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Selected Quarterly Data (Unaudited) | 12 Months Ended
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Sep. 30, 2020
Selected Quarterly Financial Information Abstract |
Selected Quarterly Data (Unaudited) | 22. Selected Quarterly Data (Unaudited) The following table sets forth selected unaudited consolidated quarterly financial information for the years ended September 30, 2020 and 2019 (in thousands, except percentages and per share amounts):
|  | Fiscal Year 2020 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Revenue, net of returns and allowances |  | $ | 20,692 |  |  | $ | 14,460 |  |  | $ | 15,227 |  |  | $ | 15,084 |
Cost of sales |  |  | 12,518 |  |  |  | 9,102 |  |  |  | 9,276 |  |  |  | 10,126 |
Gross profit |  |  | 8,174 |  |  |  | 5,358 |  |  |  | 5,951 |  |  |  | 4,958 |
Selling, general and administrative |  |  | 5,915 |  |  |  | 5,415 |  |  |  | 4,804 |  |  |  | 5,263 |
Research, development and engineering |  |  | 622 |  |  |  | 915 |  |  |  | 899 |  |  |  | 876 |
Restructuring charges |  |  | — |  |  |  | — |  |  |  | 217 |  |  |  | — |
Operating income (loss) |  |  | 1,637 |  |  |  | (972 | ) |  |  | 31 |  |  |  | (1,181 | )
Loss on sale of subsidiary |  |  | (2,793 | ) |  |  | — |  |  |  | — |  |  |  | — |
Interest (expense) income and other, net |  |  | (70 | ) |  |  | 595 |  |  |  | (13 | ) |  |  | (350 | )
(Loss) income from continuing operations before income taxes |  |  | (1,226 | ) |  |  | (377 | ) |  |  | 18 |  |  |  | (1,531 | )
Income tax provision |  |  | 41 |  |  |  | 166 |  |  |  | 90 |  |  |  | 494 |
Loss from continuing operations, net of tax |  |  | (1,267 | ) |  |  | (543 | ) |  |  | (72 | ) |  |  | (2,025 | )
Loss from discontinued operations, net of tax |  |  | (665 | ) |  |  | (11,151 | ) |  |  | — |  |  |  | — |
Net loss |  | $ | (1,932 | ) |  | $ | (11,694 | ) |  | $ | (72 | ) |  | $ | (2,025 | )
Gross margin |  |  | 39.5 | % |  |  | 37.1 | % |  |  | 39.1 | % |  |  | 32.9 | %
Operating margin |  |  | 7.9 | % |  |  | (6.7 | )% |  |  | 0.2 | % |  |  | (7.8 | )%
Loss Per Basic Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic loss per share from continuing operations |  | $ | (0.09 | ) |  | $ | (0.04 | ) |  | $ | (0.01 | ) |  | $ | (0.14 | )
Basic loss per share from discontinued operations |  | $ | (0.05 | ) |  | $ | (0.79 | ) |  | $ | — |  |  | $ | — |
Net loss per basic share |  | $ | (0.14 | ) |  | $ | (0.83 | ) |  | $ | (0.01 | ) |  | $ | (0.14 | )
Loss Per Diluted Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted loss per share from continuing operations |  | $ | (0.09 | ) |  | $ | (0.04 | ) |  | $ | (0.01 | ) |  | $ | (0.14 | )
Diluted loss per share from discontinued operations |  | $ | (0.05 | ) |  | $ | (0.79 | ) |  | $ | — |  |  | $ | — |
Net loss per diluted share |  | $ | (0.14 | ) |  | $ | (0.83 | ) |  | $ | (0.01 | ) |  | $ | (0.14 | )
Weighted average shares outstanding - basic |  |  | 14,290 |  |  |  | 14,150 |  |  |  | 14,155 |  |  |  | 14,052 |
Weighted average shares outstanding - diluted |  |  | 14,290 |  |  |  | 14,150 |  |  |  | 14,155 |  |  |  | 14,052 |
|  | Fiscal Year 2019 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Revenue, net of returns and allowances |  | $ | 23,225 |  |  | $ | 20,633 |  |  | $ | 21,003 |  |  | $ | 20,174 |
Cost of sales |  |  | 14,205 |  |  |  | 12,706 |  |  |  | 13,153 |  |  |  | 11,614 |
Gross profit |  |  | 9,020 |  |  |  | 7,927 |  |  |  | 7,850 |  |  |  | 8,560 |
Selling, general and administrative |  |  | 6,626 |  |  |  | 5,793 |  |  |  | 5,718 |  |  |  | 6,126 |
Research, development and engineering |  |  | 866 |  |  |  | 713 |  |  |  | 746 |  |  |  | 743 |
Restructuring charges |  |  | 864 |  |  |  | 173 |  |  |  | 35 |  |  |  | 38 |
Operating income |  |  | 664 |  |  |  | 1,248 |  |  |  | 1,351 |  |  |  | 1,653 |
Interest income and other, net |  |  | 166 |  |  |  | 96 |  |  |  | 249 |  |  |  | 341 |
Income from continuing operations before income taxes |  |  | 830 |  |  |  | 1,344 |  |  |  | 1,600 |  |  |  | 1,994 |
Income tax provision |  |  | 582 |  |  |  | 332 |  |  |  | 707 |  |  |  | 1,012 |
Income from continuing operations, net of tax |  |  | 248 |  |  |  | 1,012 |  |  |  | 893 |  |  |  | 982 |
(Loss) income from discontinued operations, net of tax |  |  | (2,620 | ) |  |  | (6,647 | ) |  |  | 1,154 |  |  |  | (184 | )
Net (loss) income |  | $ | (2,372 | ) |  | $ | (5,635 | ) |  | $ | 2,047 |  |  | $ | 798 |
Gross margin |  |  | 38.8 | % |  |  | 38.4 | % |  |  | 37.4 | % |  |  | 42.4 | %
Operating margin |  |  | 2.9 | % |  |  | 6.0 | % |  |  | 6.4 | % |  |  | 8.2 | %
Income (Loss) Per Basic Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic income per share from continuing operations |  | $ | 0.02 |  |  | $ | 0.07 |  |  | $ | 0.06 |  |  | $ | 0.07 |
Basic (loss) income per share from discontinued operations |  | $ | (0.18 | ) |  | $ | (0.47 | ) |  | $ | 0.08 |  |  | $ | (0.01 | )
Net (loss) income per basic share |  | $ | (0.16 | ) |  | $ | (0.40 | ) |  | $ | 0.14 |  |  | $ | 0.06 |
Income (Loss) Per Diluted Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted income per share from continuing operations |  | $ | 0.02 |  |  | $ | 0.07 |  |  | $ | 0.06 |  |  | $ | 0.07 |
Diluted (loss) income per share from discontinued operations |  | $ | (0.18 | ) |  | $ | (0.47 | ) |  | $ | 0.08 |  |  | $ | (0.01 | )
Net (loss) income per diluted share |  | $ | (0.16 | ) |  | $ | (0.40 | ) |  | $ | 0.14 |  |  | $ | 0.06 |
Weighted average shares outstanding - basic |  |  | 14,220 |  |  |  | 14,228 |  |  |  | 14,245 |  |  |  | 14,266 |
Weighted average shares outstanding - diluted |  |  | 14,252 |  |  |  | 14,258 |  |  |  | 14,316 |  |  |  | 14,304 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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