Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer purchases of Equity Securities.
The Company’s common stock has been traded on the NASDAQ Global Select Market(R) tier of the NASDAQ Stock Market, LLC under the symbol “ISSC” since its initial public offering on August 4, 2000.
Many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, as a result, we are unable to estimate the total number of stockholders represented by these record holders.
The Company did not pay cash dividends in fiscal 2022. The declaration and payment of any dividend in the future will be at the discretion of the Company’s Board of Directors.
On September 4, 2020, the Company’s Board of Directors declared a special cash dividend in the amount of $0.65 per share, payable on October 1, 2020 to shareholders of record as of the close of business on September 15, 2020. The total dividend payment was approximately $11.2 million.
On December 10, 2020, the Company’s Board of Directors declared a special cash dividend in the amount of $0.50 per share, payable on December 30, 2020 to shareholders of record as of the close of business on December 21, 2020. The total dividend payment was approximately $8.6 million.
24
Table of Contents
Item 6. Selected Consolidated Financial Data .
The following tables present portions of the Company’s consolidated financial statements. The following selected consolidated financial data set forth below should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes to the consolidated financial statements appearing elsewhere herein. The selected statement of operations data for the fiscal years ended September 30, 2022, 2021 and 2020 and the balance sheet data as at September 30, 2022 and 2021 are derived from the Company’s audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The selected statements of operations data for the fiscal years ended September 30, 2019 and 2018 and the balance sheet data as at September 30, 2020, 2019 and 2018 are extracted from the Company’s audited consolidated financial statements that are not included in this Annual Report on Form 10-K.
Fiscal year ended September 30,
2022
2021
2020
2019
2018
Statements of Operations Data:
Net sales
$
27,740,695
$
23,044,796
$
21,595,199
$
17,572,589
$
13,850,372
Cost of sales
11,066,314
10,263,166
9,793,224
7,676,119
7,311,923
Gross profit
16,674,381
12,781,630
11,801,975
9,896,470
6,538,449
Research and development
2,705,140
2,622,919
2,955,976
2,489,806
3,575,801
Selling, general and administrative
6,753,915
6,257,732
6,100,545
5,877,920
6,674,187
Total operating expenses
9,459,055
8,880,651
9,056,521
8,367,726
10,249,988
Operating income (loss)
7,215,326
3,900,979
2,745,454
1,528,744
(3,711,539)
Interest income
61,051
1,234
154,950
249,620
53,561
Other income
65,232
74,906
60,497
73,737
67,724
Income (loss) before income taxes
7,341,609
3,977,119
2,960,901
1,852,101
(3,590,254)
Income tax expense (benefit)
1,817,831
(1,087,783)
(308,882)
1,805
63,651
Net Income (loss)
$
5,523,778
$
5,064,902
$
3,269,783
$
1,850,296
$
(3,653,905)
Net income (loss) per common share:
Basic
$
0.32
$
0.29
$
0.19
$
0.11
$
(0.22)
Diluted
$
0.32
$
0.29
$
0.19
$
0.11
$
(0.22)
Cash dividends declared per common share
$
—
$
0.50
$
0.65
$
—
$
—
Weighted average shares outstanding:
Basic
17,256,750
17,225,423
16,939,302
16,867,550
16,805,991
Diluted
17,257,871
17,226,620
17,114,191
16,942,447
16,805,991
As of September 30,
2022
2021
2020
2019
2018
Balance Sheet Data:
Cash and cash equivalents
$
17,250,546
$
8,265,606
$
12,603,967
$
22,416,830
$
20,390,713
Restricted Cash
—
—
11,180,900
—
—
Working capital
24,262,016
15,218,172
19,473,305
27,739,070
25,315,334
Total assets
34,705,323
27,086,000
41,545,837
38,557,025
37,633,678
Total shareholders’ equity
30,749,955
24,585,081
27,769,031
36,208,152
34,154,470
25
Table of Contents