Quarterly Financial Data (unaudited)

12 Months Ended

Sep. 30, 2018

Quarterly Financial Data (unaudited)

16. Quarterly Financial Data (unaudited)

Summarized quarterly results of operations of the Company for the years ended September 30, 2018 and September 30, 2017 are presented below:


	Fiscal Year Ended September 30, 2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net sales	$	3,087,984	$	3,727,204	$	3,389,663	$	3,645,521
Cost of sales		1,593,268		2,082,347		1,806,980		1,829,328
Gross profit		1,494,716		1,644,857		1,582,683		1,816,193
Operating (loss) income		(1,051,560)		(1,143,511)		(1,072,228)		(444,240)
Net (loss) income		(881,619)		(1,316,871)		(1,041,037)		(414,378)

Net income (loss) per common share
Basic	$	(0.05)	$	(0.08)	$	(0.06)	$	(0.03)
Diluted	$	(0.05)	$	(0.08)	$	(0.06)	$	(0.03)


	Fiscal Year Ended September 30, 2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net sales	$	3,365,866	$	4,653,902	$	4,541,421	$	4,225,484
Cost of sales		1,828,052		2,302,431		2,164,140		2,373,726
Gross profit		1,537,814		2,351,471		2,377,281		1,851,758
Operating (loss) income		(1,595,295)		2,985,918		(541,189)		(926,999)
Net (loss) income		(1,194,974)		5,930,425		19,220		(186,045)

Net income (loss) per common share
Basic	$	(0.07)	$	0.35	$	—	$	(0.01)
Diluted	$	(0.07)	$	0.35	$	—	$	(0.01)

Quarterly and full fiscal year EPS are calculated independently based on the weighted average number of shares outstanding during each period. As a result, the sum of each quarter’s per share amount may not equal the total per share amount for the respective year.

Net income and EPS in the second quarter of fiscal 2017 were positively impacted by approximately $4.1 million of other income related to the Company’s settlement agreement with Delta Air Lines, Inc., (See Note 5. Unbilled Receivable in Notes to Consolidated Financial Statements).