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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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December 31, 2017
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or
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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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For the transition period from to .
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Massachusetts
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04-2441294
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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175 Cabot Street - Suite 210, Lowell, Ma
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01854
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(Address of principle executive offices)
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(Zip Code)
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(978)-954-5038
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(Registrant's telephone number, including area code)
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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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Emerging growth company
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o
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Page
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December 31,
2017 |
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September 30,
2017 |
||||
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(Unaudited)
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ASSETS
|
|
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|
||||
Current assets:
|
|
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|
||||
Cash and cash equivalents
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$
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18,190
|
|
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$
|
13,885
|
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Accounts receivable, net of allowances of $240 and $261
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19,935
|
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27,630
|
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Unbilled accounts receivable
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1,169
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|
|
772
|
|
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Inventories
|
7,158
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5,971
|
|
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Deferred costs
|
2,156
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|
929
|
|
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Other current assets
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3,105
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1,139
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Total current assets
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51,713
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50,326
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|
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Property, equipment and improvements, net
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1,482
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1,508
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||||
Other assets:
|
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Intangibles, net
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137
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|
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167
|
|
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Deferred costs
|
647
|
|
|
609
|
|
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Deferred income taxes
|
2,350
|
|
|
2,827
|
|
||
Cash surrender value of life insurance
|
3,395
|
|
|
3,300
|
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Other assets
|
193
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|
|
191
|
|
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Total other assets
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6,722
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|
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7,094
|
|
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Total assets
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$
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59,917
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$
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58,928
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|
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|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
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|
||||
Current liabilities:
|
|
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|
||||
Accounts payable and accrued expenses
|
$
|
21,313
|
|
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$
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18,845
|
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Deferred revenue
|
5,624
|
|
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6,202
|
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||
Pension and retirement plans
|
539
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|
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534
|
|
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Income taxes payable
|
316
|
|
|
442
|
|
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Total current liabilities
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27,792
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|
|
26,023
|
|
||
Pension and retirement plans
|
11,914
|
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11,818
|
|
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Income taxes payable
|
561
|
|
|
—
|
|
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Other long term liabilities
|
160
|
|
|
86
|
|
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Total liabilities
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40,427
|
|
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37,927
|
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||||
Commitments and contingencies
|
|
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Shareholders’ equity:
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||||
Common stock, $.01 par value per share; authorized, 7,500 shares; issued and outstanding 3,974 and 3,935 shares, respectively
|
40
|
|
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40
|
|
||
Additional paid-in capital
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13,847
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13,717
|
|
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Retained earnings
|
15,770
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|
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17,407
|
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Accumulated other comprehensive loss
|
(10,167
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)
|
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(10,163
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)
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Total shareholders’ equity
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19,490
|
|
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21,001
|
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Total liabilities and shareholders’ equity
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$
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59,917
|
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$
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58,928
|
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For the three months ended
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||||||
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December 31,
2017 |
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December 31,
2016 |
||||
Sales:
|
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|
||||
Product
|
$
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15,643
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|
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$
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14,638
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Services
|
6,356
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5,278
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|
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Total sales
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21,999
|
|
|
19,916
|
|
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|
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|
||||
Cost of sales:
|
|
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|
||||
Product
|
13,030
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|
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12,225
|
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Services
|
3,836
|
|
|
3,239
|
|
||
Total cost of sales
|
16,866
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|
15,464
|
|
||
|
|
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|
||||
Gross profit
|
5,133
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|
|
4,452
|
|
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|
||||
Operating expenses:
|
|
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|
||||
Engineering and development
|
698
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|
596
|
|
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Selling, general and administrative
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4,428
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3,958
|
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Total operating expenses
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5,126
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4,554
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|
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|
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|
||||
Operating income (loss)
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7
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(102
|
)
|
||
|
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|
||||
Other income (expense):
|
|
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|
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Foreign exchange gain (loss)
|
(93
|
)
|
|
54
|
|
||
Other expense, net
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(12
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)
|
|
(10
|
)
|
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Total other income (expense)
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(105
|
)
|
|
44
|
|
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Loss before income taxes
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(98
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)
|
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(58
|
)
|
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Income tax expense (benefit)
|
1,102
|
|
|
(15
|
)
|
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Net loss
|
$
|
(1,200
|
)
|
|
$
|
(43
|
)
|
Net loss attributable to common stockholders
|
$
|
(1,200
|
)
|
|
$
|
(43
|
)
|
Net loss per share – basic
|
$
|
(0.32
|
)
|
|
$
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(0.01
|
)
|
Weighted average shares outstanding – basic
|
3,768
|
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|
3,671
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|
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Net loss per share – diluted
|
$
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(0.32
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)
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$
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(0.01
|
)
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Weighted average shares outstanding – diluted
|
3,768
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3,671
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For the three months ended
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||||||
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December 31,
2017 |
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December 31,
2016 |
||||
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Net loss
|
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$
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(1,200
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)
|
|
$
|
(43
|
)
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Other comprehensive income (loss):
|
|
|
|
|
||||
Foreign currency translation gain (loss) adjustments
|
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(4
|
)
|
|
138
|
|
||
Other comprehensive income (loss)
|
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(4
|
)
|
|
138
|
|
||
Total comprehensive income (loss)
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$
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(1,204
|
)
|
|
$
|
95
|
|
|
Shares
|
|
Amount
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
other
comprehensive
loss
|
|
Total
Shareholders’
Equity
|
|||||||||||
Balance as of September 30, 2017
|
3,935
|
|
|
$
|
40
|
|
|
$
|
13,717
|
|
|
$
|
17,407
|
|
|
$
|
(10,163
|
)
|
|
$
|
21,001
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,200
|
)
|
|
—
|
|
|
(1,200
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|||||
Exercise of stock options
|
1
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|||||
Restricted stock cancellation
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Restricted stock issuance
|
51
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Cash dividends declared on common stock ($0.11 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(437
|
)
|
|
—
|
|
|
(437
|
)
|
|||||
Balance as of December 31, 2017
|
3,974
|
|
|
$
|
40
|
|
|
$
|
13,847
|
|
|
$
|
15,770
|
|
|
$
|
(10,167
|
)
|
|
$
|
19,490
|
|
|
For the three months ended
|
||||||
|
December 31,
2017 |
|
December 31,
2016 |
||||
Cash flows provided by operating activities:
|
|
|
|
||||
Net loss
|
$
|
(1,200
|
)
|
|
$
|
(43
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
141
|
|
|
126
|
|
||
Amortization of intangibles
|
30
|
|
|
31
|
|
||
Loss on sale of fixed assets, net
|
5
|
|
|
—
|
|
||
Foreign exchange gain (loss)
|
93
|
|
|
(54
|
)
|
||
Non-cash changes in accounts receivable
|
(8
|
)
|
|
41
|
|
||
Non-cash changes in inventories
|
127
|
|
|
62
|
|
||
Stock-based compensation expense on stock options and restricted stock awards
|
121
|
|
|
108
|
|
||
Deferred income taxes
|
490
|
|
|
(4
|
)
|
||
Increase in cash surrender value of life insurance
|
(29
|
)
|
|
(46
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Decrease in accounts receivable
|
7,423
|
|
|
2,039
|
|
||
Decrease in life insurance receivable
|
—
|
|
|
413
|
|
||
Increase in inventories
|
(1,299
|
)
|
|
(1,079
|
)
|
||
Increase in deferred costs
|
(1,219
|
)
|
|
(1,938
|
)
|
||
(Increase) decrease in refundable income taxes
|
1
|
|
|
(148
|
)
|
||
Increase in other current assets
|
(1,939
|
)
|
|
(190
|
)
|
||
Increase in accounts payable and accrued expenses
|
1,990
|
|
|
3,244
|
|
||
Decrease in deferred revenue
|
(652
|
)
|
|
(86
|
)
|
||
Decrease in pension and retirement plans liabilities
|
(27
|
)
|
|
(27
|
)
|
||
Increase (decrease) in income taxes payable
|
435
|
|
|
(159
|
)
|
||
Increase in other long term liabilities
|
71
|
|
|
2
|
|
||
Net cash provided by operating activities
|
4,554
|
|
|
2,292
|
|
||
Cash flows used in investing activities:
|
|
|
|
|
|
||
Life insurance premiums paid
|
(66
|
)
|
|
—
|
|
||
Purchases of property, equipment and improvements
|
(109
|
)
|
|
(72
|
)
|
||
Net cash used in investing activities
|
(175
|
)
|
|
(72
|
)
|
||
Cash flows provided by financing activities:
|
|
|
|
|
|
||
Proceeds from issuance of shares under equity compensation plans
|
9
|
|
|
—
|
|
||
Net cash provided by financing activities
|
9
|
|
|
—
|
|
||
Effects of exchange rate on cash
|
(83
|
)
|
|
(284
|
)
|
||
Net increase in cash and cash equivalents
|
4,305
|
|
|
1,936
|
|
||
Cash and cash equivalents, beginning of period
|
13,885
|
|
|
13,103
|
|
||
Cash and cash equivalents, end of period
|
$
|
18,190
|
|
|
$
|
15,039
|
|
Supplementary cash flow information:
|
|
|
|
|
|
||
Cash paid for income taxes
|
$
|
95
|
|
|
$
|
165
|
|
Cash paid for interest
|
$
|
72
|
|
|
$
|
75
|
|
Non-cash accrual of dividend payable
|
$
|
437
|
|
|
$
|
—
|
|
|
|||||||
|
For the three months ended
|
||||||
|
December 31, 2017
|
|
December 31, 2016
|
||||
|
(Amounts in thousands except per share data)
|
||||||
Net loss
|
$
|
(1,200
|
)
|
|
$
|
(43
|
)
|
Less: net income attributable to nonvested common stock
|
—
|
|
|
—
|
|
||
Net loss attributable to common stockholders
|
$
|
(1,200
|
)
|
|
$
|
(43
|
)
|
|
|
|
|
||||
Weighted average total shares outstanding – basic
|
3,768
|
|
|
3,671
|
|
||
Less: weighted average non-vested shares outstanding
|
—
|
|
|
—
|
|
||
Weighted average number of common shares outstanding – basic
|
3,768
|
|
|
3,671
|
|
||
Potential common shares from non-vested stock awards and the assumed exercise of stock options
|
—
|
|
|
—
|
|
||
Weighted average common shares outstanding – diluted
|
3,768
|
|
|
3,671
|
|
||
|
|
|
|
||||
Net loss per share – basic
|
$
|
(0.32
|
)
|
|
$
|
(0.01
|
)
|
Net loss per share – diluted
|
$
|
(0.32
|
)
|
|
$
|
(0.01
|
)
|
|
December 31, 2017
|
|
September 30, 2017
|
||||
|
(Amounts in thousands)
|
||||||
Raw materials
|
$
|
1,395
|
|
|
$
|
1,334
|
|
Work-in-process
|
206
|
|
|
260
|
|
||
Finished goods
|
5,557
|
|
|
4,377
|
|
||
Total
|
$
|
7,158
|
|
|
$
|
5,971
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||
|
|
(Amounts in thousands)
|
||||||
Cumulative effect of foreign currency translation
|
|
$
|
(3,218
|
)
|
|
$
|
(3,214
|
)
|
Cumulative unrealized loss on pension liability
|
|
(6,949
|
)
|
|
(6,949
|
)
|
||
Accumulated other comprehensive loss
|
|
$
|
(10,167
|
)
|
|
$
|
(10,163
|
)
|
|
For the Three Months Ended December 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||
|
Foreign
|
|
U.S.
|
|
Total
|
|
Foreign
|
|
U.S.
|
|
Total
|
||||||||||||
|
(Amounts in thousands)
|
||||||||||||||||||||||
Pension:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Interest cost
|
116
|
|
|
7
|
|
|
123
|
|
|
93
|
|
|
11
|
|
|
104
|
|
||||||
Expected return on plan assets
|
(75
|
)
|
|
—
|
|
|
(75
|
)
|
|
(65
|
)
|
|
—
|
|
|
(65
|
)
|
||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortization of net gain (loss)
|
60
|
|
|
(1
|
)
|
|
59
|
|
|
91
|
|
|
(1
|
)
|
|
90
|
|
||||||
Net periodic benefit cost
|
$
|
111
|
|
|
$
|
6
|
|
|
$
|
117
|
|
|
$
|
129
|
|
|
$
|
10
|
|
|
$
|
139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Post Retirement:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Service cost
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
10
|
|
Interest cost
|
—
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||||
Amortization of net gain (loss)
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
—
|
|
|
4
|
|
|
4
|
|
||||||
Net periodic cost (benefit)
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
24
|
|
|
$
|
24
|
|
|
Fair Values as of
|
||||||||||||||||||||||||||||||
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||||||||||||||||||||
|
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
|
$
|
51
|
|
|
$
|
51
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Pooled funds
|
8,428
|
|
|
8,428
|
|
|
—
|
|
|
—
|
|
|
8,177
|
|
|
8,177
|
|
|
—
|
|
|
—
|
|
||||||||
Total plan assets
|
$
|
8,479
|
|
|
$
|
8,479
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,239
|
|
|
$
|
8,239
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology Solutions Segment
|
|
|
||||||||||||||||||
For the three months ended December 31,
|
|
High Performance Products Segment
|
|
Germany
|
|
United
Kingdom
|
|
U.S.
|
|
Total
|
|
Consolidated
Total
|
||||||||||||
|
|
(Amounts in thousands)
|
||||||||||||||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product
|
|
$
|
1,607
|
|
|
$
|
1,974
|
|
|
$
|
2,542
|
|
|
$
|
9,520
|
|
|
$
|
14,036
|
|
|
$
|
15,643
|
|
Service
|
|
863
|
|
|
3,395
|
|
|
165
|
|
|
1,933
|
|
|
5,493
|
|
|
6,356
|
|
||||||
Total sales
|
|
2,470
|
|
|
5,369
|
|
|
2,707
|
|
|
11,453
|
|
|
19,529
|
|
|
21,999
|
|
||||||
Income (loss) from operations
|
|
(382
|
)
|
|
(158
|
)
|
|
142
|
|
|
405
|
|
|
389
|
|
|
7
|
|
||||||
Assets
|
|
16,664
|
|
|
20,949
|
|
|
2,520
|
|
|
19,784
|
|
|
43,253
|
|
|
59,917
|
|
||||||
Capital expenditures
|
|
10
|
|
|
65
|
|
|
—
|
|
|
34
|
|
|
99
|
|
|
109
|
|
||||||
Depreciation and amortization
|
|
56
|
|
|
47
|
|
|
1
|
|
|
67
|
|
|
115
|
|
|
171
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product
|
|
$
|
1,527
|
|
|
$
|
2,080
|
|
|
$
|
701
|
|
|
$
|
10,330
|
|
|
$
|
13,111
|
|
|
$
|
14,638
|
|
Service
|
|
1,224
|
|
|
3,059
|
|
|
104
|
|
|
891
|
|
|
4,054
|
|
|
5,278
|
|
||||||
Total sales
|
|
2,751
|
|
|
5,139
|
|
|
805
|
|
|
11,221
|
|
|
17,165
|
|
|
19,916
|
|
||||||
Income (loss) from operations
|
|
46
|
|
|
(102
|
)
|
|
(206
|
)
|
|
160
|
|
|
(148
|
)
|
|
(102
|
)
|
||||||
Assets
|
|
17,766
|
|
|
15,532
|
|
|
2,873
|
|
|
14,531
|
|
|
32,936
|
|
|
50,702
|
|
||||||
Capital expenditures
|
|
17
|
|
|
44
|
|
|
—
|
|
|
11
|
|
|
55
|
|
|
72
|
|
||||||
Depreciation and amortization
|
|
55
|
|
|
38
|
|
|
3
|
|
|
61
|
|
|
102
|
|
|
157
|
|
|
|
For the three months ended December 31,
|
|
||||||||||||
|
|
2017
|
|
2016
|
|
||||||||||
|
|
Customer Revenues
|
|
% of Total
Revenues
|
|
Customer Revenues
|
|
% of Total
Revenues
|
|
||||||
|
|
|
|||||||||||||
Customer A
|
|
$
|
1.2
|
|
|
6
|
%
|
|
$
|
2.9
|
|
|
14
|
%
|
|
Customer B
|
|
$
|
2.5
|
|
|
11
|
%
|
|
$
|
2.1
|
|
|
11
|
%
|
|
|
|
|
|
|
|
Increase (decrease)
|
|||||||||
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
|
(Dollar amounts in thousands)
|
|
|
|||||||||||
Products
|
|
$
|
1,607
|
|
|
$
|
1,527
|
|
|
$
|
80
|
|
|
5
|
%
|
Services
|
|
863
|
|
|
1,224
|
|
|
(361
|
)
|
|
(29
|
)%
|
|||
Total
|
|
$
|
2,470
|
|
|
$
|
2,751
|
|
|
$
|
(281
|
)
|
|
(10
|
)%
|
|
|
|
|
|
|
Increase
|
|||||||||
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
|
|
(Dollar amounts in thousands)
|
|
|
|||||||||||
Products
|
|
$
|
14,036
|
|
|
$
|
13,111
|
|
|
$
|
925
|
|
|
7
|
%
|
Services
|
|
5,493
|
|
|
4,054
|
|
|
1,439
|
|
|
35
|
%
|
|||
Total
|
|
$
|
19,529
|
|
|
$
|
17,165
|
|
|
$
|
2,364
|
|
|
14
|
%
|
|
|
|
|
Increase
|
|||||||||||||||||
|
|
2017
|
|
%
|
|
2016
|
|
%
|
|
$
|
|
%
|
|||||||||
|
|
(Dollar amounts in thousands)
|
|||||||||||||||||||
Americas
|
|
$
|
13,233
|
|
|
60
|
%
|
|
$
|
13,123
|
|
|
66
|
%
|
|
$
|
110
|
|
|
1
|
%
|
Europe
|
|
8,318
|
|
|
38
|
%
|
|
6,497
|
|
|
33
|
%
|
|
1,821
|
|
|
28
|
%
|
|||
Asia
|
|
448
|
|
|
2
|
%
|
|
296
|
|
|
1
|
%
|
|
152
|
|
|
51
|
%
|
|||
Totals
|
|
$
|
21,999
|
|
|
100
|
%
|
|
$
|
19,916
|
|
|
100
|
%
|
|
$
|
2,083
|
|
|
10
|
%
|
|
|
2017
|
|
2016
|
|
Increase (decrease)
|
|||||||||||||
|
|
GM$
|
GM%
|
|
GM$
|
GM%
|
|
GM$
|
|
GM%
|
|||||||||
|
|
(Dollar amounts in thousands)
|
|||||||||||||||||
HPP
|
|
$
|
1,462
|
|
59
|
%
|
|
$
|
1,760
|
|
64
|
%
|
|
$
|
(298
|
)
|
|
(5
|
)%
|
TS
|
|
3,671
|
|
19
|
%
|
|
2,692
|
|
16
|
%
|
|
979
|
|
|
3
|
%
|
|||
Total
|
|
$
|
5,133
|
|
23
|
%
|
|
$
|
4,452
|
|
22
|
%
|
|
$
|
681
|
|
|
1
|
%
|
|
|
2017
|
|
2016
|
|
Increase (decrease)
|
|||||||||||||
|
|
GM$
|
GM%
|
|
GM$
|
GM%
|
|
GM$
|
|
GM%
|
|||||||||
|
|
(Dollar amounts in thousands)
|
|||||||||||||||||
Products
|
|
$
|
616
|
|
38
|
%
|
|
$
|
612
|
|
40
|
%
|
|
$
|
4
|
|
|
(2
|
)%
|
Services
|
|
846
|
|
98
|
%
|
|
1,148
|
|
94
|
%
|
|
(302
|
)
|
|
4
|
%
|
|||
Total
|
|
$
|
1,462
|
|
59
|
%
|
|
$
|
1,760
|
|
64
|
%
|
|
$
|
(298
|
)
|
|
(5
|
)%
|
|
|
2017
|
|
2016
|
|
Increase
|
|||||||||||||
|
|
GM$
|
GM%
|
|
GM$
|
GM%
|
|
GM$
|
|
GM%
|
|||||||||
|
|
(Dollar amounts in thousands)
|
|||||||||||||||||
Products
|
|
$
|
1,997
|
|
14
|
%
|
|
$
|
1,801
|
|
14
|
%
|
|
$
|
196
|
|
|
—
|
%
|
Services
|
|
1,674
|
|
30
|
%
|
|
891
|
|
22
|
%
|
|
783
|
|
|
8
|
%
|
|||
Total
|
|
$
|
3,671
|
|
19
|
%
|
|
$
|
2,692
|
|
16
|
%
|
|
$
|
979
|
|
|
3
|
%
|
|
For the three months ended December 31,
|
|
|
|
|
|||||||||||||||
|
2017
|
|
% of
Total |
|
2016
|
|
% of
Total |
|
$ Increase
|
|
% Increase
|
|||||||||
|
(Dollar amounts in thousands)
|
|||||||||||||||||||
By Operating Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
HPP segment
|
$
|
1,146
|
|
|
26
|
%
|
|
$
|
1,118
|
|
|
28
|
%
|
|
$
|
28
|
|
|
3
|
%
|
TS segment
|
3,282
|
|
|
74
|
%
|
|
2,840
|
|
|
72
|
%
|
|
442
|
|
|
16
|
%
|
|||
Total
|
$
|
4,428
|
|
|
100
|
%
|
|
$
|
3,958
|
|
|
100
|
%
|
|
$
|
470
|
|
|
12
|
%
|
|
For the three months ended,
|
|
|
||||||||
|
December 31, 2017
|
|
December 31, 2016
|
|
Increase (decrease)
|
||||||
|
(Amounts in thousands)
|
||||||||||
Interest expense
|
$
|
(18
|
)
|
|
$
|
(19
|
)
|
|
$
|
1
|
|
Interest income
|
5
|
|
|
4
|
|
|
1
|
|
|||
Foreign exchange gain (loss)
|
(93
|
)
|
|
54
|
|
|
(147
|
)
|
|||
Other income, net
|
1
|
|
|
5
|
|
|
(4
|
)
|
|||
Total other income (expense), net
|
$
|
(105
|
)
|
|
$
|
44
|
|
|
$
|
(149
|
)
|
Number
|
|
Description
|
10.1
*
|
|
Executive Retention and Service Agreement with Victor Dellovo, dated September 4, 2012
|
|
|
|
10.2
*
|
|
Forms of Employee Restricted Stock Award Agreement
|
|
|
|
31.1
*
|
|
Rule 13(a)-14(a) / 15d-14(a) Certification of Chief Executive Officer
|
|
|
|
31.2
*
|
|
Rule 13(a)-14(a) / 15d-14(a) Certification of Chief Financial Officer
|
|
|
|
32.1
*
|
|
Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer
|
101*
|
|
Interactive Data Files regarding (a) our Consolidated Balance Sheets as of December 31, 2017 and September 30, 2017, (b) our Consolidated Statements of Income for the three months ended December 31, 2017 and 2016, (c) our Consolidated Statements of Comprehensive Income for the three months ended December 31, 2017 and 2016, (d) our Consolidated Statement of Shareholders’ Equity for the three months ended December 31, 2017, (e) our Consolidated Statements of Cash Flows for the three months ended December 31, 2017 and 2016 and (f) the Notes to such Consolidated Financial Statements.
|
|
|
CSP INC.
|
|
|
|
|
Date: February 14, 2018
|
By:
|
/s/ Victor Dellovo
|
|
|
Victor Dellovo
|
|
|
Chief Executive Officer,
|
|
|
President and Director
|
|
|
|
Date: February 14, 2018
|
By:
|
/s/ Gary W. Levine
|
|
|
Gary W. Levine
|
|
|
Chief Financial Officer
|
Number
|
|
Description
|
10.1
*
|
|
Executive Retention and Service Agreement with Victor Dellovo, dated September 4, 2012
|
|
|
|
10.2
*
|
|
Forms of Employee Restricted Stock Award Agreement
|
|
|
|
31.1
*
|
|
Rule 13(a)-14(a) / 15d-14(a) Certification of Chief Executive Officer
|
|
|
|
31.2
*
|
|
Rule 13(a)-14(a) / 15d-14(a) Certification of Chief Financial Officer
|
|
|
|
32.1
*
|
|
Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer
|
101*
|
|
Interactive Data Files regarding (a) our Consolidated Balance Sheets as of December 31, 2017 and September 30, 2017, (b) our Consolidated Statements of Income for the three months ended December 31, 2017 and 2016, (c) our Consolidated Statements of Comprehensive Income for the three months ended December 31, 2017 and 2016, (d) our Consolidated Statement of Shareholders’ Equity for the three months ended December 31, 2017 (e) our Consolidated Statements of Cash Flows for the three months ended December 31, 2017 and 2016 and (f) the Notes to such Consolidated Financial Statements.
|
|
Date: February 14, 2018
|
|
/s/ Victor Dellovo
|
Victor Dellovo
|
Chief Executive Officer;
|
President and Director
|
Date: February 14, 2018
|
|
/s/Gary W. Levine
|
Gary W. Levine
|
Chief Financial Officer
|
(1)
|
The Report 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 Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: February 14, 2018
|
|
By:
|
/s/ Victor Dellovo
|
|
|
|
Victor Dellovo
|
|
|
|
Chief Executive Officer;
|
|
|
|
President and Director
|
|
|
|
|
Date: February 14, 2018
|
|
By:
|
/s/ Gary W. Levine
|
|
|
|
Gary W. Levine
|
|
|
|
Chief Financial Officer
|