$CSPI

CSP INC /MA/

CIK:0000356037|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Sales:
Total sales	$ 14,398	$ 15,448	$ 42,446	$ 44,265
Cost of sales:
Total cost of sales	10,065	10,995	28,906	31,041
Gross profit	4,333	4,453	13,540	13,224
Operating expenses:
Research and development	832	791	2,508	2,340
Selling, general and administrative	5,043	4,885	13,537	13,455
Total operating expenses	5,875	5,676	16,045	15,795
Operating loss	(1,542)	(1,223)	(2,505)	(2,571)
Other income (expense):
Foreign exchange gain (loss)	(23)	(200)	40	(37)
Interest expense	(182)	(105)	(477)	(259)
Interest income	524	440	1,652	1,343
Other income, net	11	73	145	75
Total other income, net	330	208	1,360	1,122
Loss before income taxes	(1,212)	(1,015)	(1,145)	(1,449)
Income tax benefit	(366)	(751)	(654)	(1,549)
Net income (loss)	(846)	(264)	(491)	100
Net income (loss) attributable to common shareholders	$ (846)	$ (264)	$ (491)	$ 94
Net income (loss) per common share - basic (in dollars per share)	$ (0.09)	$ (0.03)	$ (0.05)	$ 0.01
Weighted average common shares outstanding - basic (in shares)	9,560	9,362	9,494	9,275
Net income (loss) per common share - diluted (in dollars per share)	$ (0.09)	$ (0.03)	$ (0.05)	$ 0.01
Weighted average common shares outstanding - diluted (in shares)	9,560	9,362	9,494	9,611
Product
Sales:
Total sales	$ 9,943	$ 10,150	$ 27,757	$ 29,717
Cost of sales:
Total cost of sales	7,890	8,553	22,570	24,551
Service
Sales:
Total sales	4,455	5,298	14,689	14,548
Cost of sales:
Total cost of sales	$ 2,175	$ 2,442	$ 6,336	$ 6,490

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income (loss)	$ (491)	$ 100
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	160	182
Amortization of intangibles	6	5
Loss on disposal of fixed assets, net	1	1
Foreign exchange gain (loss)	(40)	37
Provision for credit losses - financing receivables	37	46
Provision for credit losses - accounts receivable	193	26
Provision for obsolete inventory	0	101
Amortization of lease right-of-use assets	291	362
Stock-based compensation expense on restricted stock awards	1,385	1,358
Deferred income taxes	(605)	(1,721)
Increase in cash surrender value of life insurance	(162)	(163)
Changes in operating assets and liabilities:
Accounts receivable	450	1,071
Financing receivables	(1,675)	322
Inventories	(390)	(1,318)
Refundable income taxes	0	(67)
Other assets	(557)	805
Accounts payable and accrued expenses	(4,059)	490
Operating lease liabilities	(229)	(255)
Deferred revenue and contract liabilities	1,034	(590)
Pension and retirement plans	12	(701)
Income taxes payable	(184)	(206)
Other noncurrent liabilities	1,861	485
Net cash (used in) provided by operating activities	(2,962)	370
Investing activities
Life insurance premiums paid	(54)	(54)
Purchases of property, equipment and improvements	(119)	(120)
Net cash used in investing activities	(173)	(174)
Financing activities
Dividends paid	(901)	(890)
Net repayment under line-of-credit agreement	1,519	(3,028)
Repurchases of common stock	(257)	(635)
Proceeds from issuance of shares under equity compensation plans	79	99
Net cash provided by (used by) in financing activities	440	(4,454)
Effects of exchange rate on cash, net	(57)	(19)
Net decrease in Cash and cash equivalents	(2,752)	(4,277)
Cash and cash equivalents beginning of period	27,418	30,585
Cash and cash equivalents end of period	24,666	26,308
Supplementary cash flow information:
Cash paid for income taxes	290	446
Cash paid for interest	29	137
Supplementary non-cash financing activities:
Obtaining a right-of-use asset in exchange for a lease liability	0	275
Customer financing for inventory sold (see Note 5 Financing receivables, net for details)	8,630	3,734
Vendor financing for inventory purchased (see Note 8 Accounts payable and accrued expenses, and Other noncurrent liabilities for details)	$ 6,370	$ 2,351

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Current assets:
Cash and cash equivalents	$ 24,666	$ 27,418
Accounts receivable, net of allowances of $311 and $122	11,356	12,000
Financing receivables, net of allowances of $53 and $34	8,314	8,939
Inventories	1,832	1,442
Other current assets	3,073	2,521
Total current assets	49,241	52,320
Property, equipment and improvements, net	486	539
Operating lease right-of-use assets, net	1,356	1,647
Intangibles, net	62	69
Financing receivables due after one year, net of allowances of $84 and $66	8,229	5,965
Deferred income taxes, net	5,164	4,559
Cash surrender value of life insurance	6,061	5,845
Pension benefits assets	0	42
Other assets	182	177
Total assets	70,781	71,163
Current liabilities:
Accounts payable and accrued expenses	15,396	19,508
Line of credit	2,422	903
Deferred revenue and contract liabilities	2,537	1,503
Pension and retirement plans	98	77
Income taxes payable	23	192
Total current liabilities	20,476	22,183
Pension and retirement plans	1,169	1,219
Operating lease liabilities - noncurrent portion	1,153	1,336
Income taxes payable	150	165
Other noncurrent liabilities	3,570	1,709
Total liabilities	26,518	26,612
Shareholders' equity:
Common stock, $.01 par value per share; authorized, 20,000 shares; issued and outstanding 10,058 and 9,906 shares, respectively	101	99
Additional paid-in capital	26,208	24,744
Retained earnings	26,051	27,700
Accumulated other comprehensive loss	(8,097)	(7,992)
Total shareholders' equity	44,263	44,551
Total liabilities and shareholders' equity	$ 70,781	$ 71,163