$CLFD
Clearfield, Inc.

2016 Q1 Form 10-Q Financial Statement

#000117184316009660 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $16.95M $12.37M
YoY Change 36.99% -6.35%
Cost Of Revenue $9.667M $7.617M
YoY Change 26.9% 1.7%
Gross Profit $7.280M $4.753M
YoY Change 53.16% -16.9%
Gross Profit Margin 42.96% 38.42%
Selling, General & Admin $5.137M $4.289M
YoY Change 19.76% 12.58%
% of Gross Profit 70.56% 90.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $360.0K $320.0K
YoY Change 12.5% 100.0%
% of Gross Profit 4.94% 6.73%
Operating Expenses $5.137M $4.289M
YoY Change 19.76% 12.58%
Operating Profit $2.143M $464.1K
YoY Change 361.83% -75.7%
Interest Expense $40.00K $20.00K
YoY Change 100.0% 0.0%
% of Operating Profit 1.87% 4.31%
Other Income/Expense, Net
YoY Change
Pretax Income $2.183M $488.7K
YoY Change 346.66% -74.81%
Income Tax $689.7K $200.0K
% Of Pretax Income 31.6% 40.93%
Net Earnings $1.493M $288.7K
YoY Change 417.21% -76.53%
Net Earnings / Revenue 8.81% 2.33%
Basic Earnings Per Share $0.11 $0.02
Diluted Earnings Per Share $0.11 $0.02
COMMON SHARES
Basic Shares Outstanding 13.31M 13.19M
Diluted Shares Outstanding 13.58M 13.55M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.90M $24.90M
YoY Change 16.06% 7.79%
Cash & Equivalents $20.55M $17.06M
Short-Term Investments $8.400M $7.900M
Other Short-Term Assets $582.2K $3.000M
YoY Change -80.59% -38.78%
Inventory $8.103M $5.200M
Prepaid Expenses
Receivables $7.854M $4.800M
Other Receivables $0.00 $0.00
Total Short-Term Assets $45.48M $37.80M
YoY Change 20.33% 4.13%
LONG-TERM ASSETS
Property, Plant & Equipment $5.377M $5.300M
YoY Change 1.46% 194.44%
Goodwill $2.571M
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.800M $7.100M
YoY Change 9.86% -25.26%
Other Assets $350.8K $300.0K
YoY Change 16.93% 0.0%
Total Long-Term Assets $16.08M $15.20M
YoY Change 5.8% 7.04%
TOTAL ASSETS
Total Short-Term Assets $45.48M $37.80M
Total Long-Term Assets $16.08M $15.20M
Total Assets $61.57M $53.00M
YoY Change 16.16% 4.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.155M $2.600M
YoY Change 21.35% 36.84%
Accrued Expenses $53.15K $1.900M
YoY Change -97.2% -58.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.742M $4.500M
YoY Change 27.61% -31.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $200.0K
YoY Change 0.0%
Total Long-Term Liabilities $674.9K $200.0K
YoY Change 237.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.742M $4.500M
Total Long-Term Liabilities $674.9K $200.0K
Total Liabilities $6.417M $5.100M
YoY Change 25.83% -23.88%
SHAREHOLDERS EQUITY
Retained Earnings -$1.924M
YoY Change
Common Stock $137.3K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.15M $48.00M
YoY Change
Total Liabilities & Shareholders Equity $61.57M $53.00M
YoY Change 16.16% 4.95%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $1.493M $288.7K
YoY Change 417.21% -76.53%
Depreciation, Depletion And Amortization $360.0K $320.0K
YoY Change 12.5% 100.0%
Cash From Operating Activities $770.0K $1.850M
YoY Change -58.38% -47.59%
INVESTING ACTIVITIES
Capital Expenditures -$190.0K -$1.570M
YoY Change -87.9% 554.17%
Acquisitions
YoY Change
Other Investing Activities -$660.0K $260.0K
YoY Change -353.85% -106.63%
Cash From Investing Activities -$860.0K -$1.300M
YoY Change -33.85% -68.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -60.00K -650.0K
YoY Change -90.77% -3350.0%
NET CHANGE
Cash From Operating Activities 770.0K 1.850M
Cash From Investing Activities -860.0K -1.300M
Cash From Financing Activities -60.00K -650.0K
Net Change In Cash -150.0K -100.0K
YoY Change 50.0% -83.61%
FREE CASH FLOW
Cash From Operating Activities $770.0K $1.850M
Capital Expenditures -$190.0K -$1.570M
Free Cash Flow $960.0K $3.420M
YoY Change -71.93% -9.28%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note 1. Basis of Presentation</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">The accompanying (a) condensed balance sheet as of September 30, 2015, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented. </div>Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors.<div style="display: inline; color: black"> These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the year ended September 30, 2015.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In preparation of the Company&#x2019;s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.</div></div>
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8415301
us-gaap Share Based Compensation
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473193
us-gaap Share Based Compensation
ShareBasedCompensation
564466
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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2608019
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
297384
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
240334
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5.29
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.22
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.60
CY2015Q3 us-gaap Short Term Investments
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7925000
us-gaap Stock Issued During Period Shares Stock Options Exercised
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40000
us-gaap Stock Issued During Period Shares Stock Options Exercised
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57050
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StockholdersEquity
55148076
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
51279130
CY2016Q1 us-gaap Unrecognized Tax Benefits
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0
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
272629
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
355338
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
279556
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
357296
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13581810
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13578430
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13564173
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13546572
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13309181
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13191234
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13298874
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13206877

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