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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CSP Inc | NASDAQ:CSPI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.71 | 5.82% | 12.91 | 12.13 | 17.00 | 13.43 | 12.21 | 12.22 | 126,881 | 05:00:04 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the Quarterly Period Ended
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June 30, 2016
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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|
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For the transition period from to .
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Massachusetts
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04-2441294
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(State of incorporation)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
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x
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Page
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June 30,
2016 |
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September 30,
2015 |
||||
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(Unaudited)
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ASSETS
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|
||||
Current assets:
|
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|
||||
Cash and cash equivalents
|
$
|
11,590
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|
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$
|
11,181
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Accounts receivable, net of allowances of $289 and $331
|
19,896
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18,468
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Unbilled accounts receivable
|
657
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|
|
1,420
|
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Inventories, net
|
5,615
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|
|
5,749
|
|
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Refundable income taxes
|
—
|
|
|
43
|
|
||
Deferred income taxes
|
1,383
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|
|
1,337
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Other current assets
|
2,279
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|
|
1,884
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Total current assets
|
41,420
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|
40,082
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Property, equipment and improvements, net
|
1,578
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|
1,564
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||||
Other assets:
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Intangibles, net
|
319
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|
|
416
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Deferred income taxes
|
1,660
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|
1,687
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Cash surrender value of life insurance
|
3,303
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|
3,064
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Other assets
|
119
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|
|
183
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|
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Total other assets
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5,401
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|
|
5,350
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Total assets
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$
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48,399
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$
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46,996
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||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
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||||
Current liabilities:
|
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|
||||
Accounts payable and accrued expenses
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$
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12,954
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$
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13,776
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Deferred revenue
|
3,610
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|
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2,931
|
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Pension and retirement plans
|
732
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|
675
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Income taxes payable
|
840
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|
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—
|
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Total current liabilities
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18,136
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|
|
17,382
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Pension and retirement plans
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9,343
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|
10,009
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Other long term liabilities
|
20
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|
|
15
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Total liabilities
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27,499
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27,406
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Commitments and contingencies
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Shareholders’ equity:
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Common stock, $.01 par value per share; authorized, 7,500 shares; issued and outstanding 3,788 and 3,688 shares, respectively
|
38
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37
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Additional paid-in capital
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12,621
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12,249
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Retained earnings
|
16,482
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15,689
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Accumulated other comprehensive loss
|
(8,241
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)
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(8,385
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)
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Total shareholders’ equity
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20,900
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19,590
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Total liabilities and shareholders’ equity
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$
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48,399
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|
$
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46,996
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|
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For the three months ended
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For the nine months ended
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||||||||||||
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June 30,
2016 |
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June 30,
2015 |
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June 30,
2016 |
|
June 30,
2015 |
||||||||
Sales:
|
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||||||||
Product
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$
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20,345
|
|
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$
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15,696
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|
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$
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58,320
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$
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45,544
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Services
|
6,567
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6,591
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|
19,407
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16,050
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Total sales
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26,912
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22,287
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77,727
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61,594
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||||||||
Cost of sales:
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||||||||
Product
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16,460
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13,461
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47,750
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|
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37,974
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|
||||
Services
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3,247
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3,560
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11,249
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10,356
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Total cost of sales
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19,707
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17,021
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58,999
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48,330
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Gross profit
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7,205
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5,266
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18,728
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13,264
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||||||||
Operating expenses:
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Engineering and development
|
779
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|
626
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|
2,368
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|
2,305
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|
||||
Selling, general and administrative
|
4,573
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|
3,945
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|
|
13,286
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|
|
11,824
|
|
||||
Total operating expenses
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5,352
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4,571
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|
15,654
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14,129
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||||||||
Operating income (loss)
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1,853
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|
695
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3,074
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(865
|
)
|
||||
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||||||||
Other expense:
|
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|
|
|
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||||||||
Foreign exchange loss
|
(55
|
)
|
|
(87
|
)
|
|
(118
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)
|
|
(216
|
)
|
||||
Other expense, net
|
(21
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)
|
|
(26
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)
|
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(47
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)
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(59
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)
|
||||
Total other expense
|
(76
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)
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(113
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)
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(165
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)
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(275
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)
|
||||
Income (loss) before income taxes
|
1,777
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|
582
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2,909
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(1,140
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)
|
||||
Income tax expense (benefit)
|
520
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|
333
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|
866
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|
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(277
|
)
|
||||
Net income (loss)
|
$
|
1,257
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|
|
$
|
249
|
|
|
$
|
2,043
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|
|
$
|
(863
|
)
|
Net income (loss) attributable to common stockholders
|
$
|
1,198
|
|
|
$
|
240
|
|
|
$
|
1,959
|
|
|
$
|
(863
|
)
|
Net income (loss) per share – basic
|
$
|
0.33
|
|
|
$
|
0.07
|
|
|
$
|
0.54
|
|
|
$
|
(0.25
|
)
|
Weighted average shares outstanding – basic
|
3,618
|
|
|
3,540
|
|
|
3,599
|
|
|
3,522
|
|
||||
Net income (loss) per share – diluted
|
$
|
0.32
|
|
|
$
|
0.07
|
|
|
$
|
0.52
|
|
|
$
|
(0.25
|
)
|
Weighted average shares outstanding – diluted
|
3,743
|
|
|
3,633
|
|
|
3,733
|
|
|
3,522
|
|
|
|
For the three months ended
|
|
For the nine months ended
|
||||||||||||
|
|
June 30,
2016 |
|
June 30,
2015 |
|
June 30,
2016 |
|
June 30,
2015 |
||||||||
|
|
|
|
|
|
|
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|
||||||||
Net income (loss)
|
|
$
|
1,257
|
|
|
$
|
249
|
|
|
$
|
2,043
|
|
|
$
|
(863
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation gain (loss) adjustments
|
|
21
|
|
|
29
|
|
|
144
|
|
|
(88
|
)
|
||||
Other comprehensive income (loss)
|
|
21
|
|
|
29
|
|
|
144
|
|
|
(88
|
)
|
||||
Total comprehensive income (loss)
|
|
$
|
1,278
|
|
|
$
|
278
|
|
|
$
|
2,187
|
|
|
$
|
(951
|
)
|
|
Shares
|
|
Amount
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
other
comprehensive
loss
|
|
Total
Shareholders’
Equity
|
|||||||||||
Balance as of September 30, 2015
|
3,688
|
|
|
$
|
37
|
|
|
$
|
12,249
|
|
|
$
|
15,689
|
|
|
$
|
(8,385
|
)
|
|
$
|
19,590
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,043
|
|
|
—
|
|
|
2,043
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144
|
|
|
144
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
300
|
|
|
—
|
|
|
—
|
|
|
300
|
|
|||||
Restricted stock cancellation
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Restricted stock issuance
|
105
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Issuance of shares under employee stock purchase plan
|
14
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|||||
Cash dividends on common stock ($0.33 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,250
|
)
|
|
—
|
|
|
(1,250
|
)
|
|||||
Balance as of June 30, 2016
|
3,788
|
|
|
$
|
38
|
|
|
$
|
12,621
|
|
|
$
|
16,482
|
|
|
$
|
(8,241
|
)
|
|
$
|
20,900
|
|
|
For the nine months ended
|
||||||
|
June 30,
2016 |
|
June 30,
2015 |
||||
Cash flows provided by (used in) operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
2,043
|
|
|
$
|
(863
|
)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
445
|
|
|
385
|
|
||
Amortization of intangibles
|
97
|
|
|
97
|
|
||
Loss on sale of fixed assets, net
|
23
|
|
|
54
|
|
||
Foreign exchange loss
|
118
|
|
|
216
|
|
||
Non-cash changes in accounts receivable
|
103
|
|
|
(4
|
)
|
||
Non-cash changes in inventory
|
431
|
|
|
240
|
|
||
Stock-based compensation expense on stock options and restricted stock awards
|
300
|
|
|
285
|
|
||
Deferred income taxes
|
(22
|
)
|
|
27
|
|
||
Increase in cash surrender value of life insurance
|
(78
|
)
|
|
(59
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Increase in accounts receivable
|
(1,017
|
)
|
|
(5,439
|
)
|
||
Increase in inventories
|
(325
|
)
|
|
(497
|
)
|
||
(Increase) decrease in refundable income taxes
|
43
|
|
|
(187
|
)
|
||
Increase in other current assets
|
(415
|
)
|
|
(506
|
)
|
||
(Increase) decrease in other assets
|
63
|
|
|
(119
|
)
|
||
Increase (decrease) in accounts payable and accrued expenses
|
(708
|
)
|
|
3,691
|
|
||
Increase (decrease) in deferred revenue
|
707
|
|
|
(619
|
)
|
||
Decrease in pension and retirement plans liability
|
(124
|
)
|
|
(58
|
)
|
||
Increase (decrease) in income taxes payable
|
840
|
|
|
(72
|
)
|
||
Increase (decrease) in other long term liabilities
|
6
|
|
|
(69
|
)
|
||
Net cash provided by (used in) operating activities
|
2,530
|
|
|
(3,497
|
)
|
||
Cash flows used in investing activities:
|
|
|
|
|
|
||
Life insurance premiums paid
|
(161
|
)
|
|
(193
|
)
|
||
Purchases of property, equipment and improvements
|
(486
|
)
|
|
(398
|
)
|
||
Net cash used in investing activities
|
(647
|
)
|
|
(591
|
)
|
||
Cash flows provided by (used in) financing activities:
|
|
|
|
|
|
||
Dividends paid
|
(1,250
|
)
|
|
(1,212
|
)
|
||
Proceeds from issuance of shares under equity compensation plans
|
72
|
|
|
105
|
|
||
Net cash used in financing activities
|
(1,178
|
)
|
|
(1,107
|
)
|
||
Effects of exchange rate on cash
|
(296
|
)
|
|
(807
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
409
|
|
|
(6,002
|
)
|
||
Cash and cash equivalents, beginning of period
|
11,181
|
|
|
16,448
|
|
||
Cash and cash equivalents, end of period
|
$
|
11,590
|
|
|
$
|
10,446
|
|
Supplementary cash flow information:
|
|
|
|
|
|
||
Cash paid for income taxes
|
$
|
37
|
|
|
$
|
72
|
|
Cash paid for interest
|
$
|
85
|
|
|
$
|
85
|
|
|
|||||||||||||||
|
For the three months ended
|
|
For the nine months ended
|
||||||||||||
|
June 30, 2016
|
|
June 30, 2015
|
|
June 30, 2016
|
|
June 30, 2015
|
||||||||
|
(Amounts in thousands except per share data)
|
||||||||||||||
Net income (loss)
|
$
|
1,257
|
|
|
$
|
249
|
|
|
$
|
2,043
|
|
|
$
|
(863
|
)
|
Less: net income (loss) attributable to nonvested common stock
|
59
|
|
|
9
|
|
|
84
|
|
|
—
|
|
||||
Net income (loss) attributable to common stockholders
|
$
|
1,198
|
|
|
$
|
240
|
|
|
$
|
1,959
|
|
|
$
|
(863
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average total shares outstanding – basic
|
3,797
|
|
|
3,674
|
|
|
3,754
|
|
|
3,522
|
|
||||
Less: weighted average non-vested shares outstanding
|
179
|
|
|
134
|
|
|
155
|
|
|
—
|
|
||||
Weighted average number of common shares outstanding – basic
|
3,618
|
|
|
3,540
|
|
|
3,599
|
|
|
3,522
|
|
||||
Potential common shares from non-vested stock awards and the assumed exercise of stock options
|
125
|
|
|
93
|
|
|
134
|
|
|
—
|
|
||||
Weighted average common shares outstanding – diluted
|
3,743
|
|
|
3,633
|
|
|
3,733
|
|
|
3,522
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share – basic
|
$
|
0.33
|
|
|
$
|
0.07
|
|
|
$
|
0.54
|
|
|
$
|
(0.25
|
)
|
Net income (loss) per share – diluted
|
$
|
0.32
|
|
|
$
|
0.07
|
|
|
$
|
0.52
|
|
|
$
|
(0.25
|
)
|
|
June 30, 2016
|
|
September 30, 2015
|
||||
|
(Amounts in thousands)
|
||||||
Raw materials
|
$
|
1,459
|
|
|
$
|
1,788
|
|
Work-in-process
|
528
|
|
|
387
|
|
||
Finished goods
|
3,628
|
|
|
3,574
|
|
||
Total
|
$
|
5,615
|
|
|
$
|
5,749
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||
|
|
(Amounts in thousands)
|
||||||
Cumulative effect of foreign currency translation
|
|
$
|
(2,681
|
)
|
|
$
|
(2,825
|
)
|
Cumulative unrealized loss on pension liability
|
|
(5,560
|
)
|
|
(5,560
|
)
|
||
Accumulated other comprehensive loss
|
|
$
|
(8,241
|
)
|
|
$
|
(8,385
|
)
|
|
For the Three Months Ended June 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
|
Foreign
|
|
U.S.
|
|
Total
|
|
Foreign
|
|
U.S.
|
|
Total
|
||||||||||||
|
(Amounts in thousands)
|
||||||||||||||||||||||
Pension:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
13
|
|
Interest cost
|
146
|
|
|
11
|
|
|
157
|
|
|
157
|
|
|
13
|
|
|
170
|
|
||||||
Expected return on plan assets
|
(92
|
)
|
|
—
|
|
|
(92
|
)
|
|
(105
|
)
|
|
—
|
|
|
(105
|
)
|
||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Prior service gain
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of net gain
|
44
|
|
|
(1
|
)
|
|
43
|
|
|
49
|
|
|
(1
|
)
|
|
48
|
|
||||||
Net periodic benefit cost
|
$
|
107
|
|
|
$
|
10
|
|
|
$
|
117
|
|
|
$
|
114
|
|
|
$
|
12
|
|
|
$
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Post Retirement:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Service cost
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
9
|
|
Interest cost
|
—
|
|
|
11
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
11
|
|
||||||
Amortization of net gain
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
||||||
Net periodic cost (benefit)
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
For the Nine Months Ended June 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
|
Foreign
|
|
U.S.
|
|
Total
|
|
Foreign
|
|
U.S.
|
|
Total
|
||||||||||||
|
(Amounts in thousands)
|
||||||||||||||||||||||
Pension:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
42
|
|
Interest cost
|
442
|
|
|
32
|
|
|
474
|
|
|
476
|
|
|
39
|
|
|
515
|
|
||||||
Expected return on plan assets
|
(281
|
)
|
|
—
|
|
|
(281
|
)
|
|
(317
|
)
|
|
—
|
|
|
(317
|
)
|
||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Prior service gain
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of net gain
|
134
|
|
|
(3
|
)
|
|
131
|
|
|
151
|
|
|
(2
|
)
|
|
149
|
|
||||||
Net periodic benefit cost
|
$
|
322
|
|
|
$
|
29
|
|
|
$
|
351
|
|
|
$
|
352
|
|
|
$
|
37
|
|
|
$
|
389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Post Retirement:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Service cost
|
$
|
—
|
|
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
26
|
|
Interest cost
|
—
|
|
|
32
|
|
|
32
|
|
|
—
|
|
|
33
|
|
|
33
|
|
||||||
Amortization of net gain
|
—
|
|
|
(60
|
)
|
|
(60
|
)
|
|
—
|
|
|
(38
|
)
|
|
(38
|
)
|
||||||
Net periodic cost (benefit)
|
$
|
—
|
|
|
$
|
(8
|
)
|
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
21
|
|
|
Fair Values as of
|
||||||||||||||||||||||||||||||
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||||||||||||||||||||
|
Fair Value Measurements Using Inputs Considered as
|
|
Fair Value Measurements Using Inputs Considered as
|
||||||||||||||||||||||||||||
Asset Category
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
|
(Amounts in thousands)
|
||||||||||||||||||||||||||||||
Cash on deposit
|
$
|
344
|
|
|
$
|
344
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
324
|
|
|
$
|
324
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Pooled Funds
|
7,616
|
|
|
—
|
|
|
7,616
|
|
|
—
|
|
|
8,977
|
|
|
—
|
|
|
8,977
|
|
|
—
|
|
||||||||
Total Plan Assets
|
$
|
7,960
|
|
|
$
|
344
|
|
|
$
|
7,616
|
|
|
$
|
—
|
|
|
$
|
9,301
|
|
|
$
|
324
|
|
|
$
|
8,977
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Solutions Segment
|
|
|
||||||||||||||||||
For the three months ended June 30,
|
|
High Performance Products Segment
|
|
Germany
|
|
United
Kingdom
|
|
U.S.
|
|
Total
|
|
Consolidated
Total
|
||||||||||||
|
|
(Amounts in thousands)
|
||||||||||||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product
|
|
$
|
3,354
|
|
|
$
|
1,074
|
|
|
$
|
1,805
|
|
|
$
|
14,112
|
|
|
$
|
16,991
|
|
|
$
|
20,345
|
|
Service
|
|
2,248
|
|
|
2,892
|
|
|
325
|
|
|
1,102
|
|
|
4,319
|
|
|
6,567
|
|
||||||
Total sales
|
|
5,602
|
|
|
3,966
|
|
|
2,130
|
|
|
15,214
|
|
|
21,310
|
|
|
26,912
|
|
||||||
Income (loss) from operations
|
|
1,585
|
|
|
(139
|
)
|
|
(10
|
)
|
|
417
|
|
|
268
|
|
|
1,853
|
|
||||||
Assets
|
|
17,486
|
|
|
13,306
|
|
|
2,641
|
|
|
14,966
|
|
|
30,913
|
|
|
48,399
|
|
||||||
Capital expenditures
|
|
28
|
|
|
30
|
|
|
60
|
|
|
23
|
|
|
113
|
|
|
141
|
|
||||||
Depreciation and amortization
|
|
59
|
|
|
36
|
|
|
39
|
|
|
57
|
|
|
132
|
|
|
191
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product
|
|
$
|
1,844
|
|
|
$
|
1,289
|
|
|
$
|
601
|
|
|
$
|
11,962
|
|
|
$
|
13,852
|
|
|
$
|
15,696
|
|
Service
|
|
2,085
|
|
|
3,535
|
|
|
377
|
|
|
594
|
|
|
4,506
|
|
|
6,591
|
|
||||||
Total sales
|
|
3,929
|
|
|
4,824
|
|
|
978
|
|
|
12,556
|
|
|
18,358
|
|
|
22,287
|
|
||||||
Income (loss) from operations
|
|
871
|
|
|
196
|
|
|
(558
|
)
|
|
186
|
|
|
(176
|
)
|
|
695
|
|
||||||
Assets
|
|
16,034
|
|
|
12,854
|
|
|
2,955
|
|
|
14,139
|
|
|
29,948
|
|
|
45,982
|
|
||||||
Capital expenditures
|
|
4
|
|
|
30
|
|
|
—
|
|
|
142
|
|
|
172
|
|
|
176
|
|
||||||
Depreciation and amortization
|
|
56
|
|
|
39
|
|
|
10
|
|
|
46
|
|
|
95
|
|
|
151
|
|
|
|
|
|
Technology Solutions Segment
|
|
|
||||||||||||||||||
For the nine months ended June 30,
|
|
High Performance Products Segment
|
|
Germany
|
|
United
Kingdom
|
|
U.S.
|
|
Total
|
|
Consolidated
Total
|
||||||||||||
|
|
(Amounts in thousands)
|
||||||||||||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product
|
|
$
|
8,165
|
|
|
$
|
4,365
|
|
|
$
|
5,150
|
|
|
$
|
40,640
|
|
|
$
|
50,155
|
|
|
$
|
58,320
|
|
Service
|
|
3,712
|
|
|
11,691
|
|
|
777
|
|
|
3,227
|
|
|
15,695
|
|
|
19,407
|
|
||||||
Total sales
|
|
11,877
|
|
|
16,056
|
|
|
5,927
|
|
|
43,867
|
|
|
65,850
|
|
|
77,727
|
|
||||||
Income (loss) from operations
|
|
661
|
|
|
1,042
|
|
|
(58
|
)
|
|
1,429
|
|
|
2,413
|
|
|
3,074
|
|
||||||
Assets
|
|
17,486
|
|
|
13,306
|
|
|
2,641
|
|
|
14,966
|
|
|
30,913
|
|
|
48,399
|
|
||||||
Capital expenditures
|
|
193
|
|
|
149
|
|
|
93
|
|
|
51
|
|
|
293
|
|
|
486
|
|
||||||
Depreciation and amortization
|
|
176
|
|
|
118
|
|
|
77
|
|
|
171
|
|
|
366
|
|
|
542
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product
|
|
$
|
6,823
|
|
|
$
|
5,229
|
|
|
$
|
3,062
|
|
|
$
|
30,430
|
|
|
$
|
38,721
|
|
|
$
|
45,544
|
|
Service
|
|
2,445
|
|
|
10,753
|
|
|
873
|
|
|
1,979
|
|
|
13,605
|
|
|
16,050
|
|
||||||
Total sales
|
|
9,268
|
|
|
15,982
|
|
|
3,935
|
|
|
32,409
|
|
|
52,326
|
|
|
61,594
|
|
||||||
Income (loss) from operations
|
|
(633
|
)
|
|
445
|
|
|
(583
|
)
|
|
(94
|
)
|
|
(232
|
)
|
|
(865
|
)
|
||||||
Assets
|
|
16,034
|
|
|
12,854
|
|
|
2,955
|
|
|
14,139
|
|
|
29,948
|
|
|
45,982
|
|
||||||
Capital expenditures
|
|
50
|
|
|
205
|
|
|
1
|
|
|
142
|
|
|
348
|
|
|
398
|
|
||||||
Depreciation and amortization
|
|
187
|
|
|
130
|
|
|
27
|
|
|
138
|
|
|
295
|
|
|
482
|
|
|
|
For the three months ended June 30,
|
|
For the nine months ended June 30,
|
||||||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
|
|
Customer Revenues
|
|
% of Total
Revenues
|
|
Customer Revenues
|
|
% of Total
Revenues
|
|
Customer Revenues
|
|
% of Total
Revenues
|
|
Customer Revenues
|
|
% of Total
Revenues
|
||||||||||||
|
(dollars in millions)
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Customer A
|
|
$
|
3.6
|
|
|
13
|
%
|
|
$
|
4.4
|
|
|
20
|
%
|
|
$
|
12.0
|
|
|
15
|
%
|
|
$
|
9.1
|
|
|
15
|
%
|
Customer B
|
|
$
|
3.1
|
|
|
11
|
%
|
|
$
|
2.9
|
|
|
13
|
%
|
|
$
|
10.7
|
|
|
14
|
%
|
|
$
|
9.5
|
|
|
15
|
%
|
Customer C
|
|
$
|
2.8
|
|
|
10
|
%
|
|
$
|
1.9
|
|
|
9
|
%
|
|
$
|
4.5
|
|
|
6
|
%
|
|
$
|
2.2
|
|
|
4
|
%
|
|
|
June 30, 2016
|
|
%
of sales
|
|
June 30, 2015
|
|
%
of sales
|
||||||
|
|
(Dollar amounts in thousands)
|
||||||||||||
Sales
|
|
$
|
26,912
|
|
|
100
|
%
|
|
$
|
22,287
|
|
|
100
|
%
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Cost of sales
|
|
19,707
|
|
|
73
|
%
|
|
17,021
|
|
|
76
|
%
|
||
Engineering and development
|
|
779
|
|
|
3
|
%
|
|
626
|
|
|
3
|
%
|
||
Selling, general and administrative
|
|
4,573
|
|
|
17
|
%
|
|
3,945
|
|
|
18
|
%
|
||
Total costs and expenses
|
|
25,059
|
|
|
93
|
%
|
|
21,592
|
|
|
97
|
%
|
||
Operating income
|
|
1,853
|
|
|
7
|
%
|
|
695
|
|
|
3
|
%
|
||
Other expense
|
|
(76
|
)
|
|
—
|
%
|
|
(113
|
)
|
|
(1
|
)%
|
||
Income before income taxes
|
|
1,777
|
|
|
7
|
%
|
|
582
|
|
|
2
|
%
|
||
Income tax expense
|
|
520
|
|
|
2
|
%
|
|
333
|
|
|
2
|
%
|
||
Net income
|
|
$
|
1,257
|
|
|
5
|
%
|
|
$
|
249
|
|
|
—
|
%
|
|
|
|
|
|
|
Increase
|
|||||||||
|
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
|
(Dollar amounts in thousands)
|
|
|
|||||||||||
Products
|
|
$
|
3,354
|
|
|
$
|
1,844
|
|
|
$
|
1,510
|
|
|
82
|
%
|
Services
|
|
2,248
|
|
|
2,085
|
|
|
163
|
|
|
8
|
%
|
|||
Total
|
|
$
|
5,602
|
|
|
$
|
3,929
|
|
|
$
|
1,673
|
|
|
43
|
%
|
|
|
|
|
|
|
Increase (decrease)
|
|||||||||
|
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
|
(Dollar amounts in thousands)
|
|
|
|||||||||||
Products
|
|
$
|
16,991
|
|
|
$
|
13,852
|
|
|
$
|
3,139
|
|
|
23
|
%
|
Services
|
|
4,319
|
|
|
4,506
|
|
|
(187
|
)
|
|
(4
|
)%
|
|||
Total
|
|
$
|
21,310
|
|
|
$
|
18,358
|
|
|
$
|
2,952
|
|
|
16
|
%
|
|
|
|
|
Increase
|
|||||||||||||||||
|
|
2016
|
|
%
|
|
2015
|
|
%
|
|
$
|
|
%
|
|||||||||
|
|
(Dollar amounts in thousands)
|
|||||||||||||||||||
Americas
|
|
$
|
19,689
|
|
|
73
|
%
|
|
$
|
16,129
|
|
|
72
|
%
|
|
$
|
3,560
|
|
|
22
|
%
|
Europe
|
|
6,464
|
|
|
24
|
%
|
|
6,032
|
|
|
27
|
%
|
|
432
|
|
|
7
|
%
|
|||
Asia
|
|
759
|
|
|
3
|
%
|
|
126
|
|
|
1
|
%
|
|
633
|
|
|
502
|
%
|
|||
Totals
|
|
$
|
26,912
|
|
|
100
|
%
|
|
$
|
22,287
|
|
|
100
|
%
|
|
$
|
4,625
|
|
|
21
|
%
|
|
|
2016
|
|
2015
|
|
Increase
|
|||||||||||||
|
|
GM$
|
GM%
|
|
GM$
|
GM%
|
|
GM$
|
|
GM%
|
|||||||||
|
|
(Dollar amounts in thousands)
|
|||||||||||||||||
HPP
|
|
$
|
3,885
|
|
69
|
%
|
|
$
|
2,640
|
|
67
|
%
|
|
$
|
1,245
|
|
|
2
|
%
|
TS
|
|
3,320
|
|
16
|
%
|
|
2,626
|
|
14
|
%
|
|
694
|
|
|
2
|
%
|
|||
Total
|
|
$
|
7,205
|
|
27
|
%
|
|
$
|
5,266
|
|
24
|
%
|
|
$
|
1,939
|
|
|
3
|
%
|
|
|
2016
|
|
2015
|
|
Increase
|
|||||||||||||
|
|
GM$
|
GM%
|
|
GM$
|
GM%
|
|
GM$
|
|
GM%
|
|||||||||
|
|
(Dollar amounts in thousands)
|
|||||||||||||||||
Products
|
|
$
|
1,650
|
|
49
|
%
|
|
$
|
571
|
|
31
|
%
|
|
$
|
1,079
|
|
|
18
|
%
|
Services
|
|
2,235
|
|
99
|
%
|
|
2,069
|
|
99
|
%
|
|
166
|
|
|
—
|
%
|
|||
Total
|
|
$
|
3,885
|
|
69
|
%
|
|
$
|
2,640
|
|
67
|
%
|
|
$
|
1,245
|
|
|
2
|
%
|
|
|
2016
|
|
2015
|
|
Increase
|
|||||||||||||
|
|
GM$
|
GM%
|
|
GM$
|
GM%
|
|
GM$
|
|
GM%
|
|||||||||
|
|
(Dollar amounts in thousands)
|
|||||||||||||||||
Products
|
|
$
|
2,235
|
|
13
|
%
|
|
$
|
1,664
|
|
12
|
%
|
|
$
|
571
|
|
|
1
|
%
|
Services
|
|
1,085
|
|
25
|
%
|
|
962
|
|
21
|
%
|
|
123
|
|
|
4
|
%
|
|||
Total
|
|
$
|
3,320
|
|
16
|
%
|
|
$
|
2,626
|
|
14
|
%
|
|
$
|
694
|
|
|
2
|
%
|
|
For the three months ended June 30,
|
|
|
|
|
|||||||||||||||
|
2016
|
|
% of
Total |
|
2015
|
|
% of
Total |
|
$ Increase
|
|
% Increase
|
|||||||||
|
(Dollar amounts in thousands)
|
|||||||||||||||||||
By Operating Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
HPP segment
|
$
|
1,521
|
|
|
33
|
%
|
|
$
|
1,197
|
|
|
30
|
%
|
|
$
|
324
|
|
|
27
|
%
|
TS segment
|
3,052
|
|
|
67
|
%
|
|
2,748
|
|
|
70
|
%
|
|
304
|
|
|
11
|
%
|
|||
Total
|
$
|
4,573
|
|
|
100
|
%
|
|
$
|
3,945
|
|
|
100
|
%
|
|
$
|
628
|
|
|
16
|
%
|
|
For the three months ended,
|
|
|
||||||||
|
June 30, 2016
|
|
June 30, 2015
|
|
Increase
|
||||||
|
(Amounts in thousands)
|
||||||||||
Interest expense
|
$
|
(22
|
)
|
|
$
|
(26
|
)
|
|
$
|
4
|
|
Interest income
|
1
|
|
|
1
|
|
|
—
|
|
|||
Foreign exchange gain (loss)
|
(55
|
)
|
|
(87
|
)
|
|
32
|
|
|||
Other expense, net
|
—
|
|
|
(1
|
)
|
|
1
|
|
|||
Total other income (expense), net
|
$
|
(76
|
)
|
|
$
|
(113
|
)
|
|
$
|
37
|
|
|
|
June 30, 2016
|
|
%
of sales
|
|
June 30, 2015
|
|
%
of sales
|
||||||
|
|
(Dollar amounts in thousands)
|
||||||||||||
Sales
|
|
$
|
77,727
|
|
|
100
|
%
|
|
$
|
61,594
|
|
|
100
|
%
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Cost of sales
|
|
58,999
|
|
|
76
|
%
|
|
48,330
|
|
|
78
|
%
|
||
Engineering and development
|
|
2,368
|
|
|
3
|
%
|
|
2,305
|
|
|
4
|
%
|
||
Selling, general and administrative
|
|
13,286
|
|
|
17
|
%
|
|
11,824
|
|
|
19
|
%
|
||
Total costs and expenses
|
|
74,653
|
|
|
96
|
%
|
|
62,459
|
|
|
101
|
%
|
||
Operating income (loss)
|
|
3,074
|
|
|
4
|
%
|
|
(865
|
)
|
|
(1
|
)%
|
||
Other expense
|
|
(165
|
)
|
|
—
|
%
|
|
(275
|
)
|
|
—
|
%
|
||
Income (loss) before income taxes
|
|
2,909
|
|
|
4
|
%
|
|
(1,140
|
)
|
|
(1
|
)%
|
||
Income tax (benefit) expense
|
|
866
|
|
|
1
|
%
|
|
(277
|
)
|
|
—
|
%
|
||
Net income (loss)
|
|
$
|
2,043
|
|
|
3
|
%
|
|
$
|
(863
|
)
|
|
(1
|
)%
|
|
|
Increase
|
|||||||||||||
|
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
|
(Dollar amounts in thousands)
|
|
|
|||||||||||
Products
|
|
$
|
8,165
|
|
|
$
|
6,823
|
|
|
$
|
1,342
|
|
|
20
|
%
|
Services
|
|
3,712
|
|
|
2,445
|
|
|
1,267
|
|
|
52
|
%
|
|||
Total
|
|
$
|
11,877
|
|
|
$
|
9,268
|
|
|
$
|
2,609
|
|
|
28
|
%
|
|
|
Increase
|
|||||||||||||
|
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
|
(Dollar amounts in thousands)
|
|
|
|||||||||||
Products
|
|
$
|
50,155
|
|
|
$
|
38,721
|
|
|
$
|
11,434
|
|
|
30
|
%
|
Services
|
|
15,695
|
|
|
13,605
|
|
|
2,090
|
|
|
15
|
%
|
|||
Total
|
|
$
|
65,850
|
|
|
$
|
52,326
|
|
|
$
|
13,524
|
|
|
26
|
%
|
|
|
For the nine Months Ended June 30,
|
|
Increase
|
|||||||||||||||||
|
|
2016
|
|
%
|
|
2015
|
|
%
|
|
$
|
|
%
|
|||||||||
|
|
(Dollars in thousands)
|
|||||||||||||||||||
Americas
|
|
$
|
52,869
|
|
|
68
|
%
|
|
$
|
40,294
|
|
|
65
|
%
|
|
$
|
12,575
|
|
|
31
|
%
|
Europe
|
|
21,969
|
|
|
28
|
%
|
|
20,137
|
|
|
33
|
%
|
|
1,832
|
|
|
9
|
%
|
|||
Asia
|
|
2,889
|
|
|
4
|
%
|
|
1,163
|
|
|
2
|
%
|
|
1,726
|
|
|
148
|
%
|
|||
Totals
|
|
$
|
77,727
|
|
|
100
|
%
|
|
$
|
61,594
|
|
|
100
|
%
|
|
$
|
16,133
|
|
|
26
|
%
|
|
|
2016
|
|
2015
|
|
Increase
|
|||||||||||||
|
|
(Dollars in thousands)
|
|||||||||||||||||
|
|
GM$
|
GM%
|
|
GM$
|
GM%
|
|
GM$
|
|
GM%
|
|||||||||
HPP
|
|
$
|
7,376
|
|
62
|
%
|
|
$
|
5,138
|
|
55
|
%
|
|
$
|
2,238
|
|
|
7
|
%
|
TS
|
|
11,352
|
|
17
|
%
|
|
8,126
|
|
16
|
%
|
|
3,226
|
|
|
1
|
%
|
|||
Total
|
|
$
|
18,728
|
|
24
|
%
|
|
$
|
13,264
|
|
22
|
%
|
|
$
|
5,464
|
|
|
2
|
%
|
|
|
2016
|
|
2015
|
|
Increase
|
|||||||||||||
|
|
(Dollars in thousands)
|
|||||||||||||||||
|
|
GM$
|
GM%
|
|
GM$
|
GM%
|
|
GM$
|
|
GM%
|
|||||||||
Products
|
|
$
|
3,753
|
|
46
|
%
|
|
$
|
2,751
|
|
40
|
%
|
|
$
|
1,002
|
|
|
6
|
%
|
Services
|
|
3,623
|
|
98
|
%
|
|
2,387
|
|
98
|
%
|
|
1,236
|
|
|
—
|
%
|
|||
Total
|
|
$
|
7,376
|
|
62
|
%
|
|
$
|
5,138
|
|
55
|
%
|
|
$
|
2,238
|
|
|
7
|
%
|
|
|
2016
|
|
2015
|
|
Increase
|
|||||||||||||
|
|
GM$
|
GM%
|
|
GM$
|
GM%
|
|
GM$
|
|
GM%
|
|||||||||
|
|
(Dollar amounts in thousands)
|
|||||||||||||||||
Products
|
|
$
|
6,817
|
|
14
|
%
|
|
$
|
4,819
|
|
12
|
%
|
|
$
|
1,998
|
|
|
2
|
%
|
Services
|
|
4,535
|
|
29
|
%
|
|
3,307
|
|
24
|
%
|
|
1,228
|
|
|
5
|
%
|
|||
Total
|
|
$
|
11,352
|
|
17
|
%
|
|
$
|
8,126
|
|
16
|
%
|
|
$
|
3,226
|
|
|
1
|
%
|
|
For the nine Months Ended June 30,
|
|
|
|
|
|||||||||||||||
|
2016
|
|
% of
Total |
|
2015
|
|
% of
Total |
|
$ Increase
|
|
% Increase
|
|||||||||
|
(Dollar amounts in thousands)
|
|||||||||||||||||||
By Operating Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
HPP segment
|
$
|
4,347
|
|
|
33
|
%
|
|
$
|
3,520
|
|
|
30
|
%
|
|
$
|
827
|
|
|
23
|
%
|
TS segment
|
8,939
|
|
|
67
|
%
|
|
8,304
|
|
|
70
|
%
|
|
635
|
|
|
8
|
%
|
|||
Total
|
$
|
13,286
|
|
|
100
|
%
|
|
$
|
11,824
|
|
|
100
|
%
|
|
$
|
1,462
|
|
|
12
|
%
|
|
For the nine months ended,
|
|
|
||||||||
|
June 30, 2016
|
|
June 30, 2015
|
|
Increase (decrease)
|
||||||
|
(Amounts in thousands)
|
||||||||||
Interest expense
|
$
|
(65
|
)
|
|
$
|
(63
|
)
|
|
$
|
(2
|
)
|
Interest income
|
4
|
|
|
5
|
|
|
(1
|
)
|
|||
Foreign exchange loss
|
(118
|
)
|
|
(216
|
)
|
|
98
|
|
|||
Other income, net
|
14
|
|
|
(1
|
)
|
|
15
|
|
|||
Total other expense, net
|
$
|
(165
|
)
|
|
$
|
(275
|
)
|
|
$
|
110
|
|
Number
|
|
Description
|
31.1*
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2*
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32.1*
|
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101*
|
|
Interactive Data Files regarding (a) our Consolidated Balance Sheets as of June 30, 2016 and September 30, 2015, (b) our Consolidated Statements of Operations for the three and nine months ended June 30, 2016 and 2015, (c) our Consolidated Statements of Comprehensive Income for the three and nine months ended June 30, 2016 and 2015, (d) our Consolidated Statement of Shareholders’ Equity for the nine months ended June 30, 2016, (e) our Consolidated Statements of Cash Flows for the nine months ended June 30, 2016 and 2015 and (f) the Notes to such Consolidated Financial Statements.
|
|
|
CSP INC.
|
|
|
|
|
Date: August 19, 2016
|
By:
|
/s/ Victor Dellovo
|
|
|
Victor Dellovo
|
|
|
Chief Executive Officer,
|
|
|
President and Director
|
|
|
|
Date: August 19, 2016
|
By:
|
/s/ Gary W. Levine
|
|
|
Gary W. Levine
|
|
|
Chief Financial Officer
|
Number
|
|
Description
|
31.1*
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2*
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32.1*
|
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101*
|
|
Interactive Data Files regarding (a) our Consolidated Balance Sheets as of June 30, 2016 and September 30, 2015, (b) our Consolidated Statements of Operations for the three and nine months ended June 30, 2016 and 2015, (c) our Consolidated Statements of Comprehensive Income for the three and nine months ended June 30, 2016 and 2015, (d) our Consolidated Statement of Shareholders’ Equity for the nine months ended June 30, 2016 (e) our Consolidated Statements of Cash Flows for the nine months ended June 30, 2016 and 2015 and (f) the Notes to such Consolidated Financial Statements.
|
|
1 Year CSP Chart |
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