Document And Entity Information
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Document And Entity Information
3 Months Ended
Dec. 31, 2012
Feb. 01, 2013
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2013  
Document Fiscal Year Focus 2013  
Document Fiscal Period Focus Q1  
Entity Filer Category Smaller Reporting Company  
Entity Registrant Name MICROWAVE FILTER CO INC /NY/  
Entity Central Index Key 0000716688  
Current Fiscal Year End Date --09-30  
Entity Common Stock, Shares Outstanding   2,585,321

Consolidated Balance Sheets
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Consolidated Balance Sheets (USD $)
Dec. 31, 2012
Sep. 30, 2012
Assets    
Cash and cash equivalents $ 860,596 $ 1,023,017
Accounts receivable-trade, net of allowance for doubtful accounts of $26,000 and $26,000 162,963 263,385
Inventories, net of obsolete inventory reserve of $408,340 and $408,340 553,037 529,075
Prepaid expenses and other current assets 98,886 111,342
Total current assets 1,675,482 1,926,819
Property, plant and equipment, net 704,441 672,525
Total assets 2,379,923 2,599,344
Liabilities and Stockholders' Equity    
Accounts payable 114,810 92,325
Customer deposits 40,204 30,563
Accrued payroll and related expenses 33,418 51,289
Accrued compensated absences 164,667 172,198
Other current liabilities 30,188 31,308
Total current liabilities 383,287 377,683
Total liabilities 383,287 377,683
Stockholders' Equity:    
Common stock, $.10 par value Authorized 5,000,000 shares, Issued 4,324,140 shares in 2013 and 2012, Outstanding 2,585,321 shares in 2013 and 2012 432,414 432,414
Additional paid-in capital 3,248,706 3,248,706
Retained earnings 6,988 232,013
Common stock in treasury, at cost, 1,738,819 shares in 2013 and 2012 (1,691,472) (1,691,472)
Total stockholders' equity 1,996,636 2,221,661
Total liabilities and stockholders' equity $ 2,379,923 $ 2,599,344

Consolidated Balance Sheets (Parenthetical)
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Consolidated Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2012
Sep. 30, 2012
Consolidated Balance Sheets [Abstract]    
Accounts receivable, allowance for doubtful accounts $ 26,000 $ 26,000
Inventories, obsolete inventory reserve $ 408,340 $ 408,340
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized 5,000,000 5,000,000
Common stock, shares, issued 4,324,140 4,324,140
Common stock, shares, outstanding 2,585,321 2,585,321
Treasury stock, shares 1,738,819 1,738,819

Consolidated Statements Of Operations
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Consolidated Statements Of Operations (USD $)
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Consolidated Statements Of Operations [Abstract]    
Net sales $ 771,244 $ 1,317,207
Cost of goods sold 568,044 813,995
Gross profit 203,200 503,212
Selling, general and administrative expenses 430,415 421,970
(Loss) income from operations (227,215) 81,242
Other income (net) 2,190 21,575
(Loss) income before income taxes (225,025) 102,817
Provision (benefit) for income taxes 0 0
NET (LOSS) INCOME $ (225,025) $ 102,817
Per share data:    
Basic and diluted (loss) earnings per share $ (0.09) $ 0.04
Shares used in computing net (loss) earnings per share:    
Basic and diluted 2,585,321 2,586,227

Consolidated Statements Of Cash Flows
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Consolidated Statements Of Cash Flows (USD $)
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:    
Net (loss) income $ (225,025) $ 102,817
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation 41,337 37,583
Gain on sale of fixed assets 0 (20,000)
Change in assets and liabilities:    
Accounts receivable 100,422 130,368
Federal and state income tax recoverable 0 25,402
Inventories (23,962) 49,870
Prepaid expenses and other assets 12,456 12,247
Accounts payable and customer deposits 32,126 (37,811)
Accrued payroll, compensated absences and related expenses (25,402) (39,691)
Other current liabilities (1,120) (51,899)
Net cash (used in) provided by operating activities (89,168) 208,886
Cash flows from investing activities:    
Capital expenditures (73,253) (189,078)
Proceeds from sale of fixed assets 0 20,000
Net cash (used in) provided by investing activities (73,253) (169,078)
Net (decrease) increase in cash and cash equivalents (162,421) 39,808
Cash and cash equivalents at beginning of period 1,023,017 1,258,885
Cash and cash equivalents at end of period 860,596 1,298,693
Supplemental Schedule of Cash Flow Information:    
Income taxes paid $ 0 $ 15,000

Summary Of Significant Accounting Policies
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Summary Of Significant Accounting Policies
3 Months Ended
Dec. 31, 2012
Summary Of Significant Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies

Note 1. Summary of Significant Accounting Policies   

   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Regulation S-K. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The operating results for the three month period ended December 31, 2012 are not necessarily indicative of the results that may be expected for the year ended September 30, 2013. For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10K for the year ended September 30, 2012.


Industry Segment Data
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Industry Segment Data
3 Months Ended
Dec. 31, 2012
Industry Segment Data [Abstract]  
Industry Segment Data

Note 2. Industry Segment Data

  The Company's business involves the operations of Microwave Filter Company, Inc. (MFC) which designs, develops, manufactures and sells electronic filters, both for radio and microwave frequencies, to help process signal distribution and to prevent unwanted signals from disrupting transmit or receive operations. Markets served include cable television, television and radio broadcast, satellite broadcast, mobile radio, commercial communications and defense electronics. 


Inventories
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Inventories
3 Months Ended
Dec. 31, 2012
Inventories [Abstract]  
Inventories

Note 3. Inventories                  

  Inventories are stated at the lower of cost determined on the first-in, first-out method or market.

Inventories net of reserve for obsolescence consisted of the following:

December 31, 2012
September 30, 2012











Raw materials and stock parts

$ 468,732
$
455,000
Work-in-process


14,170

13,554
Finished goods


70,135

60,521




 


 




$ 553,037
$
529,075

  The Company's reserve for obsolescence equaled $408,340 at December 31, 2012 and September 30, 2012.


Inventories (Tables)
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Inventories (Tables)
9 Months Ended
Jun. 30, 2012
Inventories [Abstract]  
Schedule Of Inventories Net Of Provision For Obsolescence









Raw materials and stock parts

$ 468,732
$
455,000
Work-in-process


14,170

13,554
Finished goods


70,135

60,521




 


 




$ 553,037
$
529,075

Inventories (Schedule Of Inventories Net Of Provision For Obsolescence) (Details)
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Inventories (Schedule Of Inventories Net Of Provision For Obsolescence) (Details) (USD $)
Dec. 31, 2012
Sep. 30, 2012
Inventories [Abstract]    
Raw materials and stock parts $ 468,732 $ 455,000
Work-in-process 14,170 13,554
Finished goods 70,135 60,521
Inventories, net 553,037 529,075
Reserve for obsolescence $ 408,340 $ 408,340

Income Taxes
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Income Taxes
3 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Income Taxes
Note 4. Income Taxes

  The Company accounts for income taxes under FASB ASC 740-10. Deferred tax assets and liabilities are based on the difference between the financial statement and tax basis of assets and liabilities as measured by the enacted tax rates which are anticipated to be in effect when these differences reverse. The deferred tax provision is the result of the net change in the deferred tax assets and liabilities.  A valuation allowance is established when it is necessary to reduce deferred tax assets to amounts expected to be realized. The Company has provided a full valuation allowance against its deferred tax assets.

  FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an entity's financial statements  and prescribes a recognition threshold and measurement attributes for financial statement disclosure of tax position taken or expected to be taken on a tax return. Additionally, it provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company determined it has no uncertain tax positions and therefore no amounts are recorded.


Legal Matters
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Legal Matters
3 Months Ended
Dec. 31, 2012
Legal Matters [Abstract]  
Legal Matters

Note 5. Legal Matters

The State of New York Workers' Compensation Board has commenced an action against Microwave Filter Company, Inc. to recover for an underfunded self insured program that Microwave Filter Company, Inc. participated in. Due to the relatively short period of time Microwave Filter Company, Inc. participated in the program and the limited amount of potential exposure, we do not expect the resolution of this action will have a material adverse effect on our financial condition, results of operations or cash flows. The Company has accrued $12,000 for this action in other current liabilities.


Legal Matters (Details)
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Legal Matters (Details) (USD $)
Dec. 31, 2012
Legal Matters [Abstract]  
Accrued action in other current liabilities $ 12,000

Fair Value Of Financial Instruments
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Fair Value Of Financial Instruments
3 Months Ended
Dec. 31, 2012
Fair Value Of Financial Instruments [Abstract]  
Fair Value Of Financial Instruments

Note 6. Fair Value of Financial Instruments

  The carrying values of the Company cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of those instruments.

   The Company currently does not trade in or utilize derivative financial instruments.


Significant Customers
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Significant Customers
3 Months Ended
Dec. 31, 2012
Significant Customers [Abstract]  
Significant Customers

Note 7. Significant Customers

Sales to one customer represented approximately 22% of total sales for the three months ended December 31, 2012 compared to 16% of total sales for the three months ended December 31, 2011.



Significant Customers (Details)
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Significant Customers (Details)
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Significant Customers [Abstract]    
Percentage of sales to one customer 22.00% 16.00%

Recent Accounting Pronouncements
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Recent Accounting Pronouncements
3 Months Ended
Dec. 31, 2012
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Recent Accounting Pronouncements

Note 8. Recent Accounting Pronouncements

None applicable.