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.
Market Information
The Company’s common stock has been traded on the NASDAQ Global Select Market® tier of the NASDAQ Stock Market, LLC under the symbol “ISSC” since its initial public offering on August 4, 2000.
Holders of Common Stock
As of January 8, 2024, there were approximately seven registered holders of the Company’s common stock. A substantially greater number of holders of the Company’s common stock are beneficial holders, whose shares of record are held by banks, brokers and other financial institutions in “street name.”
Dividends
The Company’s Board of Directors (the “Board”) previously declared special cash dividends in the amount of $0.65 per share in fiscal 2020 and $0.50 per share in fiscal 2021. The Company did not pay cash dividends in fiscal years 2022 and 2023. The Company intends to retain future earnings, if any, to finance the development and growth of its business and does not anticipate paying any cash dividends in the foreseeable future. The declaration and payment of any dividend in the future will be at the discretion of the Board and will depend on then-existing conditions, including our operating results, financial condition, business prospects and other factors the Board may deem relevant.
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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 statements of operations data for the fiscal years ended September 30, 2023, 2022 and 2021 and the balance sheet data as of September 30, 2023 and 2022 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, 2020 and 2019 and the balance sheet data as of September 30, 2021, 2020 and 2019 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,
2023
2022
2021
2020
2019
Statements of Operations Data:
Net sales
$
34,808,513
$
27,740,695
$
23,044,796
$
21,595,199
$
17,572,589
Cost of sales
13,497,442
11,066,314
10,263,166
9,793,224
7,676,119
Gross profit
21,311,071
16,674,381
12,781,630
11,801,975
9,896,470
Research and development
3,129,518
2,705,140
2,622,919
2,955,976
2,489,806
Selling, general and administrative
10,822,505
6,753,915
6,257,732
6,100,545
5,877,920
Total operating expenses
13,952,023
9,459,055
8,880,651
9,056,521
8,367,726
Operating income
7,359,048
7,215,326
3,900,979
2,745,454
1,528,744
Interest expense
(393,281)
—
—
—
—
Interest income
518,188
61,051
1,234
154,950
249,620
Other income
151,317
65,232
74,906
60,497
73,737
Income before income taxes
7,635,272
7,341,609
3,977,119
2,960,901
1,852,101
Income tax expense (benefit)
1,607,517
1,817,831
(1,087,783)
(308,882)
1,805
Net Income
$
6,027,755
$
5,523,778
$
5,064,902
$
3,269,783
$
1,850,296
Net income per common share:
Basic
$
0.35
$
0.32
$
0.29
$
0.19
$
0.11
Diluted
$
0.35
$
0.32
$
0.29
$
0.19
$
0.11
Cash dividends declared per common share
$
—
$
—
$
0.50
$
0.65
$
—
Weighted average shares outstanding:
Basic
17,411,684
17,256,750
17,225,423
16,939,302
16,867,550
Diluted
17,419,185
17,257,871
17,226,620
17,114,191
16,942,447
As of September 30,
2023
2022
2021
2020
2019
Balance Sheet Data:
Cash and cash equivalents
$
3,097,193
$
17,250,546
$
8,265,606
$
12,603,967
$
22,416,830
Restricted cash
—
—
—
11,180,900
—
Working capital
28,274,744
24,262,016
15,218,172
19,473,305
27,739,070
Total assets
62,957,451
34,705,323
27,086,000
41,545,837
38,557,025
Total shareholders’ equity
38,636,984
30,749,955
24,585,081
27,769,031
36,208,152
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