$CLFD
Clearfield, Inc.

2017 Q2 Form 10-Q Financial Statement

#000117184317004460 Filed on July 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $19.61M $21.60M
YoY Change -9.2% 18.7%
Cost Of Revenue $11.67M $12.26M
YoY Change -4.77% 17.88%
Gross Profit $7.937M $9.340M
YoY Change -15.02% 19.8%
Gross Profit Margin 40.47% 43.24%
Selling, General & Admin $6.615M $5.878M
YoY Change 12.53% 21.31%
% of Gross Profit 83.34% 62.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $410.0K $360.0K
YoY Change 13.89% 12.5%
% of Gross Profit 5.17% 3.85%
Operating Expenses $6.615M $5.878M
YoY Change 12.53% 21.31%
Operating Profit $1.323M $3.462M
YoY Change -61.8% 17.31%
Interest Expense $70.00K $40.00K
YoY Change 75.0% 100.0%
% of Operating Profit 5.29% 1.16%
Other Income/Expense, Net
YoY Change
Pretax Income $1.396M $3.503M
YoY Change -60.14% 17.73%
Income Tax $593.0K $1.141M
% Of Pretax Income 42.47% 32.58%
Net Earnings $803.3K $2.362M
YoY Change -65.99% 20.95%
Net Earnings / Revenue 4.1% 10.94%
Basic Earnings Per Share $0.06 $0.18
Diluted Earnings Per Share $0.06 $0.17
COMMON SHARES
Basic Shares Outstanding 13.52M 13.40M
Diluted Shares Outstanding 13.60M 13.81M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.50M $32.00M
YoY Change -20.31% 27.49%
Cash & Equivalents $19.75M $24.59M
Short-Term Investments $5.700M $7.400M
Other Short-Term Assets $869.2K $752.4K
YoY Change 15.51% 50.72%
Inventory $9.339M $8.106M
Prepaid Expenses
Receivables $8.053M $8.727M
Other Receivables $0.00 $0.00
Total Short-Term Assets $43.75M $49.57M
YoY Change -11.74% 20.37%
LONG-TERM ASSETS
Property, Plant & Equipment $5.511M $5.560M
YoY Change -0.88% -1.2%
Goodwill $2.571M $2.571M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $17.20M $8.600M
YoY Change 100.0% 11.69%
Other Assets $485.0K $370.3K
YoY Change 30.99% 26.95%
Total Long-Term Assets $25.72M $17.07M
YoY Change 50.66% 5.3%
TOTAL ASSETS
Total Short-Term Assets $43.75M $49.57M
Total Long-Term Assets $25.72M $17.07M
Total Assets $69.47M $66.64M
YoY Change 4.25% 16.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.196M $3.172M
YoY Change -30.76% -12.52%
Accrued Expenses $60.22K $51.17K
YoY Change 17.69% -33.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.333M $6.552M
YoY Change -33.86% 6.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $300.0K $200.0K
YoY Change 50.0% 0.0%
Total Long-Term Liabilities $678.0K $754.9K
YoY Change -10.18% -20.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.333M $6.552M
Total Long-Term Liabilities $678.0K $754.9K
Total Liabilities $5.011M $7.307M
YoY Change -31.41% 2.94%
SHAREHOLDERS EQUITY
Retained Earnings $7.720M $358.6K
YoY Change 2052.65% -105.86%
Common Stock $139.6K $140.9K
YoY Change -0.91% 2.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.45M $59.33M
YoY Change
Total Liabilities & Shareholders Equity $69.47M $66.64M
YoY Change 4.25% 16.11%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $803.3K $2.362M
YoY Change -65.99% 20.95%
Depreciation, Depletion And Amortization $410.0K $360.0K
YoY Change 13.89% 12.5%
Cash From Operating Activities $2.530M $3.900M
YoY Change -35.13% 174.65%
INVESTING ACTIVITIES
Capital Expenditures -$570.0K -$560.0K
YoY Change 1.79% -20.0%
Acquisitions
YoY Change
Other Investing Activities -$2.060M $210.0K
YoY Change -1080.95% -128.77%
Cash From Investing Activities -$2.630M -$350.0K
YoY Change 651.43% -75.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.640M 490.0K
YoY Change -638.78% 390.0%
NET CHANGE
Cash From Operating Activities 2.530M 3.900M
Cash From Investing Activities -2.630M -350.0K
Cash From Financing Activities -2.640M 490.0K
Net Change In Cash -2.740M 4.040M
YoY Change -167.82% 4388.89%
FREE CASH FLOW
Cash From Operating Activities $2.530M $3.900M
Capital Expenditures -$570.0K -$560.0K
Free Cash Flow $3.100M $4.460M
YoY Change -30.49% 110.38%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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
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clfd Number Of Patents Granted
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clfd Number Of Patents Pending
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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=" margin: 0pt 0; font-size: 10pt"><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=" 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 30, 2016.</div></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 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2016, </div>the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <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 15, 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 30, 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 1, 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;"> June 30, 2016 </div>as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; 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;">$79,640</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$238,087</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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;">2.3%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.1%</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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01</div></div> for both 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; 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;">$1,786,000</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016.</div></div></div>
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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6928656
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3794389
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1198917
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428310
us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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462120
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13279075
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5508075
us-gaap Payments To Acquire Property Plant And Equipment
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1631127
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
982245
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
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500
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500
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0
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0
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q3 us-gaap Preferred Stock Value
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6619000
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
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5761000
us-gaap Proceeds From Sale Of Productive Assets
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5100
us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Proceeds From Stock Options Exercised
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28718
us-gaap Proceeds From Stock Options Exercised
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5511450
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7720032
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5132265
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19611297
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21598720
us-gaap Sales Revenue Net
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55529230
us-gaap Sales Revenue Net
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54235622
CY2017Q2 us-gaap Selling General And Administrative Expense
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6614693
CY2016Q2 us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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405657
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54800
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
38950
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3.13
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2.79
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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3.97
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P3Y
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5527075
us-gaap Stock Issued During Period Shares Stock Options Exercised
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172450
us-gaap Stock Issued During Period Shares Stock Options Exercised
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15850
CY2017Q2 us-gaap Stockholders Equity
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64454368
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
62594043
CY2017Q2 us-gaap Unrecognized Tax Benefits
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0
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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75827
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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409419
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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13397509
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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13598582
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13806928
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13730945
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13654476
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13522755
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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171241
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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322844
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13559704
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13331632

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