$CLFD
Clearfield, Inc.

2017 Q1 Form 10-Q Financial Statement

#000117184317002642 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $17.65M $16.95M
YoY Change 4.16% 36.99%
Cost Of Revenue $10.21M $9.667M
YoY Change 5.61% 26.9%
Gross Profit $7.443M $7.280M
YoY Change 2.23% 53.16%
Gross Profit Margin 42.16% 42.96%
Selling, General & Admin $6.162M $5.137M
YoY Change 19.96% 19.76%
% of Gross Profit 82.79% 70.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $410.0K $360.0K
YoY Change 13.89% 12.5%
% of Gross Profit 5.51% 4.94%
Operating Expenses $6.162M $5.137M
YoY Change 19.96% 19.76%
Operating Profit $1.281M $2.143M
YoY Change -40.25% 361.83%
Interest Expense $60.00K $40.00K
YoY Change 50.0% 100.0%
% of Operating Profit 4.69% 1.87%
Other Income/Expense, Net
YoY Change
Pretax Income $1.341M $2.183M
YoY Change -38.58% 346.66%
Income Tax $433.0K $689.7K
% Of Pretax Income 32.3% 31.6%
Net Earnings $907.5K $1.493M
YoY Change -39.21% 417.21%
Net Earnings / Revenue 5.14% 8.81%
Basic Earnings Per Share $0.07 $0.11
Diluted Earnings Per Share $0.07 $0.11
COMMON SHARES
Basic Shares Outstanding 13.59M 13.31M
Diluted Shares Outstanding 13.80M 13.58M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.30M $28.90M
YoY Change -2.08% 16.06%
Cash & Equivalents $22.48M $20.55M
Short-Term Investments $5.800M $8.400M
Other Short-Term Assets $975.0K $582.2K
YoY Change 67.47% -80.59%
Inventory $9.971M $8.103M
Prepaid Expenses
Receivables $8.114M $7.854M
Other Receivables $0.00 $0.00
Total Short-Term Assets $47.36M $45.48M
YoY Change 4.12% 20.33%
LONG-TERM ASSETS
Property, Plant & Equipment $6.025M $5.377M
YoY Change 12.04% 1.46%
Goodwill $2.571M $2.571M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $15.00M $7.800M
YoY Change 92.31% 9.86%
Other Assets $438.7K $350.8K
YoY Change 25.07% 16.93%
Total Long-Term Assets $24.05M $16.08M
YoY Change 49.54% 5.8%
TOTAL ASSETS
Total Short-Term Assets $47.36M $45.48M
Total Long-Term Assets $24.05M $16.08M
Total Assets $71.41M $61.57M
YoY Change 15.98% 16.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.361M $3.155M
YoY Change -25.16% 21.35%
Accrued Expenses $54.79K $53.15K
YoY Change 3.09% -97.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.044M $5.742M
YoY Change -12.16% 27.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $200.0K
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $660.7K $674.9K
YoY Change -2.1% 237.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.044M $5.742M
Total Long-Term Liabilities $660.7K $674.9K
Total Liabilities $5.705M $6.417M
YoY Change -11.1% 25.83%
SHAREHOLDERS EQUITY
Retained Earnings $6.917M -$1.924M
YoY Change -459.54%
Common Stock $141.4K $137.3K
YoY Change 3.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.70M $55.15M
YoY Change
Total Liabilities & Shareholders Equity $71.41M $61.57M
YoY Change 15.98% 16.16%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $907.5K $1.493M
YoY Change -39.21% 417.21%
Depreciation, Depletion And Amortization $410.0K $360.0K
YoY Change 13.89% 12.5%
Cash From Operating Activities $600.0K $770.0K
YoY Change -22.08% -58.38%
INVESTING ACTIVITIES
Capital Expenditures -$530.0K -$190.0K
YoY Change 178.95% -87.9%
Acquisitions
YoY Change
Other Investing Activities $390.0K -$660.0K
YoY Change -159.09% -353.85%
Cash From Investing Activities -$150.0K -$860.0K
YoY Change -82.56% -33.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K -60.00K
YoY Change -66.67% -90.77%
NET CHANGE
Cash From Operating Activities 600.0K 770.0K
Cash From Investing Activities -150.0K -860.0K
Cash From Financing Activities -20.00K -60.00K
Net Change In Cash 430.0K -150.0K
YoY Change -386.67% 50.0%
FREE CASH FLOW
Cash From Operating Activities $600.0K $770.0K
Capital Expenditures -$530.0K -$190.0K
Free Cash Flow $1.130M $960.0K
YoY Change 17.71% -71.93%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q1 clfd Assets Noncurrent Excluding Property Plant And Equipment
AssetsNoncurrentExcludingPropertyPlantAndEquipment
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CY2016Q3 clfd Assets Noncurrent Excluding Property Plant And Equipment
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clfd Issuance Of Common Stock Funded Through Shares Sold To Company
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clfd Issuance Of Common Stock Funded Through Shares Sold To Company
IssuanceOfCommonStockFundedThroughSharesSoldToCompany
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clfd Number Of Patents Granted
NumberOfPatentsGranted
9
clfd Number Of Patents Pending
NumberOfPatentsPending
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CY2016Q3 us-gaap Common Stock Value
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CY2016Q3 us-gaap Accrued Liabilities Current
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CY2017Q1 us-gaap Accrued Salaries Current
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CY2016Q3 us-gaap Accrued Salaries Current
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CY2017Q1 us-gaap Additional Paid In Capital
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CY2016Q3 us-gaap Additional Paid In Capital
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CY2017Q1 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2017Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2016Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2017Q1 us-gaap Assets
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CY2016Q3 us-gaap Assets
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CY2017Q1 us-gaap Assets Current
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CY2016Q3 us-gaap Assets Current
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us-gaap Basis Of Accounting
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Basis of Presentation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">The accompanying (a) condensed balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued ASU No. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> <div style="display: inline; font-style: italic;">Improvements to Employee Share-Based Payment Accounting</div>. The standard is required to be adopted by all companies in their <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> fiscal year beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> but allows companies to early adopt prior to this date. The standard is intended to simplify various aspects of the accounting and presentation of share-based payments. During the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company elected to early adopt this standard as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> Adoption of this standard impacted the previously filed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q for the period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">Statement of earnings </div>&#x2013; The standard requires that the tax effects of stock-based compensation be recognized in the income tax provision of the Company&#x2019;s Statements of Earnings. Previously, these amounts were recognized in additional paid-in capital on the Company&#x2019;s Balance Sheets. The new standard requires these amounts to be recasted within these quarters due to the prospective adoption of this standard in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> Accordingly, net tax benefits related to stock-based compensation awards of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$54,313</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$158,447</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively, were recognized as reductions of income tax expense in the statements of earnings. This tax benefit reduced our effective income tax rates <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.7%</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively, and resulted in an increase in basic and diluted earnings per share of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> The change had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on basic and diluted earnings per share for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">Statement of cash flows </div>&#x2013; The standard requires that excess tax benefits from share-based employee awards be reported as operating activities in the consolidated statements of cash flows. Previously, these cash flows were included as hypothetical inflows and outflows in both the operating and financing activities. We elected to apply this change on a prospective basis, resulting in an increase in net cash provided by operating activities and a decrease in net cash used by financing activities of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$741,000</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div></div>
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