity investments and are carried at amortized cost. Investments maturing in less than one year are classified as short term investments on the balance sheet, and investments maturing in one year or greater are classified as long term investments on the balance sheet.

 

The maturity dates of the Company’s investments as of June 30, 2019 and September 30, 2018 are as follows:

 

  

June 30,

2019

 

September 30,

2018

Less than one year  $14,638,219   $8,930,225 
1-5 years   22,519,000    17,974,000 
Total  $37,157,219   $26,904,225 

 

Note 4. Stock-Based Compensation

 

The Company recorded $433,438 and $1,535,628 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, 2019, respectively. For the three months ended June 30, 2019, $410,784 of this expense is included in selling, general and administrative expense, and $22,654 is included in cost of sales. For the nine months ended June 30, 2019, $1,450,493 of this expense is included in selling, general and administrative expense, and $85,139 is included in cost of sales. The Company recorded $519,223 and $1,488,304 of compensation expense related to current and past option grants, restricted stock grants and ESPP for the three and nine months ended June 30, 2018, respectively. For the three months ended June 30, 2018, $477,193 of this expense is included in selling, general and administrative expense, and $42,030 is included in cost of sales. For the nine months ended June 30, 2018, $1,362,213 of this expense is included in selling, general and administrative expense, and $126,091 is included in cost of sales. As of June 30, 2019, $2,553,214 of total unrecognized compensation expense related to non-vested restricted stock awards and stock options is expected to be recognized over a period of approximately 5.2 years.

 

Stock Options

 

The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. During the nine months ended June 30, 2019, the Company granted employees non-qualified stock options to purchase an aggregate of 172,000 shares of common stock with a contractual term of four years, a three year vesting term, and an exercise price of $12.17. During the nine months ended June 30, 2018, the Company granted employees non-qualified stock options to purchase an aggregate of 72,000 shares of common stock with a contractual term of five years, a three year vesting term, and an exercise price of $13.35. The fair value at the grant date for options issued during the nine months ended June 30, 2019 was $3.53.

 

10

 

 

This fair value was estimated at the grant date using the assumptions listed below:

 

  

Nine months ended

June 30, 2019

Dividend yield   0%
Average expected volatility   37.77%
Average risk-free interest rate   2.92%
Expected life (years)   3 
Vesting period (years)   3 

 

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

 

Options are granted at fair market values determined on the date of grant and vesting normally occurs over a three to five-year period. However, options granted to directors have a one year vesting period and a six-year contractual term. The maximum contractual term is normally six years. Shares issued upon exercise of a stock option are issued from the Company’s authorized but unissued shares.

 

The following is a summary of stock option activity during the nine months ended June 30, 2019:

 

   Number of options  Weighted average exercise price
Outstanding at September 30, 2018   138,500   $10.99 
Granted   172,000    12.17 
Exercised   (6,750)   2.58 
Cancelled or Forfeited   (12,000)   12.17 
Outstanding at June 30, 2019   291,750   $11.83 

 

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, 2019, the weighted average remaining contractual term for all outstanding stock options was 1.14 years and their aggregate intrinsic value was $253,413. During the nine months ended June 30, 2019, the Company received proceeds of $24 from the exercise of stock options. During the nine months ended June 30, 2018, the Company received proceeds of $21,174 from the exercise of stock options.

Restricted Stock

 

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

 

During the nine months ended June 30, 2019, the Company granted non-employee directors restricted stock awards totaling 4,340 shares of common stock, with a vesting term of approximately one year and a fair value of $14.40 per share.

 

During the nine months ended June 30, 2018, the Company granted non-employee directors restricted stock awards totaling 3,795 shares of common stock, with a vesting term of approximately one year and a fair value of $16.45 per share. Also, the Company granted employees a restricted stock award totaling 3,000 shares of common stock, with a vesting term of one year and a fair value of $13.35 per share.

 

11

 

 

Restricted stock transactions during the nine months ended June 30, 2019 are summarized as follows:

 

   Number of shares  Weighted average grant date fair value
Unvested shares at September 30, 2018   248,613   $14.65 
Granted   4,340    14.40 
Vested   (84,237)   17.16 
Forfeited   (11,230)   14.44 
Unvested at June 30, 2019   157,486   $13.31 

 

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, 2019 and December 31, 2018, employees purchased 19,923 and 17,312 shares at a price of $8.43 per share. After the employee purchase on June 30, 2019, 49,846 shares of common stock were available for future purchase under the ESPP.

 

Note 5. Revenue

 

Revenue Recognition

 

Net sales include products and shipping and handling charges. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time the customer obtains control of the products. Revenue which has been recognized but not yet billed to the customer is recorded as a contract asset and is included in Other Current Assets on the condensed balance sheet. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of our contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales.

 

Disaggregation of Revenue

 

The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to countries in the Caribbean, Canada, Central and South America.

 

Our revenues related to the following geographic areas were as follows for the three and nine months ended:

 

   Three Months Ended June 30,  Nine Months Ended June 30,
   2019  2018  2019  2018
United States  $20,243,752   $19,669,143   $55,861,025   $51,232,706 
All other countries   1,648,490    1,811,447    5,204,734    3,945,663 
Total Net Sales  $21,892,242   $21,480,590   $61,065,759   $55,178,369 

 

In addition to a proprietary product line designed for the broadband service provider marketplace, Clearfield provides build-to-print services for original equipment manufacturers requiring copper and fiber cable assemblies built to their specification.

 

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The percentages of our sales by markets were as follows for the three and nine months ended:

 

   Three Months Ended June 30,  Nine Months Ended June 30,
   2019  2018  2019  2018
Broadband service providers   97%   96%   95%   95%
Build-to-print customers   3%   4%   5%   5%
Total Net Sales   100%   100%   100%   100%

 

Accounts Receivable

 

Credit is extended based on the evaluation of a customer’s financial condition and collateral is generally not required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of June 30, 2019 and September 30, 2018, the balance in the allowance for doubtful accounts was $289,085 and $79,085, 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,

2019

 

September 30,

2018

Raw materials  $6,601,647   $6,013,166 
Work-in-progress   773,652    560,988 
Finished goods   2,048,963    3,475,981 
Inventories, net  $9,424,262   $10,050,135 

 

Note 7. Major Customer Concentration

 

For the three months ended June 30, 2019, Customers A and B comprised 19% and 12%, respectively, of the Company’s net sales. Both Customers A and B are distributors. For the nine months ended June 30, 2019, Customers A and B comprised 18% and 10%, respectively, while Customer C comprised 11% of the Company’s net sales. Customer C is a private label original equipment manufacturer. For the three months ended June 30, 2018, Customers A and B comprised 20% and 13%, respectively, of the Company’s net sales. For the nine months ended June 30, 2018, Customers A and B comprised 22% and 14%, respectively, of the Company’s net sales.

 

As of June 30, 2019, Customers A and B comprised 17% and 15%, respectively, of the Company’s accounts receivable. As of September 30, 2018, Customers C and A comprised 35% and 10%, respectively, of the Company’s accounts receivable.

 

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, 2018 did not indicate an impairment of goodwill. During the nine months ended June 30, 2019, 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, 2019, the Company has 17 patents granted and multiple pending applications both inside and outside the United States.

 

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Note 9. Income Taxes

 

For the three and nine months ended June 30, 2019, the Company recorded a provision for income taxes of $454,000 and $849,000, respectively, reflecting an effective tax rate of 25.9% and 24.1%, respectively. The Tax Cut and Jobs Act of 2017 (the “Tax Reform Act”) was enacted on December 22, 2017. The Tax Reform Act reduced certain federal corporate income tax rates effective January 1, 2018 and changed certain other provisions. Additionally, differences between the effective tax rate and the statutory tax rate are related to discrete items for the three and nine months ended June 30, 2019, including unfavorable tax shortfalls related to stock-based compensation awards, nondeductible meals and entertainment, and research and development credits.

 

As of both June 30, 2019 and September 30, 2018, the Company had a remaining valuation allowance of approximately $105,000 related to state net operating loss carry forwards the Company does not expect to utilize. As a result of recording the impact of the Tax Reform Act on its deferred assets and liabilities, the Company recorded an increase in its valuation allowance against state net operating losses carried forward of approximately $32,000 in the nine months ended June 30, 2018. Based on the Company’s analysis and review of long-term forecasts and all available evidence, the Company determined that there should be no further change in the valuation allowance for the three and nine months ended June 30, 2019.

 

For the three and nine months ended June 30, 2018, the Company recorded income tax expense of $766,000 and $462,000, respectively, reflecting an effective tax rate of 30.4% and 16.2%, respectively. The effective tax rate for the nine months ended June 30, 2018 is a blended rate reflecting the anticipated benefit of three quarters of federal tax rate reductions for fiscal 2018. Our nine months tax expense reflects a lower tax rate and a one-time benefit of $384,000 related to the favorable impact of a revaluation of our net deferred tax liability that decreased the income tax provision for the nine months ended June 30, 2018 and reduced long-term deferred tax liabilities during the nine months ended June 30, 2018. Additionally, differences between the effective tax rate and the statutory tax rate are related to discrete items for the three and nine months ended June 30, 2018, including unfavorable tax shortfalls related to stock-based compensation awards, nondeductible meals and entertainment, favorable domestic manufacturing deduction and research and development credits.

 

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

 

As of June 30, 2019, 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.

 

Note 10. Accounting Pronouncements

 

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 has begun evaluating the new lease standard, including the review and implementation of the necessary changes to our existing processes and systems that will be required to implement this new standard effective with the Company’s fiscal year beginning October 1, 2019. While we are unable to quantify the impact at this time, it is expected the adoption of this standard will lead to a material increase in the assets and liabilities recorded on the balance sheets.

 

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

 

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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, 2018, 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, 2019 and 2018 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, 2018.

 

OVERVIEW

 

General

 

Clearfield, Inc. designs, manufactures and distributes fiber optic management, protection and delivery products for communications networks. Our “fiber to the anywhere” platform serves the unique requirements of leading incumbent local exchange carriers (Traditional Carriers, within the Tier 2 and Tier 3 broadband markets), including large national and global telecom providers (Tier 1), wireless operators, MSO/cable TV companies, utility/municipality, enterprise, data center and military markets, while also serving the broadband needs of the competitive local exchange carriers (Alternative Carriers). The Company also provides contract manufacturing services for original equipment manufacturers (OEM) requiring copper and fiber cable assemblies built to their specifications.  

 

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

 

RESULTS OF OPERATIONS

 

Three months ended June 30, 2019 vS. three months ended June 30, 2018

 

Net sales for the third quarter of fiscal 2019 ended June 30, 2019 were $21,892,000, an increase of approximately 2%, or $412,000, from net sales of $21,481,000 for the third quarter of fiscal 2018. Net sales to broadband service providers and commercial data networks customers were $21,127,000 in the third quarter of fiscal 2019, versus $20,543,000 in the same period of fiscal 2018. Among this group, the Company recorded $1,648,000 in international sales for the third quarter of fiscal 2019, versus $1,811,000 in the same period of fiscal 2018. Net sales to build-to-print and OEM customers were $765,000 in the third quarter of fiscal 2019 versus $938,000 in the same period of fiscal 2018. The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Accordingly, international sales represented 8% and 8% of total net sales for the third quarters of fiscal 2019 and 2018, respectively.

 

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The increase in net sales for the quarter ended June 30, 2019 of $412,000 compared to the quarter ended June 30, 2018 is primarily attributable to an increase in sales to Tier 1 customers in the amount of $1,040,000. Offsetting this increase were decreases in sales to OEM customers of $173,000, International sales of $171,000, and broadband service providers of $284,000 when compared to the same period due to a decrease in demand. 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 2019 was $13,480,000, an increase of $491,000, or 4%, from $12,989,000 in the comparable period of fiscal 2018. Gross profit percent was 38.4% of net sales in the fiscal 2019 third quarter, a decrease from 39.5% of net sales for the fiscal 2018 third quarter. Gross profit was $8,413,000 for the three months ended June 30, 219, or relatively unchanged from $8,492,000 in the comparable period in fiscal 2018. The decrease in gross profit percent was due to tariff costs and product mix.

 

Selling, general and administrative expenses increased $784,000, or 13%, to $6,871,000 in the fiscal 2019 third quarter from $6,087,000 for the fiscal 2018 third quarter. The increase in the third quarter of fiscal 2019 is a result of an increase of $632,000 in compensation costs due primarily to additional personnel and performance incentive plan compensation, and $213,000 in external sales commissions and agent fees. These were slightly offset by a decrease of $61,000 in professional fees in the quarter.

 

Income from operations for the quarter ended June 30, 2019 was $1,542,000 compared to income from operations of $2,405,000 for the comparable quarter of fiscal 2018, a decrease of approximately 36%. This decrease is primarily attributable to increased selling, general and administrative expenses for the quarter ended June 30, 2019 as noted above.

 

Interest income for the quarter ended June 30, 2019 was $213,000 compared to $117,000 for the comparable quarter for fiscal 2018. The increase is due mainly to higher interest rates earned on its investments in fiscal 2019. The Company invests its excess cash in FDIC-backed bank certificates of deposit, treasury securities, and money market accounts.

 

We recorded a provision for income taxes of $454,000 and $766,000 for the three months ended June 30, 2019 and 2018, respectively. We record our quarterly provision for income taxes based on our estimated annual effective tax rate for the year. The decrease in tax expense of $312,000 from the third quarter of fiscal 2018 is primarily due to decreased income from operations in the third quarter of fiscal 2019. The decrease in the income tax expense rate to 25.9% for the third quarter of fiscal 2019 from 30.4% for the third quarter of fiscal 2018 is primarily due to the Tax Reform Act that resulted in a lower federal tax rate and higher tax shortfalls related to stock-based compensation awards in the third quarter of fiscal 2018.

 

The Company’s net income for the three months ended June 30, 2019 was $1,301,000, or $0.10 per basic and diluted share. The Company’s net income for the three months ended June 30, 2018 was $1,755,000, or $0.13 per basic and diluted share.

 

NINE months ended JUNE 30, 2019 vS. NINE months ended JUne 30, 2018

 

Net sales for the nine months ended June 30, 2019 were $61,066,000, an increase of 11%, or approximately $5,887,000, from net sales of $55,178,000 for the first nine months of fiscal 2018. Net sales to broadband service providers and commercial data networks customers were $57,887,000 for the first nine months of fiscal 2019, versus $52,541,000 in the same period of fiscal 2018. Among this group, the Company recorded $5,205,000 in international sales versus $3,946,000 in the same period of fiscal 2018. Net sales to build-to-print and OEM customers were $3,179,000 in the first nine months of fiscal 2019 versus $2,637,000 in the same period of fiscal 2018. The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Accordingly, international sales represented 9% and 7% of total net sales for the first nine months of fiscal 2019 and 2018, respectively.

 

The increase in net sales for the nine months ended June 30, 2019 of $5,887,000 compared to the nine months ended June 30, 2018 is primarily attributable to an increase in sales to an OEM manufacturer in the amount of $3,753,000 driven by the acquisition of our active cabinet line in February 2018. In addition, sales to international customers increased $1,237,000 due to higher demand in the Company’s Latin America market. Sales to build-to-print customers also increased $541,000 during the same period due to an increase in demand.

 

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Cost of sales for the nine months ended June 30, 2019 was $37,681,000, an increase of $4,883,000, or 15%, from $32,798,000 in the comparable period of fiscal 2018. Gross profit percent was 38.3% of net sales in the fiscal 2019 first nine months, down from 40.6% for the comparable nine months in fiscal 2018. Gross profit increased $1,004,000, or 4.5%, to $23,385,000 for the nine months ended June 30, 2019 from $22,380,000 in the comparable period in fiscal 2018. The decrease in gross profit percent was primarily due to the integration of the Company’s acquired powered cabinet line into its manufacturing processes as well as a higher percentage of sales associated with these products, which have lower gross margins.

 

Selling, general and administrative expenses increased 3%, or $518,000, from $19,857,000 for the first nine months of fiscal 2018 to $20,375,000 for the first nine months of fiscal 2019. The increase in the first nine months of fiscal 2019 consists primarily of an increase of $1,515,000 in compensation costs due primarily to additional sales and engineering personnel and performance based compensation accruals, $313,000 in external sales commission and agent fees, $210,000 in bad debt expense, and an increase of $198,000 of depreciation and amortization expense. These were partially offset by a decrease of $2,033,000 in legal expenses, mainly due to the defense of the patent infringement litigation including a one-time payment of $850,000 in settlement of that litigation that occurred in the fiscal 2018 second quarter,

 

Income from operations for the nine months ended June 30, 2019 was $3,010,000 compared to income from operations of $2,523,000 for the first nine months of fiscal 2018, an increase of $487,000, or 19%. This increase is primarily attributable to increased gross profit, offset by increased selling, general and administrative expenses as described above.

 

Interest income for the nine months ended June 30, 2019 was $517,000 compared to $332,000 for the comparable period for fiscal 2018. The increase is due mainly to higher interest rates earned on its investments in fiscal 2019.

 

We recorded a provision for income taxes of $849,000 and $462,000 for the nine months ended June 30, 2019 and 2018, respectively. We record our quarterly provision for income taxes based on our estimated annual effective tax rate for the year. The increase in tax expense of $387,000 from the nine months ended June 30, 2018 is primarily due to the Tax Reform Act enacted on December 22, 2017 that resulted in a lower federal tax rate and a one-time benefit of $384,000 related to the favorable impact of a revaluation of our net deferred tax liability that decreased the income tax provision and lower profitability in the first nine months fiscal 2018, as well as increased income from operations in fiscal 2019. The increase in the income tax expense rate to 24.1% for the first nine months of fiscal 2019 from 16.2% for the first nine months of fiscal 2018 is primarily due to the Tax Reform Act as described above.

 

The Company’s net income for the first nine months of fiscal 2019 ended June 30, 2019 was $2,678,000, or $0.20 per basic and diluted share. The Company’s net income for the first nine months of fiscal 2018 ended June 30, 2018 was $2,393,000, or $0.18 per basic and diluted share.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of June 30, 2019, our principal source of liquidity was our cash, cash equivalents and short-term investments. Those sources total $20,669,000 as of June 30, 2019 compared to $17,478,000 as of September 30, 2018. Our excess cash is invested mainly in certificates of deposit backed by the FDIC, treasury securities, and money market accounts. Investments considered long-term were $22,519,000 as of June 30, 2019, compared to $17,974,000 as of September 30, 2018. We believe the combined balances of short-term cash and investments along with long-term investments provide a more accurate indication of our available liquidity. We had no long-term debt obligations as of June 30, 2019 or September 30, 2018.

 

We believe our existing cash equivalents and short-term investments, along with cash flow from operations, will be sufficient to meet our working capital and investment requirements for beyond the next 12 months. The Company intends on utilizing its available cash and assets primarily for its continued organic growth and potential future strategic transactions, as well as execution of the share repurchase program adopted by our Board of Directors. The share repurchase program was originally adopted on November 13, 2014 with $8,000,000 authorized for common stock repurchases. On April 25, 2017, our Board of Directors increased the authorization to $12,000,000 of common stock.

 

 

17

 

 

Operating Activities

 

Net cash provided by operating activities totaled $8,909,000 for the nine months ended June 30, 2019. This was primarily due to net income of $2,678,000, non-cash expenses for depreciation and amortization of $1,613,000, and stock based compensation of $1,536,000 in addition to changes in operating assets and liabilities providing cash. Changes in operating assets and liabilities providing cash include decreases in accounts receivable and inventories of $3,308,000 and $626,000, respectively. Accounts receivable balances can be influenced by the timing of shipments for customer projects and payment terms. Day’s sales outstanding, which measures how quickly receivables are collected, decreased from 52 days at September 30, 2018 to 39 days at June 30, 2019. The decrease in inventory is a result of stocking levels being maintained by suppliers, which reduced the Company’s inventory.

 

Net cash provided by operating activities totaled $4,299,000 for the nine months ended June 30, 2018. This was primarily due to net income of $2,393,000, non-cash expenses for depreciation and amortization of $1,547,000, and stock-based compensation of $1,488,000, slightly offset by a non-cash benefit to deferred taxes of $384,000 related to the newly enacted Tax Reform Act, in addition to changes in operating assets and liabilities using cash. Changes in operating assets and liabilities providing cash include a decrease to inventories of $1,546,000, net of the acquisition of $2,781,000 in inventories as a result of the product line acquisition of Calix powered cabinets that occurred during the nine months ended June 30, 2018. Changes in operating assets and liabilities using cash include an increase in accounts receivable from September 30, 2017 to June 30, 2018 of $2,414,000. The increase in accounts receivable was primarily due to increased net sales for the three months ended June 30, 2018 when compared to the three months ended September 30, 2017. Additionally, day’s sales outstanding, which measures how quickly receivables are collected, increased five days to 41 days from September 30, 2017 to June 30, 2018.

 

Investing Activities

 

We invest our excess cash in money market accounts, treasury securities, 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, 2019, we used cash to purchase $17,444,000 of both FDIC-backed and treasury securities and received $7,235,000 on CDs that matured. Purchases of patents and capital equipment, mainly related to information technology and manufacturing equipment, consumed $1,100,000 of cash in the nine months ended June 30, 2019.

 

During the nine months ended June 30, 2018, we acquired the powered cabinet product line from Calix for the amount of $10,350,000, which was paid from our available cash. Additionally, we invest our excess cash in money market accounts and bank CDs in denominations across numerous banks. We believe we obtain a competitive rate of return given the economic climate along with the security provided by the FDIC on these investments. During the nine months ended June 30, 2018, we used cash to purchase $5,403,000 of FDIC-backed securities and received $4,444,000 on CDs that matured. Prosecution of patents and purchases of capital equipment, mainly related to information technology and manufacturing equipment, consumed $920,000 of cash in the nine months ended June 30, 2018.

 

Financing Activities

 

For the nine months ended June 30, 2019, we received $314,000 from employees’ participation and purchase of stock through our ESPP and used $432,000 to pay for taxes as a result of employees’ vesting of restricted shares using share withholding. We did not repurchase our common stock under the repurchase program in the nine months ended June 30, 2019. As of June 30, 2019, we had authority to purchase approximately $5,400,000 in additional shares under the repurchase program announced on November 13, 2014 that was subsequently increased on April 25, 2017.

 

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

 

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, 2018. Management made no changes to the Company’s critical accounting policies during the quarter ended June 30, 2019.

 

In applying its critical accounting policies, management reassesses its estimates each reporting period based on available information. Changes in these estimates did not have a significant impact on earnings for the nine months or quarter ended June 30, 2019.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

The Company’s management carried out an evaluation, under the supervision and with the participation of the Company’s Chief Executive Officer and the Company’s Chief Financial Officer of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of June 30, 2019. 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, 2019 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

 

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, 2018. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K.

 

19

 

 

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

 

None

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. Exhibits

 

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

 

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

 

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

 

 

SIGNATURES

 

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

 

 

    CLEARFIELD, INC.
     
August 1, 2019    /s/ Cheryl Beranek
   

By: Cheryl Beranek

Its: President and Chief Executive Officer

    (Principal Executive Officer)
     
August 1, 2019   /s/ Daniel Herzog
   

By: Daniel Herzog

Its: Chief Financial Officer

    (Principal Financial and Accounting Officer)

 

 

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 EX-31.1 2 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

 

CERTIFICATION

 

I, Cheryl Beranek, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Clearfield, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

August 1, 2019   /s/ Cheryl Beranek
    By: Cheryl Beranek, President and Chief Executive Officer
    (Principal Executive Officer)

 

 

 

21

 

 EX-31.2 3 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

 

CERTIFICATION

 

I, Daniel Herzog, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Clearfield, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

August 1, 2019   /s/ Daniel Herzog
    By: Daniel Herzog, Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

 

22

 

 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, 2019 of Clearfield, Inc. (the “Company”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

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

 

 

August 1, 2019   /s/ Cheryl Beranek
    By: Cheryl Beranek, President and Chief Executive Officer
    (Principal Executive Officer)

 

 

August 1, 2019   /s/ Daniel Herzog
    By: Daniel Herzog, Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

 

 

 

 

 EX-101.INS 5 clfd-20190630.xml XBRL INSTANCE FILE 32673056 28392527 P5Y -901754 -146317 210000 17390 5782 17 0.97 0.96 0.95 0.95 0.03 0.04 0.05 0.05 1 1 1 1 8.43 8.43 0.85 5440 6925 1250 54 -30 24 69 21105 21174 12 3214 3226 false --09-30 Q3 2019 2019-06-30 10-Q 0000796505 13651869 Yes false Accelerated Filer Clearfield, Inc. false true clfd 1566900 2363380 9302944 12821258 43601 280484 568507 2247934 2048904 56901470 55483759 304 431475 431779 299 424804 425103 312 348215 348527 305 338960 339265 1535628 1535628 433438 433438 1488304 1488304 519223 519223 433438 1535628 410784 22654 1450493 85139 519223 1488304 477193 42030 1362213 126091 289085 79085 77423081 74228642 40279880 41091531 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Basis of Presentation</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying (a) condensed balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows of the interim periods presented. Operating results for the interim periods presented are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company&#x2019;s Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In preparation of the Company&#x2019;s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Certain comparative figures have been reclassified to conform to the current period's presentation. These reclassifications did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> affect the prior periods' net income, shareholders&#x2019; equity, or cash flows.</div> <div 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;">Recently Adopted Accounting Pronouncements</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2018, </div>we adopted the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>)</div>, and ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): Deferral of Effective Date,</div> which deferred the effective date of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> supersedes the revenue recognition requirements in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605,</div> <div style="display: inline; font-style: italic;">Revenue Recognition,</div> and is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue, cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> using the modified retrospective approach, had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material impact on our results of operations, cash flows, or financial position. Revenue continues to be recognized at a point in time for our product sales when products are delivered to or picked up by the customer and revenue for shipping and handling charges continues to be recognized when products are delivered to or picked up by the customer. Additional information and disclosures required by this new standard are contained in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,</div> &#x201c;Revenue.&#x201d;</div></div> 6030842 8547777 18536111 9287640 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div> Cash, Cash Equivalents and Investments</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years. CDs with original maturities of more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months are reported as held-to-maturity investments</div> and are carried at amortized cost. Investments maturing in less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year are classified as short term investments on the balance sheet, and investments maturing in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year or greater are classified as long term investments on the balance sheet.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The maturity dates of the Company&#x2019;s investments as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>are 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" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">June 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2019</div></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"><div style=" margin-top: 0; margin-bottom: 0">September 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Less than one year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,638,219</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,930,225</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-5 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,519,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,974,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,157,219</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,904,225</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> -2516935 -9248471 0.01 0.01 50000000 50000000 13651869 13646553 13651869 13646553 136519 136466 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div> Major Customer Concentration</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>Customers A and B comprised <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%,</div> respectively, of the Company&#x2019;s net sales. Both Customers A and B are distributors. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>Customers A and B comprised <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%,</div> respectively, while Customer C comprised <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11%</div> of the Company&#x2019;s net sales. Customer C is a private label original equipment manufacturer. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>Customers A and B comprised <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13%,</div> respectively, of the Company&#x2019;s net sales. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>Customers A and B comprised <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%,</div> respectively, of the Company&#x2019;s net sales.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>Customers A and B comprised <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%,</div> respectively, of the Company&#x2019;s accounts receivable. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>Customers C and A comprised <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%,</div> respectively, of the Company&#x2019;s accounts receivable.</div></div> 0.19 0.12 0.18 0.1 0.11 0.2 0.13 0.22 0.14 0.17 0.15 0.35 0.1 13479617 12988545 37681191 32798083 -384000 251759 268040 104935 104935 1613394 1546661 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">United States</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,243,752</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,669,143</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,861,025</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,232,706</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">All other countries</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,648,490</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,811,447</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,204,734</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,945,663</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Net Sales</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,892,242</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,480,590</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61,065,759</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,178,369</div></td> <td style="border-bottom: Black 2.5pt 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" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Broadband service providers</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">97</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Build-to-print customers</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Net Sales</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div> Stock-Based Compensation</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$433,438</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,535,628</div> of compensation expense related to current and past option grants, restricted stock grants and the Company&#x2019;s Employee Stock Purchase Plan (&#x201c;ESPP&#x201d;) for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>respectively. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$410,784</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,654</div> is included in cost of sales. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,450,493</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$85,139</div> is included in cost of sales. The Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$519,223</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,488,304</div> of compensation expense related to current and past option grants, restricted stock grants and ESPP for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>respectively. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$477,193</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$42,030</div> is included in cost of sales. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,362,213</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$126,091</div> is included in cost of sales. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,553,214</div> of total unrecognized compensation expense related to non-vested restricted stock awards and stock options is expected to be recognized over a period of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.2</div> years.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Stock Options</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the Company granted employees non-qualified stock options to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">172,000</div> shares of common stock with a contractual term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> years, a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> year vesting term, and an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.17.</div> During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company granted employees non-qualified stock options to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,000</div> shares of common stock with a contractual term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years, a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> year vesting term, and an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.35.</div> The fair value at the grant date for options issued during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.53.</div><br /> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 10; Value: 9 --> <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">This fair value was estimated at the grant date using the assumptions listed below:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Nine months ended</div> <div style=" margin-top: 0; margin-bottom: 0">June 30, 2019</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-size: 10pt; text-align: left">Dividend yield</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Average expected volatility</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37.77</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Average risk-free interest rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.92</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected life (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Vesting period (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The expected stock price volatility is based on the historical volatility of the Company&#x2019;s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate at grant date on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div>-coupon U.S. governmental bonds having a remaining life similar to the expected option term.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Options are granted at fair market values determined on the date of grant and vesting normally occurs over a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-year period. However, options granted to directors have a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year vesting period and a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-year contractual term. The maximum contractual term is normally <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> years. Shares issued upon exercise of a stock option are issued from the Company&#x2019;s authorized but unissued shares.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The following is a summary of stock option activity during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise&nbsp;price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Outstanding at September 30, 2018</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">138,500</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.99</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">172,000</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.17</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Exercised</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,750</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.58</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Cancelled or Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.17</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Outstanding at June 30, 2019</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">291,750</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.83</div></td> <td style="border-bottom: Black 2.5pt 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"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the weighted average remaining contractual term for all outstanding stock options was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.14</div> years and their aggregate intrinsic value was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$253,413.</div> During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the Company received proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24</div> from the exercise of stock options. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company received proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,174</div> from the exercise of stock options.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Restricted Stock</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Stock Compensation Plan permits its Compensation Committee to grant stock-based awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the Company granted non-employee directors restricted stock awards totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,340</div> shares of common stock, with a vesting term of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year and a fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.40</div> per share.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company granted non-employee directors restricted stock awards totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,795</div> shares of common stock, with a vesting term of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year and a fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16.45</div> per share. Also, the Company granted employees a restricted stock award totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,000</div> shares of common stock, with a vesting term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year and a fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.35</div> per share.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 11; Value: 9 --> <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">Restricted stock transactions during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>are summarized as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average grant date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Unvested shares at September 30, 2018</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">248,613</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.65</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,340</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.40</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Vested</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(84,237</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.16</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 10pt">Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(11,230</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.44</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Unvested at June 30, 2019</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,486</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.31</div></td> <td style="border-bottom: Black 2.5pt 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"><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;">Employee Stock Purchase Plan </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Clearfield, Inc.&#x2019;s ESPP allows participating employees to purchase shares of the Company&#x2019;s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>purchase the Company&#x2019;s common stock on a voluntary after-tax basis. Employees <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>purchase the Company&#x2019;s common stock at a price that is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> less than the lower of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the fair market value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> month phases, with phases beginning on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1 </div>of each calendar year. For the phases that ended on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>employees purchased <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,923</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,312</div> shares at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.43</div></div> per share. After the employee purchase on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,846</div> shares of common stock were available for future purchase under the ESPP.</div></div> 0.10 0.13 0.20 0.18 0.10 0.13 0.20 0.18 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Net Income Per Share</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Basic net income per common share (&#x201c;EPS&#x201d;) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive.<br /> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 9; Options: NewSection; Value: 9 --> <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">The following is a reconciliation of the numerator and denominator of the net income per common share computations for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; text-indent: 0in">Net income</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,300,527</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,755,232</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,678,429</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,393,014</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Weighted average common shares</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,446,289</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,430,503</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,422,885</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,441,619</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0in">Dilutive potential common shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,382</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-&nbsp;&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,124</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,504</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Weighted average dilutive common shares outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,451,671</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,430,503</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,434,009</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,473,123</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Net income per common share:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in; padding-left: 10pt">Basic</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.10</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.13</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.20</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.18</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in; padding-left: 10pt">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.10</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.13</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.20</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.18</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 0.259 0.241 0.304 0.162 2553214 P5Y73D P20Y 20358 4708511 4708511 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div> Goodwill and Patents</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> indicate an impairment of goodwill. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> triggering events that indicate potential impairment exists.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exceeding <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> years. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div> patents granted and multiple pending applications both inside and outside the United States.<br /> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 13; Value: 9 --></div> 0 0 8412627 8492045 23384568 22380286 37157219 26904225 22519000 17974000 14638219 8930225 1754527 2521232 3527429 2855014 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div> Income Taxes</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the Company recorded a provision for income taxes of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$454,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$849,000,</div> respectively, reflecting an effective tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25.9%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24.1%,</div> respectively. The Tax Cut and Jobs Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> (the &#x201c;Tax Reform Act&#x201d;) was enacted on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> The Tax Reform Act reduced certain federal corporate income tax rates effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>and changed certain other provisions. Additionally, differences between the effective tax rate and the statutory tax rate are related to discrete items for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>including unfavorable tax shortfalls related to stock-based compensation awards, nondeductible meals and entertainment, and research and development credits.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of both <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the Company had a remaining valuation allowance of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$105,000</div></div> related to state net operating loss carry forwards the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect to utilize. As a result of recording the impact of the Tax Reform Act on its deferred assets and liabilities, the Company recorded an increase in its valuation allowance against state net operating losses carried forward of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$32,000</div> in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018. </div>Based on the Company&#x2019;s analysis and review of long-term forecasts and all available evidence, the Company determined that there should be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> further change in the valuation allowance for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019.</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">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company recorded income tax expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$766,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$462,000,</div> respectively, reflecting an effective tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30.4%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.2%,</div> respectively. </div>The effective tax rate for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>is a blended rate reflecting the anticipated benefit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> quarters of federal tax rate reductions for fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months tax expense reflects a lower tax rate and a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time benefit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$384,000</div> related to the favorable impact of a revaluation of our net deferred tax liability that decreased the income tax provision for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and reduced long-term deferred tax liabilities during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018. </div>Additionally, differences between the effective tax rate and the statutory tax rate are related to <div style="display: inline; color: black">discrete items for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>including unfavorable tax shortfalls related to stock-based compensation awards, </div>nondeductible meals and entertainment, favorable domestic manufacturing deduction and research and development credits.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company&#x2019;s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax assets for expected utilization using a &#x201c;more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not&#x201d;</div> criteria by assessing the available positive and negative factors surrounding its recoverability.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>we do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any unrecognized tax benefits. It is the Company&#x2019;s practice to recognize interest and penalties accrued on any unrecognize</div>d tax benefits as a component of income tax expense. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect any material changes in its unrecognized tax positions over the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months.</div></div> 454000 849000 766000 462000 -384000 1081068 48987 -3308314 2413875 -625873 -1546081 116872 -289305 5382 11124 31504 5242689 5482555 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div> Inventories</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Inventories consist of the following as of:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">June 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2019</div></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"><div style=" margin-top: 0; margin-bottom: 0">September 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,601,647</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,013,166</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Work-in-progress</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">773,652</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">560,988</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,048,963</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,475,981</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Inventories, net</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,424,262</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,050,135</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 2048963 3475981 9424262 10050135 6601647 6013166 773652 560988 212894 116549 517474 331650 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">June 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2019</div></td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">September 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Less than one year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,638,219</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,930,225</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-5 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,519,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,974,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,157,219</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,904,225</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 4452012 5353766 77423081 74228642 4095318 4980791 356694 372975 22519000 17974000 -117864 -1400907 -11308482 -12146379 8909411 4298815 2678429 2393014 2678429 1300527 1300527 2393014 1755232 1755232 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-style: italic; font-weight: bold; margin: 0pt 0"><div style="display: inline; font-style: normal">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div> Accounting Pronouncements</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Leases</div>, which requires lessees to present right-of-use assets and lease liabilities on the balance sheet for all leases with terms longer than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months. The guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim periods within those fiscal years. Early adoption is permitted. <div style="display: inline; color: black">The Company has begun evaluating the new lease standard, including the review and implementation of the necessary changes to our existing processes and systems that will be required to implement this new standard effective with the Company&#x2019;s fiscal year beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2019. </div>While we are unable to quantify the impact at this time, it is expected the adoption of this standard will lead to a material increase in the assets and liabilities recorded on the balance sheets. </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04</div> which offers amended guidance to simplify the accounting for goodwill impairment by removing Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit&#x2019;s carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company&#x2019;s interim and annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2020, </div>with early adoption permitted for any impairment tests performed after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2017. </div>The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe the adoption of this ASU will have a material impact on our financial statements.</div> <div 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"></div> <!-- Field: Page; Sequence: 14; Value: 9 --></div> 1541633 2404683 3009955 2523364 105000 105000 883613 742136 202856 227461 1371414 431779 348527 10350000 17444393 5403075 1099089 920356 0.01 0.01 500000 500000 0 0 0 0 313891 297860 7235000 4444000 83052 24 21174 4470145 4744584 15933080 13254651 20243752 19669143 55861025 51232706 1648490 1811447 5204734 3945663 21892242 21480590 61065759 55178369 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div> Revenue</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Net sales include products and shipping and handling charges. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time the customer obtains control of the products. Revenue which has been recognized but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet billed to the customer is recorded as a contract asset and is included in Other Current Assets on the condensed balance sheet. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of our contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales.</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-indent: 0.5in"><div style="display: inline; font-weight: bold;">Disaggregation of Revenue</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to countries in the Caribbean, Canada, Central and South America.</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">Our revenues related to the following geographic areas were as follows for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">United States</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,243,752</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,669,143</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,861,025</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,232,706</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">All other countries</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,648,490</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,811,447</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,204,734</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,945,663</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Net Sales</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,892,242</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,480,590</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61,065,759</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,178,369</div></td> <td style="border-bottom: Black 2.5pt 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">In addition to a proprietary product line designed for the broadband service provider marketplace, Clearfield provides build-to-print services for original equipment manufacturers requiring copper and fiber cable assemblies built to their specification.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 12; Value: 9 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The percentages of our sales by markets were as follows for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Broadband service providers</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">97</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Build-to-print customers</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Net Sales</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><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;">Accounts Receivable</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Credit is extended based on the evaluation of a customer&#x2019;s financial condition and collateral is generally <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </div>the balance in the allowance for doubtful accounts was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$289,085</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$79,085,</div> respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,</div> &#x201c;Major Customer Concentration&#x201d; for further information regarding accounts receivable and net sales.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; text-indent: 0in">Net income</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,300,527</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,755,232</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,678,429</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,393,014</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Weighted average common shares</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,446,289</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,430,503</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,422,885</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,441,619</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0in">Dilutive potential common shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,382</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-&nbsp;&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,124</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,504</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Weighted average dilutive common shares outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,451,671</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,430,503</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,434,009</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,473,123</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Net income per common share:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in; padding-left: 10pt">Basic</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.10</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.13</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.20</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.18</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in; padding-left: 10pt">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.10</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.13</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.20</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.18</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">June 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2019</div></td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">September 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,601,647</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,013,166</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Work-in-progress</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">773,652</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">560,988</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,048,963</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,475,981</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Inventories, net</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,424,262</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,050,135</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise&nbsp;price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Outstanding at September 30, 2018</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">138,500</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.99</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">172,000</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.17</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Exercised</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,750</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.58</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Cancelled or Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.17</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Outstanding at June 30, 2019</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">291,750</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.83</div></td> <td style="border-bottom: Black 2.5pt 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" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Nine months ended</div> <div style=" margin-top: 0; margin-bottom: 0">June 30, 2019</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-size: 10pt; text-align: left">Dividend yield</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Average expected volatility</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37.77</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Average risk-free interest rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.92</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected life (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Vesting period (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average grant date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Unvested shares at September 30, 2018</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">248,613</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.65</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,340</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.40</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Vested</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(84,237</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.16</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 10pt">Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(11,230</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.44</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Unvested at June 30, 2019</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,486</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.31</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 6870994 6087362 20374613 19856922 1535628 1488304 P3Y P3Y P3Y P5Y P1Y P1Y P10Y P1Y P1Y P1Y 11230 14.44 4340 3795 3000 4340 14.40 16.45 13.35 14.40 248613 157486 14.65 13.31 84237 17.16 0 0.3777 0.0292 49846 12000 12.17 172000 72000 3.53 253413 138500 291750 10.99 11.83 2.58 12.17 13.35 P4Y P5Y P6Y P3Y P1Y51D 13646553 13651869 13668408 13812821 13693943 13811076 30469 29924 31213 30542 14638219 8930225 19923 17312 37235 19923 30174 15932 6890 6538 5049 3640 6750 372 313519 313891 199 167752 167951 301 297559 297860 158 149442 149600 -69 69 -65 65 -50 50 -36 36 119715 100133 1197 1370217 1371414 1001 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Document And Entity Information - shares
 9 Months Ended
Jun. 30, 2019
Jul. 19, 2019
Document Information [Line Items]    
Entity Registrant Name Clearfield, Inc.  
Entity Central Index Key 0000796505  
Trading Symbol clfd  
Current Fiscal Year End Date --09-30  
Entity Filer Category Accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Common Stock, Shares Outstanding (in shares)   13,651,869
Entity Shell Company false  
Document Type 10-Q  
Document Period End Date Jun. 30, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q3  
Amendment Flag false  
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Condensed Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2019
Sep. 30, 2018
Current Assets    
Cash and cash equivalents $ 6,030,842 $ 8,547,777
Short-term investments 14,638,219 8,930,225
Accounts receivables, net 9,302,944 12,821,258
Inventories, net 9,424,262 10,050,135
Other current assets 883,613 742,136
Total current assets 40,279,880 41,091,531
Property, plant and equipment, net 4,470,145 4,744,584
Other Assets    
Long-term investments 22,519,000 17,974,000
Goodwill 4,708,511 4,708,511
Intangible assets, net 5,242,689 5,482,555
Other 202,856 227,461
Total other assets 32,673,056 28,392,527
Total Assets 77,423,081 74,228,642
Current Liabilities    
Accounts payable 1,566,900 2,363,380
Accrued compensation 2,247,934 2,048,904
Accrued expenses 280,484 568,507
Total current liabilities 4,095,318 4,980,791
Other Liabilities    
Deferred taxes 104,935 104,935
Deferred rent 251,759 268,040
Total other liabilities 356,694 372,975
Total Liabilities 4,452,012 5,353,766
Shareholders’ Equity    
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding
Common stock, authorized 50,000,000, $.01 par value; 13,651,869 and 13,646,553, shares issued and outstanding at June 30, 2019 and September 30, 2018 136,519 136,466
Additional paid-in capital 56,901,470 55,483,759
Retained earnings 15,933,080 13,254,651
Total Shareholders’ Equity 72,971,069 68,874,876
Total Liabilities and Shareholders’ Equity $ 77,423,081 $ 74,228,642
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Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Jun. 30, 2019
Sep. 30, 2018
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 500,000 500,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, 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) 13,651,869 13,646,553
Common stock, shares outstanding (in shares) 13,651,869 13,646,553
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Condensed Statements of Earnings (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Net sales $ 21,892,242 $ 21,480,590 $ 61,065,759 $ 55,178,369
Cost of sales 13,479,617 12,988,545 37,681,191 32,798,083
Gross profit 8,412,627 8,492,045 23,384,568 22,380,286
Operating expenses        
Selling, general and administrative 6,870,994 6,087,362 20,374,613 19,856,922
Income from operations 1,541,633 2,404,683 3,009,955 2,523,364
Interest income 212,894 116,549 517,474 331,650
Income before income taxes 1,754,527 2,521,232 3,527,429 2,855,014
Income tax expense 454,000 766,000 849,000 462,000
Net income $ 1,300,527 $ 1,755,232 $ 2,678,429 $ 2,393,014
Net income per share Basic (in dollars per share) $ 0.10 $ 0.13 $ 0.20 $ 0.18
Net income per share Diluted (in dollars per share) $ 0.10 $ 0.13 $ 0.20 $ 0.18
Weighted average shares outstanding:        
Basic (in shares) 13,446,289 13,430,503 13,422,885 13,441,619
Diluted (in shares) 13,451,671 13,430,503 13,434,009 13,473,123
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Condensed Statements of Shareholders' Equity (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance (in shares) at Sep. 30, 2017 13,812,821      
Balance at Sep. 30, 2017 $ 138,128 $ 55,406,888 $ 8,980,104 $ 64,525,120
Stock-based compensation expense   1,488,304   1,488,304
Restricted stock issuance, net (in shares) (5,049)      
Restricted stock issuance, net $ (50) 50    
Issuance of common stock under employee stock purchase plan (in shares) 30,174      
Issuance of common stock under employee stock purchase plan $ 301 297,559 297,860
Exercise of stock options, net of shares exchanged for payment (in shares) 6,925      
Exercise of stock options, net of shares exchanged for payment $ 69 21,105 21,174
Tax withholding related to vesting of restricted stock grants (in shares) (31,213)      
Tax withholding related to vesting of restricted stock grants $ (312) (348,215) (348,527)
Net income     2,393,014 2,393,014
Repurchase of common stock (in shares) (119,715)      
Repurchase of common stock $ (1,197) (1,370,217)   (1,371,414)
Balance (in shares) at Jun. 30, 2018 13,693,943      
Balance at Jun. 30, 2018 $ 136,939 55,495,474 11,373,118 67,005,531
Balance (in shares) at Mar. 31, 2018 13,811,076      
Balance at Mar. 31, 2018 $ 138,111 56,296,908 9,617,886 66,052,905
Stock-based compensation expense   519,223   519,223
Restricted stock issuance, net (in shares) (3,640)      
Restricted stock issuance, net $ (36) 36    
Issuance of common stock under employee stock purchase plan (in shares) 15,932      
Issuance of common stock under employee stock purchase plan $ 158 149,442 149,600
Exercise of stock options, net of shares exchanged for payment (in shares) 1,250      
Exercise of stock options, net of shares exchanged for payment $ 12 3,214 3,226
Tax withholding related to vesting of restricted stock grants (in shares) (30,542)      
Tax withholding related to vesting of restricted stock grants $ (305) (338,960) (339,265)
Net income     1,755,232 1,755,232
Repurchase of common stock (in shares) (100,133)      
Repurchase of common stock $ (1,001) (1,134,389)   (1,135,390)
Balance (in shares) at Jun. 30, 2018 13,693,943      
Balance at Jun. 30, 2018 $ 136,939 55,495,474 11,373,118 67,005,531
Balance (in shares) at Sep. 30, 2018 13,646,553      
Balance at Sep. 30, 2018 $ 136,466 55,483,759 13,254,651 68,874,876
Stock-based compensation expense   1,535,628   1,535,628
Restricted stock issuance, net (in shares) (6,890)      
Restricted stock issuance, net $ (69) 69    
Issuance of common stock under employee stock purchase plan (in shares) 37,235      
Issuance of common stock under employee stock purchase plan $ 372 313,519 313,891
Exercise of stock options, net of shares exchanged for payment (in shares) 5,440      
Exercise of stock options, net of shares exchanged for payment $ 54 (30) 24
Tax withholding related to vesting of restricted stock grants (in shares) (30,469)      
Tax withholding related to vesting of restricted stock grants $ (304) (431,475) (431,779)
Net income     2,678,429 2,678,429
Balance (in shares) at Jun. 30, 2019 13,651,869      
Balance at Jun. 30, 2019 $ 136,519 56,901,470 15,933,080 72,971,069
Balance (in shares) at Mar. 31, 2019 13,668,408      
Balance at Mar. 31, 2019 $ 136,684 56,725,019 14,632,553 71,494,256
Stock-based compensation expense   433,438   433,438
Restricted stock issuance, net (in shares) (6,538)      
Restricted stock issuance, net $ (65) 65    
Issuance of common stock under employee stock purchase plan (in shares) 19,923      
Issuance of common stock under employee stock purchase plan $ 199 167,752 167,951
Exercise of stock options, net of shares exchanged for payment (in shares)      
Exercise of stock options, net of shares exchanged for payment
Tax withholding related to vesting of restricted stock grants (in shares) (29,924)      
Tax withholding related to vesting of restricted stock grants $ (299) (424,804) (425,103)
Net income     1,300,527 1,300,527
Balance (in shares) at Jun. 30, 2019 13,651,869      
Balance at Jun. 30, 2019 $ 136,519 $ 56,901,470 $ 15,933,080 $ 72,971,069
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income $ 2,678,429 $ 2,393,014
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,613,394 1,546,661
Change in allowance for doubtful accounts 210,000
Amortization of discount on investments (43,601)
Deferred taxes (384,000)
Loss on disposal of assets (20,358)
Stock based compensation 1,535,628 1,488,304
Changes in operating assets and liabilities:    
Accounts receivable 3,308,314 (2,413,875)
Inventories, net 625,873 1,546,081
Other assets (116,872) 289,305
Accounts payable, accrued expenses and deferred rent (901,754) (146,317)
Net cash provided by operating activities 8,909,411 4,298,815
Cash flows from investing activities    
Purchases of property, plant and equipment and intangible assets (1,099,089) (920,356)
Purchases of investments (17,444,393) (5,403,075)
Proceeds from sale of property, plant, and equipment 83,052
Proceeds from maturities of investments 7,235,000 4,444,000
Business acquisition (10,350,000)
Net cash used in investing activities (11,308,482) (12,146,379)
Cash flows from financing activities    
Repurchases of common stock (1,371,414)
Proceeds from issuance of common stock under employee stock purchase plan 313,891 297,860
Proceeds from issuance of common stock upon exercise of stock options 24 21,174
Tax withholding related to vesting of restricted stock grants (431,779) (348,527)
Net cash used in financing activities (117,864) (1,400,907)
Decrease in cash and cash equivalents (2,516,935) (9,248,471)
Cash and cash equivalents, beginning of period 8,547,777 18,536,111
Cash and cash equivalents, end of period 6,030,842 9,287,640
Supplemental disclosures for cash flow information    
Cash paid during the year for income taxes 1,081,068 48,987
Non-cash financing activities    
Cashless exercise of stock options $ 17,390 $ 5,782
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.19.2
Note 1 - Basis of Presentation
 9 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Basis of Accounting [Text Block]
Note
1.
Basis of Presentation
 
The accompanying (a) condensed balance sheet as of
September 30, 2018,
which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the
three
and
nine
months ended
June 30, 2019
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, 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, 2018.
 
In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.
 
Certain comparative figures have been reclassified to conform to the current period's presentation. These reclassifications did
not
affect the prior periods' net income, shareholders’ equity, or cash flows.
 
Recently Adopted Accounting Pronouncements
 
Effective
October 1, 2018,
we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”)
2014
-
09,
Revenue from Contracts with Customers (Topic
606
)
, and ASU
2015
-
14,
Revenue from Contracts with Customers (Topic
606
): Deferral of Effective Date,
which deferred the effective date of ASU
2014
-
09
by
one
year. ASU
2014
-
09
supersedes the revenue recognition requirements in ASC
605,
Revenue Recognition,
and is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue, cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The adoption of ASU
2014
-
09,
using the modified retrospective approach, had
no
material impact on our results of operations, cash flows, or financial position. Revenue continues to be recognized at a point in time for our product sales when products are delivered to or picked up by the customer and revenue for shipping and handling charges continues to be recognized when products are delivered to or picked up by the customer. Additional information and disclosures required by this new standard are contained in Note
5,
“Revenue.”
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.19.2
Note 2 - Net Income Per Share
 9 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note
2.
Net Income Per Share
 
Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive.
 
The following is a reconciliation of the numerator and denominator of the net income per common share computations for the
three
and
nine
months ended
June 30, 2019
and
2018:
 
    Three Months Ended June 30,   Nine Months Ended June 30,
    2019   2018   2019   2018
Net income   $
1,300,527
     $
1,755,232
     $
2,678,429
     $
2,393,014
  
Weighted average common shares    
13,446,289
      
13,430,503
      
13,422,885
      
13,441,619
  
Dilutive potential common shares    
5,382
      
-  
      
11,124
      
31,504
  
Weighted average dilutive common shares outstanding    
13,451,671
      
13,430,503
      
13,434,009
      
13,473,123
  
Net income per common share:                                
Basic   $
0.10
     $
0.13
     $
0.20
     $
0.18
  
Diluted   $
0.10
     $
0.13
     $
0.20
     $
0.18
  
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.19.2
Note 3 - Cash, Cash Equivalents and Investments
 9 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Cash and Cash Equivalents Disclosure [Text Block]
Note
3.
Cash, Cash Equivalents and Investments
 
The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of
not
more than
five
years. CDs with original maturities of more than
three
months are reported as held-to-maturity investments
and are carried at amortized cost. Investments maturing in less than
one
year are classified as short term investments on the balance sheet, and investments maturing in
one
year or greater are classified as long term investments on the balance sheet.
 
The maturity dates of the Company’s investments as of
June 30, 2019
and
September 30, 2018
are as follows:
 
   
June 30,
2019
  
September 30,
2018
Less than one year   $
14,638,219
     $
8,930,225
  
1-5 years    
22,519,000
      
17,974,000
  
Total   $
37,157,219
     $
26,904,225
  
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.19.2
Note 4 - Stock-based Compensation
 9 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
Note
4.
Stock-Based Compensation
 
The Company recorded
$433,438
and
$1,535,628
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, 2019,
respectively. For the
three
months ended
June 30, 2019,
$410,784
of this expense is included in selling, general and administrative expense, and
$22,654
is included in cost of sales. For the
nine
months ended
June 30, 2019,
$1,450,493
of this expense is included in selling, general and administrative expense, and
$85,139
is included in cost of sales. The Company recorded
$519,223
and
$1,488,304
of compensation expense related to current and past option grants, restricted stock grants and ESPP for the
three
and
nine
months ended
June 30, 2018,
respectively. For the
three
months ended
June 30, 2018,
$477,193
of this expense is included in selling, general and administrative expense, and
$42,030
is included in cost of sales. For the
nine
months ended
June 30, 2018,
$1,362,213
of this expense is included in selling, general and administrative expense, and
$126,091
is included in cost of sales. As of
June 30, 2019,
$2,553,214
of total unrecognized compensation expense related to non-vested restricted stock awards and stock options is expected to be recognized over a period of approximately
5.2
years.
 
Stock Options
 
The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. During the
nine
months ended
June 30, 2019,
the Company granted employees non-qualified stock options to purchase an aggregate of
172,000
shares of common stock with a contractual term of
four
years, a
three
year vesting term, and an exercise price of
$12.17.
During the
nine
months ended
June 30, 2018,
the Company granted employees non-qualified stock options to purchase an aggregate of
72,000
shares of common stock with a contractual term of
five
years, a
three
year vesting term, and an exercise price of
$13.35.
The fair value at the grant date for options issued during the
nine
months ended
June 30, 2019
was
$3.53.

 
This fair value was estimated at the grant date using the assumptions listed below:
 
   
Nine months ended
June 30, 2019
Dividend yield    
0
 %
Average expected volatility    
37.77
 %
Average risk-free interest rate    
2.92
 %
Expected life (years)    
3
  
Vesting period (years)    
3
  
 
The expected stock price volatility is based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate at grant date on
zero
-coupon U.S. governmental bonds having a remaining life similar to the expected option term.
 
Options are granted at fair market values determined on the date of grant and vesting normally occurs over a
three
to
five
-year period. However, options granted to directors have a
one
year vesting period and a
six
-year contractual term. The maximum contractual term is normally
six
years. Shares issued upon exercise of a stock option are issued from the Company’s authorized but unissued shares.
 
The following is a summary of stock option activity during the
nine
months ended
June 30, 2019:
 
    Number of options   Weighted average exercise price
Outstanding at September 30, 2018    
138,500
     $
10.99
  
Granted    
172,000
      
12.17
  
Exercised    
(6,750
 )    
2.58
  
Cancelled or Forfeited    
(12,000
 )    
12.17
  
Outstanding at June 30, 2019    
291,750
     $
11.83
  
 
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, 2019,
the weighted average remaining contractual term for all outstanding stock options was
1.14
years and their aggregate intrinsic value was
$253,413.
During the
nine
months ended
June 30, 2019,
the Company received proceeds of
$24
from the exercise of stock options. During the
nine
months ended
June 30, 2018,
the Company received proceeds of
$21,174
from the exercise of stock options.
Restricted Stock
 
The Company’s
2007
Stock Compensation Plan permits its Compensation Committee to grant stock-based awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over
one
to
ten
years.
 
During the
nine
months ended
June 30, 2019,
the Company granted non-employee directors restricted stock awards totaling
4,340
shares of common stock, with a vesting term of approximately
one
year and a fair value of
$14.40
per share.
 
During the
nine
months ended
June 30, 2018,
the Company granted non-employee directors restricted stock awards totaling
3,795
shares of common stock, with a vesting term of approximately
one
year and a fair value of
$16.45
per share. Also, the Company granted employees a restricted stock award totaling
3,000
shares of common stock, with a vesting term of
one
year and a fair value of
$13.35
per share.
 
Restricted stock transactions during the
nine
months ended
June 30, 2019
are summarized as follows:
 
    Number of shares   Weighted average grant date fair value
Unvested shares at September 30, 2018    
248,613
     $
14.65
  
Granted    
4,340
      
14.40
  
Vested    
(84,237
 )    
17.16
  
Forfeited    
(11,230
 )    
14.44
  
Unvested at June 30, 2019    
157,486
     $
13.31
  
 
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, 2019
and
December 31, 2018,
employees purchased
19,923
and
17,312
shares at a price of
$8.43
per share. After the employee purchase on
June 30, 2019,
49,846
shares of common stock were available for future purchase under the ESPP.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.19.2
Note 5 - Revenue
 9 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]
Note
5.
Revenue
 
Revenue Recognition
 
Net sales include products and shipping and handling charges. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time the customer obtains control of the products. Revenue which has been recognized but
not
yet billed to the customer is recorded as a contract asset and is included in Other Current Assets on the condensed balance sheet. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of our contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales.
 
Disaggregation of Revenue
 
The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to countries in the Caribbean, Canada, Central and South America.
 
Our revenues related to the following geographic areas were as follows for the
three
and
nine
months ended:
 
    Three Months Ended June 30,   Nine Months Ended June 30,
    2019   2018   2019   2018
United States   $
20,243,752
     $
19,669,143
     $
55,861,025
     $
51,232,706
  
All other countries    
1,648,490
      
1,811,447
      
5,204,734
      
3,945,663
  
Total Net Sales   $
21,892,242
     $
21,480,590
     $
61,065,759
     $
55,178,369
  
 
In addition to a proprietary product line designed for the broadband service provider marketplace, Clearfield provides build-to-print services for original equipment manufacturers requiring copper and fiber cable assemblies built to their specification.
 
The percentages of our sales by markets were as follows for the
three
and
nine
months ended:
 
    Three Months Ended June 30,   Nine Months Ended June 30,
    2019   2018   2019   2018
Broadband service providers    
97
 %    
96
 %    
95
 %    
95
 %
Build-to-print customers    
3
 %    
4
 %    
5
 %    
5
 %
Total Net Sales    
100
 %    
100
 %    
100
 %    
100
 %
 
Accounts Receivable
 
Credit is extended based on the evaluation of a customer’s financial condition and collateral is generally
not
required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of
June 30, 2019
and
September 30, 2018,
the balance in the allowance for doubtful accounts was
$289,085
and
$79,085,
respectively.
 
See Note
7,
“Major Customer Concentration” for further information regarding accounts receivable and net sales.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.19.2
Note 6 - Inventories
 9 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Inventory Disclosure [Text Block]
Note
6.
Inventories
 
Inventories consist of the following as of:
 
   
June 30,
2019
  
September 30,
2018
Raw materials   $
6,601,647
     $
6,013,166
  
Work-in-progress    
773,652
      
560,988
  
Finished goods    
2,048,963
      
3,475,981
  
Inventories, net   $
9,424,262
     $
10,050,135
  
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.19.2
Note 7 - Major Customer Concentration
 9 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]
Note
7.
Major Customer Concentration
 
For the
three
months ended
June 30, 2019,
Customers A and B comprised
19%
and
12%,
respectively, of the Company’s net sales. Both Customers A and B are distributors. For the
nine
months ended
June 30, 2019,
Customers A and B comprised
18%
and
10%,
respectively, while Customer C comprised
11%
of the Company’s net sales. Customer C is a private label original equipment manufacturer. For the
three
months ended
June 30, 2018,
Customers A and B comprised
20%
and
13%,
respectively, of the Company’s net sales. For the
nine
months ended
June 30, 2018,
Customers A and B comprised
22%
and
14%,
respectively, of the Company’s net sales.
 
As of
June 30, 2019,
Customers A and B comprised
17%
and
15%,
respectively, of the Company’s accounts receivable. As of
September 30, 2018,
Customers C and A comprised
35%
and
10%,
respectively, of the Company’s accounts receivable.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.19.2
Note 8 - Goodwill and Patents
 9 Months Ended
Jun. 30, 2019
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, 2018
did
not
indicate an impairment of goodwill. During the
nine
months ended
June 30, 2019,
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, 2019,
the Company has
17
patents granted and multiple pending applications both inside and outside the United States.
 
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.19.2
Note 9 - Income Taxes
 9 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
9.
Income Taxes
 
For the
three
and
nine
months ended
June 30, 2019,
the Company recorded a provision for income taxes of
$454,000
and
$849,000,
respectively, reflecting an effective tax rate of
25.9%
and
24.1%,
respectively. The Tax Cut and Jobs Act of
2017
(the “Tax Reform Act”) was enacted on
December 
22,
2017.
The Tax Reform Act reduced certain federal corporate income tax rates effective
January 1, 2018
and changed certain other provisions. Additionally, differences between the effective tax rate and the statutory tax rate are related to discrete items for the
three
and
nine
months ended
June 30, 2019,
including unfavorable tax shortfalls related to stock-based compensation awards, nondeductible meals and entertainment, and research and development credits.
 
As of both
June 30, 2019
and
September 30, 2018,
the Company had a remaining valuation allowance of approximately
$105,000
related to state net operating loss carry forwards the Company does
not
expect to utilize. As a result of recording the impact of the Tax Reform Act on its deferred assets and liabilities, the Company recorded an increase in its valuation allowance against state net operating losses carried forward of approximately
$32,000
in the
nine
months ended
June 30, 2018.
Based on the Company’s analysis and review of long-term forecasts and all available evidence, the Company determined that there should be
no
further change in the valuation allowance for the
three
and
nine
months ended
June 30, 2019.
 
For the
three
and
nine
months ended
June 30, 2018,
the Company recorded income tax expense of
$766,000
and
$462,000,
respectively, reflecting an effective tax rate of
30.4%
and
16.2%,
respectively.
The effective tax rate for the
nine
months ended
June 30, 2018
is a blended rate reflecting the anticipated benefit of
three
quarters of federal tax rate reductions for fiscal
2018.
Our
nine
months tax expense reflects a lower tax rate and a
one
-time benefit of
$384,000
related to the favorable impact of a revaluation of our net deferred tax liability that decreased the income tax provision for the
nine
months ended
June 30, 2018
and reduced long-term deferred tax liabilities during the
nine
months ended
June 30, 2018.
Additionally, differences between the effective tax rate and the statutory tax rate are related to
discrete items for the
three
and
nine
months ended
June 30, 2018,
including unfavorable tax shortfalls related to stock-based compensation awards,
nondeductible meals and entertainment, favorable domestic manufacturing deduction and research and development credits.
 
Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax assets for expected utilization using a “more likely than
not”
criteria by assessing the available positive and negative factors surrounding its recoverability.
 
As of
June 30, 2019,
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.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.19.2
Note 10 - Accounting Pronouncements
 9 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Note
10.
Accounting Pronouncements
 
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 has begun evaluating the new lease standard, including the review and implementation of the necessary changes to our existing processes and systems that will be required to implement this new standard effective with the Company’s fiscal year beginning
October 1, 2019.
While we are unable to quantify the impact at this time, it is expected the adoption of this standard will lead to a material increase in the assets and liabilities recorded on the balance sheets.
 
In
January 2017,
the FASB issued ASU
2017
-
04
which offers amended guidance to simplify the accounting for goodwill impairment by removing Step
2
of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company’s interim and annual periods beginning after
January 1, 2020,
with early adoption permitted for any impairment tests performed after
January 1, 2017.
The Company does
not
believe the adoption of this ASU will have a material impact on our financial statements.
 
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.19.2
Note 2 - Net Income Per Share (Tables)
 9 Months Ended
Jun. 30, 2019
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three Months Ended June 30,   Nine Months Ended June 30,
    2019   2018   2019   2018
Net income   $
1,300,527
     $
1,755,232
     $
2,678,429
     $
2,393,014
  
Weighted average common shares    
13,446,289
      
13,430,503
      
13,422,885
      
13,441,619
  
Dilutive potential common shares    
5,382
      
-  
      
11,124
      
31,504
  
Weighted average dilutive common shares outstanding    
13,451,671
      
13,430,503
      
13,434,009
      
13,473,123
  
Net income per common share:                                
Basic   $
0.10
     $
0.13
     $
0.20
     $
0.18
  
Diluted   $
0.10
     $
0.13
     $
0.20
     $
0.18
  
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.19.2
Note 3 - Cash, Cash Equivalents and Investments (Tables)
 9 Months Ended
Jun. 30, 2019
Notes Tables  
Investments Classified by Contractual Maturity Date [Table Text Block]
   
June 30,
2019
  
September 30,
2018
Less than one year   $
14,638,219
     $
8,930,225
  
1-5 years    
22,519,000
      
17,974,000
  
Total   $
37,157,219
     $
26,904,225
  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.19.2
Note 4 - Stock-based Compensation (Tables)
 9 Months Ended
Jun. 30, 2019
Notes Tables  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
   
Nine months ended
June 30, 2019
Dividend yield    
0
 %
Average expected volatility    
37.77
 %
Average risk-free interest rate    
2.92
 %
Expected life (years)    
3
  
Vesting period (years)    
3
  
Share-based Payment Arrangement, Option, Activity [Table Text Block]
    Number of options   Weighted average exercise price
Outstanding at September 30, 2018    
138,500
     $
10.99
  
Granted    
172,000
      
12.17
  
Exercised    
(6,750
 )    
2.58
  
Cancelled or Forfeited    
(12,000
 )    
12.17
  
Outstanding at June 30, 2019    
291,750
     $
11.83
  
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]
    Number of shares   Weighted average grant date fair value
Unvested shares at September 30, 2018    
248,613
     $
14.65
  
Granted    
4,340
      
14.40
  
Vested    
(84,237
 )    
17.16
  
Forfeited    
(11,230
 )    
14.44
  
Unvested at June 30, 2019    
157,486
     $
13.31
  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.19.2
Note 5 - Revenue (Tables)
 9 Months Ended
Jun. 30, 2019
Notes Tables  
Disaggregation of Revenue [Table Text Block]
    Three Months Ended June 30,   Nine Months Ended June 30,
    2019   2018   2019   2018
United States   $
20,243,752
     $
19,669,143
     $
55,861,025
     $
51,232,706
  
All other countries    
1,648,490
      
1,811,447
      
5,204,734
      
3,945,663
  
Total Net Sales   $
21,892,242
     $
21,480,590
     $
61,065,759
     $
55,178,369
  
    Three Months Ended June 30,   Nine Months Ended June 30,
    2019   2018   2019   2018
Broadband service providers    
97
 %    
96
 %    
95
 %    
95
 %
Build-to-print customers    
3
 %    
4
 %    
5
 %    
5
 %
Total Net Sales    
100
 %    
100
 %    
100
 %    
100
 %
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.19.2
Note 6 - Inventories (Tables)
 9 Months Ended
Jun. 30, 2019
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   
June 30,
2019
  
September 30,
2018
Raw materials   $
6,601,647
     $
6,013,166
  
Work-in-progress    
773,652
      
560,988
  
Finished goods    
2,048,963
      
3,475,981
  
Inventories, net   $
9,424,262
     $
10,050,135
  
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.19.2
Note 2 - Net Income Per Share - Weighted Average Common Shares Outstanding (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Net income $ 1,300,527 $ 1,755,232 $ 2,678,429 $ 2,393,014
Weighted average common shares (in shares) 13,446,289 13,430,503 13,422,885 13,441,619
Dilutive potential common shares (in shares) 5,382 11,124 31,504
Weighted average dilutive common shares outstanding (in shares) 13,451,671 13,430,503 13,434,009 13,473,123
Net income per common share:        
Basic (in dollars per share) $ 0.10 $ 0.13 $ 0.20 $ 0.18
Diluted (in dollars per share) $ 0.10 $ 0.13 $ 0.20 $ 0.18
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.19.2
Note 3 - Cash, Cash Equivalents and Investments (Details Textual)
 9 Months Ended
Jun. 30, 2019
Maximum [Member]  
Held-to-maturity Securities, Investment Term 5 years
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.19.2
Note 3 - Cash, Cash Equivalents and Investments - Maturity Date of CDs (Details) - USD ($)
Jun. 30, 2019
Sep. 30, 2018
Less than one year $ 14,638,219 $ 8,930,225
1-5 years 22,519,000 17,974,000
Total $ 37,157,219 $ 26,904,225
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.19.2
Note 4 - Stock-based Compensation (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Dec. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Share-based Payment Arrangement, Expense $ 433,438 $ 519,223     $ 1,535,628 $ 1,488,304
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total 2,553,214   $ 2,553,214   $ 2,553,214  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition         5 years 73 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross         172,000 72,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period         4 years 5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         3 years 3 years
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price         $ 12.17 $ 13.35
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 3.53  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term         1 year 51 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 253,413   $ 253,413   $ 253,413  
Proceeds from Stock Options Exercised         $ 24 $ 21,174
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     19,923 17,312    
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price     $ 8.43 $ 8.43    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 49,846   49,846   49,846  
Share-based Payment Arrangement, Option [Member] | Director [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period         6 years  
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         1 year  
Share-based Payment Arrangement, Option [Member] | Minimum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         3 years  
Share-based Payment Arrangement, Option [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         5 years  
Restricted Stock [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period         4,340  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 14.40  
Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period           1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period           3,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value           $ 13.35
Restricted Stock [Member] | Non Employee Directors [Member] | Stock Compensation Plan 2007 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         1 year 1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period         4,340 3,795
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 14.40 $ 16.45
Restricted Stock [Member] | Minimum [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         1 year  
Restricted Stock [Member] | Maximum [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         10 years  
Selling, General and Administrative Expenses [Member]            
Share-based Payment Arrangement, Expense $ 410,784 477,193     $ 1,450,493 $ 1,362,213
Cost of Sales [Member]            
Share-based Payment Arrangement, Expense $ 22,654 $ 42,030     $ 85,139 $ 126,091
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.19.2
Note 4 - Stock-based Compensation - Valuation Assumptions (Details)
 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Dividend yield 0.00%  
Average expected volatility 37.77%  
Average risk-free interest rate 2.92%  
Expected life (years) (Year) 3 years  
Vesting period (years) (Year) 3 years 3 years
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.19.2
Note 4 - Stock-based Compensation - Option Transaction Summary (Details) - $ / shares
 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Options, outstanding (in shares) 138,500  
Weighted-average exercise price, outstanding (in dollars per share) $ 10.99  
Granted (in shares) 172,000 72,000
Weighted-average exercise price, Granted (in dollars per share) $ 12.17 $ 13.35
Exercised (in shares) (6,750)  
Weighted-average exercise price, Exercised (in dollars per share) $ 2.58  
Cancelled or Forfeited (in shares) (12,000)  
Weighted-average exercise price, Cancelled or Forfeited (in dollars per share) $ 12.17  
Options, outstanding (in shares) 291,750  
Weighted-average exercise price, outstanding (in dollars per share) $ 11.83  
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.19.2
Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]
 9 Months Ended
Jun. 30, 2019
$ / shares
shares
Balance, unvested shares (in shares) | shares 248,613
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 14.65
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares 4,340
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares $ 14.40
Vested (in shares) | shares (84,237)
Vested (in dollars per share) | $ / shares $ 17.16
Forfeited (in shares) | shares (11,230)
Forfeited (in dollars per share) | $ / shares $ 14.44
Balance, unvested shares (in shares) | shares 157,486
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 13.31
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.19.2
Note 5 - Revenue (Details Textual) - USD ($)
Jun. 30, 2019
Sep. 30, 2018
Accounts Receivable, Allowance for Credit Loss, Current $ 289,085 $ 79,085
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.19.2
Note 5 - Revenue - Disaggregation of Revenue (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Total Net Sales $ 21,892,242 $ 21,480,590 $ 61,065,759 $ 55,178,369
Percent of net sales 100.00% 100.00% 100.00% 100.00%
Broadband Service Providers [Member]        
Percent of net sales 97.00% 96.00% 95.00% 95.00%
Build-to-print Customers [Member]        
Percent of net sales 3.00% 4.00% 5.00% 5.00%
UNITED STATES        
Total Net Sales $ 20,243,752 $ 19,669,143 $ 55,861,025 $ 51,232,706
Non-US [Member]        
Total Net Sales $ 1,648,490 $ 1,811,447 $ 5,204,734 $ 3,945,663
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.19.2
Note 6 - Inventories - Components of Inventory (Details) - USD ($)
Jun. 30, 2019
Sep. 30, 2018
Raw materials $ 6,601,647 $ 6,013,166
Work-in-progress 773,652 560,988
Finished goods 2,048,963 3,475,981
Inventories, net $ 9,424,262 $ 10,050,135
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.19.2
Note 7 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member]
 3 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2018
Revenue Benchmark [Member] | Customer A [Member]          
Concentration Risk, Percentage 19.00% 20.00% 18.00% 22.00%  
Revenue Benchmark [Member] | Customer B [Member]          
Concentration Risk, Percentage 12.00% 13.00% 10.00% 14.00%  
Revenue Benchmark [Member] | Customer C [Member]          
Concentration Risk, Percentage     11.00%    
Accounts Receivable [Member] | Customer A [Member]          
Concentration Risk, Percentage     17.00%   10.00%
Accounts Receivable [Member] | Customer B [Member]          
Concentration Risk, Percentage     15.00%    
Accounts Receivable [Member] | Customer C [Member]          
Concentration Risk, Percentage         35.00%
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.19.2
Note 8 - Goodwill and Patents (Details Textual)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
USD ($)
Jun. 30, 2019
USD ($)
Goodwill, Impairment Loss $ 0 $ 0
Number of Patents Granted   17
Patents [Member]    
Finite-Lived Intangible Asset, Useful Life   20 years
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.19.2
Note 9 - Income Taxes (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2018
Income Tax Expense (Benefit), Total $ 454,000 $ 766,000 $ 849,000 $ 462,000  
Effective Income Tax Rate Reconciliation, Percent, Total 25.90% 30.40% 24.10% 16.20%  
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability       $ (384,000)  
Unrecognized Tax Benefits, Ending Balance $ 0   $ 0    
State and Local Jurisdiction [Member]          
Operating Loss Carryforwards, Valuation Allowance, Total $ 105,000   $ 105,000   $ 105,000
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to Operating Loss Carryforwards [Member]          
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount       $ 32,000  
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