$CLFD
Clearfield, Inc.

2016 Q2 Form 10-Q Financial Statement

#000117184316011454 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $21.60M $18.20M
YoY Change 18.7% 26.69%
Cost Of Revenue $12.26M $10.40M
YoY Change 17.88% 25.0%
Gross Profit $9.340M $7.797M
YoY Change 19.8% 29.01%
Gross Profit Margin 43.24% 42.85%
Selling, General & Admin $5.878M $4.846M
YoY Change 21.31% 15.78%
% of Gross Profit 62.94% 62.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $360.0K $320.0K
YoY Change 12.5% 77.78%
% of Gross Profit 3.85% 4.1%
Operating Expenses $5.878M $4.846M
YoY Change 21.31% 15.78%
Operating Profit $3.462M $2.951M
YoY Change 17.31% 58.8%
Interest Expense $40.00K $20.00K
YoY Change 100.0% -33.33%
% of Operating Profit 1.16% 0.68%
Other Income/Expense, Net
YoY Change
Pretax Income $3.503M $2.976M
YoY Change 17.73% 57.97%
Income Tax $1.141M $1.023M
% Of Pretax Income 32.58% 34.38%
Net Earnings $2.362M $1.953M
YoY Change 20.95% 66.23%
Net Earnings / Revenue 10.94% 10.73%
Basic Earnings Per Share $0.18 $0.15
Diluted Earnings Per Share $0.17 $0.14
COMMON SHARES
Basic Shares Outstanding 13.40M 13.20M
Diluted Shares Outstanding 13.81M 13.61M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.00M $25.10M
YoY Change 27.49% -0.79%
Cash & Equivalents $24.59M $17.16M
Short-Term Investments $7.400M $7.900M
Other Short-Term Assets $752.4K $499.2K
YoY Change 50.72% -86.86%
Inventory $8.106M $6.734M
Prepaid Expenses
Receivables $8.727M $7.387M
Other Receivables $0.00 $0.00
Total Short-Term Assets $49.57M $41.18M
YoY Change 20.37% 5.05%
LONG-TERM ASSETS
Property, Plant & Equipment $5.560M $5.628M
YoY Change -1.2% 144.7%
Goodwill $2.571M $2.571M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $8.600M $7.700M
YoY Change 11.69% -10.47%
Other Assets $370.3K $291.7K
YoY Change 26.95% -2.78%
Total Long-Term Assets $17.07M $16.21M
YoY Change 5.3% 17.48%
TOTAL ASSETS
Total Short-Term Assets $49.57M $41.18M
Total Long-Term Assets $17.07M $16.21M
Total Assets $66.64M $57.39M
YoY Change 16.11% 8.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.172M $3.626M
YoY Change -12.52% 81.29%
Accrued Expenses $51.17K $77.16K
YoY Change -33.68% -98.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.552M $6.147M
YoY Change 6.58% -13.42%
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 $754.9K $951.3K
YoY Change -20.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.552M $6.147M
Total Long-Term Liabilities $754.9K $951.3K
Total Liabilities $7.307M $7.098M
YoY Change 2.94% -2.76%
SHAREHOLDERS EQUITY
Retained Earnings $358.6K -$6.117M
YoY Change -105.86%
Common Stock $140.9K $137.2K
YoY Change 2.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.33M $50.29M
YoY Change
Total Liabilities & Shareholders Equity $66.64M $57.39M
YoY Change 16.11% 8.28%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $2.362M $1.953M
YoY Change 20.95% 66.23%
Depreciation, Depletion And Amortization $360.0K $320.0K
YoY Change 12.5% 77.78%
Cash From Operating Activities $3.900M $1.420M
YoY Change 174.65% 0.71%
INVESTING ACTIVITIES
Capital Expenditures -$560.0K -$700.0K
YoY Change -20.0% -4.11%
Acquisitions
YoY Change
Other Investing Activities $210.0K -$730.0K
YoY Change -128.77% 329.41%
Cash From Investing Activities -$350.0K -$1.430M
YoY Change -75.52% 60.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 490.0K 100.0K
YoY Change 390.0% -83.33%
NET CHANGE
Cash From Operating Activities 3.900M 1.420M
Cash From Investing Activities -350.0K -1.430M
Cash From Financing Activities 490.0K 100.0K
Net Change In Cash 4.040M 90.00K
YoY Change 4388.89% -91.96%
FREE CASH FLOW
Cash From Operating Activities $3.900M $1.420M
Capital Expenditures -$560.0K -$700.0K
Free Cash Flow $4.460M $2.120M
YoY Change 110.38% -0.93%

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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; text-align: justify; text-indent: 0.5in">&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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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1676391
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
297384
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
124934
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.29
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.47
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.88
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y219D
CY2016Q2 us-gaap Short Term Investments
ShortTermInvestments
7392075
CY2015Q3 us-gaap Short Term Investments
ShortTermInvestments
7925000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
42000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
172450
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
59330220
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
51279130
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
409419
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
414828
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
322844
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
376473
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13806928
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13614949
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13654476
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13581098
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13397509
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13200121
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13331632
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13204625

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