New York |
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16-0928443 |
(State of Incorporation) |
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(I.R.S. Employer Identification Number) |
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6743 Kinne Street, East Syracuse, N.Y. |
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13057 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Item |
Page |
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Part I Financial Information |
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Item 1. Financial Statements |
3 |
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Condensed Consolidated Balance Sheets (unaudited) |
3 |
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Condensed Consolidated Statements of Operations (unaudited) |
4 |
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Condensed Consolidated Statements of Cash Flows (unaudited) |
5 |
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Notes to Condensed Consolidated Financial Statements (unaudited) |
6-8 |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
9-16 |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk |
17 |
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Item 4. Controls and Procedures |
18 |
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Part II Other Information |
19 |
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Signatures |
20 |
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June 30, 2013 |
September 30, 2012 |
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Assets |
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Current Assets: |
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|
|
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Cash and cash equivalents |
|
$ |
409,697 |
|
|
$ |
1,023,017 |
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Accounts receivable-trade, net of |
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|
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allowance for doubtful accounts |
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of $26,000 and $26,000 |
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228,249 |
|
|
|
263,385 |
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Inventories, net |
|
|
593,006 |
|
|
|
529,075 |
|
Prepaid expenses and other current assets |
|
|
86,736 |
|
|
|
111,342 |
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|
|
|
|
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Total current assets |
|
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1,317,688 |
|
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1,926,819 |
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Property, plant and equipment, net |
|
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621,703 |
|
|
|
672,525 |
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Total assets |
|
$ |
1,939,391 |
|
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$ |
2,599,344 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
|
$ |
84,926 |
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$ |
92,325 |
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Customer deposits |
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|
29,707 |
|
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|
30,563 |
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Accrued payroll and related expenses |
|
|
42,373 |
|
|
|
51,289 |
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Accrued compensated absences |
|
|
117,568 |
|
|
|
172,198 |
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Other current liabilities |
|
|
28,865 |
|
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31,308 |
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Total current liabilities |
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303,439 |
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377,683 |
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Total liabilities |
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303,439 |
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377,683 |
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Stockholders' Equity: |
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Common stock, $.10 par value |
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Authorized 5,000,000 shares, Issued |
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4,324,140 shares in 2013 and 2012, |
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Outstanding 2,585,086 shares in 2013 |
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and 2,585,321 in 2012 |
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432,414 |
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432,414 |
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Additional paid-in capital |
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3,248,706 |
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3,248,706 |
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Retained earnings (deficit) |
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(353,552) |
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232,013 |
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Common stock in treasury, at cost |
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1,739,054 shares in 2013 and 1,738,819 |
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shares in 2012 |
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(1,691,616) |
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(1,691,472) |
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Total stockholders' equity |
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1,635,952 |
|
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2,221,661 |
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Total liabilities and stockholders' equity |
|
$ |
1,939,391 |
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$ |
2,599,344 |
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Three months ended |
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Nine months ended |
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June 30, |
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June 30, |
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2013 |
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2012 |
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2013 |
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2012 |
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Net sales |
$ |
705,148 |
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$ |
1,147,336 |
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$ |
2,084,735 |
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$ |
3,490,463 |
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Cost of goods sold |
|
439,440 |
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713,193 |
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1,484,560 |
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2,215,494 |
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Gross profit |
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265,708 |
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434,143 |
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600,175 |
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1,274,969 |
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Selling, general and |
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administrative expenses |
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317,827 |
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381,294 |
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1,190,719 |
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1,274,001 |
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(Loss) income from operations |
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(52,119) |
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52,849 |
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(590,544) |
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|
968 |
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Other income (net) |
|
1,579 |
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|
2,027 |
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4,979 |
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26,673 |
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(Loss) income |
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before income taxes |
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(50,540) |
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54,876 |
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(585,565) |
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27,641 |
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(Benefit) provision |
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for income taxes |
|
0 |
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(38,582) |
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0 |
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(38,582) |
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Net (loss) income |
$ |
(50,540) |
|
$ |
93,458 |
|
$ |
(585,565) |
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$ |
66,223 |
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Net (Loss) Income Per Common Share |
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Basic and diluted earnings per share |
$ |
(0.02) |
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$ |
0.04 |
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$ |
(0.23) |
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$ |
0.03 |
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Weighted Average Common Shares |
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Outstanding |
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Shares used in computing net |
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(loss) earnings per share: |
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2,585,156 |
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2,585,569 |
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2,585,243 |
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2,586,008 |
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Nine months ended |
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|||
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June 30 |
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2013 |
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2012 |
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Cash flows from operating activities: |
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Net (loss) income |
$ |
(585,565) |
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$ |
66,223 |
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Adjustments to reconcile net (loss) |
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income to net cash provided by |
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(used in) operating activities: |
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Depreciation |
|
125,167 |
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|
117,172 |
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Gain on sale of fixed assets |
|
0 |
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(20,000) |
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Change in operating assets and liabilities: |
|
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Accounts receivable-trade |
|
35,136 |
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|
38,096 |
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Federal and state income |
|
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tax recoverable |
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0 |
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(13,754) |
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Inventories |
|
(63,931) |
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|
69,231 |
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Prepaid expenses and other assets |
|
24,606 |
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|
421 |
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Accounts payable and customer |
|
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deposits |
|
(8,255) |
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(118,972) |
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Accrued payroll and related expenses |
|
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and compensated absences |
|
(63,546) |
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(65,091) |
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Other current liabilities |
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(2,443) |
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(52,740) |
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Net cash (used in) provided by |
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operating activities |
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(538,831) |
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|
20,586 |
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Cash flows from investing activities: |
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Property, plant and equipment purchased |
|
(74,345) |
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|
(198,225) |
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Proceeds from sale of fixed assets |
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0 |
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20,000 |
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Net cash used in investing activities |
|
(74,345) |
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(178,225) |
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Cash flows from financing activities: |
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Purchase of treasury stock |
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(144) |
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(663) |
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Net cash used in financing activities |
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(144) |
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(663) |
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Decrease in cash and cash equivalents |
|
(613,320) |
|
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(158,302) |
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Cash and cash equivalents |
|
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at beginning of period |
|
1,023,017 |
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|
1,258,885 |
|
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Cash and cash equivalents |
|
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at end of period |
$ |
409,697 |
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$ |
1,100,583 |
|
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Supplemental Schedule of Cash Flow Information: |
|
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Income taxes paid |
$ |
0 |
|
$ |
15,000 |
|
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|
June 30, 2013 |
|
September 30, 2012 |
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||
|
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|
|
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|
|
|
|
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Raw materials and stock parts |
|
$ |
502,276 |
|
$ |
455,000 |
|
Work-in-process |
|
|
16,011 |
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|
13,554 |
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Finished goods |
|
|
74,719 |
|
|
60,521 |
|
|
|
|
|
|
|
|
|
|
|
$ |
593,006 |
|
$ |
529,075 |
|
|
|
|
|
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Product group |
Fiscal 2013 |
|
Fiscal 2012 |
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||
Microwave Filter (MFC): |
|
|
|
|
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RF/Microwave |
$ |
243,621 |
|
$ |
412,104 |
|
Satellite |
|
245,303 |
|
|
326,759 |
|
Cable TV |
|
152,314 |
|
|
370,369 |
|
Broadcast TV |
|
62,528 |
|
|
37,394 |
|
Niagara Scientific (NSI): |
|
1,382 |
|
|
710 |
|
|
|
|
|
|
|
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Total |
$ |
705,148 |
|
$ |
1,147,336 |
|
|
|
|
|
|
|
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Sales backlog at June 30 |
$ |
262,690 |
|
$ |
394,680 |
|
|
|
|
|
|
|
|
Product group |
Fiscal 2013 |
|
Fiscal 2012 |
|
||
Microwave Filter (MFC): |
|
|
|
|
|
|
RF/Microwave |
$ |
759,027 |
|
$ |
1,307,148 |
|
Satellite |
|
768,055 |
|
|
1,029,089 |
|
Cable TV |
|
432,896 |
|
|
1,051,438 |
|
Broadcast TV |
|
119,244 |
|
|
98,344 |
|
Niagara Scientific (NSI): |
|
5,513 |
|
|
4,444 |
|
|
|
|
|
|
|
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Total |
$ |
2,084,735 |
|
$ |
3,490,463 |
|
|
|
|
|
|
|
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Sales backlog at June 30 |
$ |
262,690 |
|
$ |
394,680 |
|
|
|
|
|
|
June 30, 2013 |
September 30, 2012 |
|
|
|
|
|
Cash & cash equivalents |
$409,697 |
$1,023,017 |
|
Working capital |
$1,014,249 |
$1,549,136 |
|
Current ratio |
4.34 to 1 |
5.10 to 1 |
|
Long-term debt |
$0 |
$0 |
|