$CLFD
Clearfield, Inc.

2017 Q4 Form 10-Q Financial Statement

#000117184318000715 Filed on January 29, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $16.87M $18.27M
YoY Change -7.66% 16.42%
Cost Of Revenue $9.758M $11.06M
YoY Change -11.75% 22.68%
Gross Profit $7.108M $7.209M
YoY Change -1.39% 7.97%
Gross Profit Margin 42.14% 39.46%
Selling, General & Admin $6.464M $6.018M
YoY Change 7.42% 28.11%
% of Gross Profit 90.93% 83.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $436.2K $388.6K
YoY Change 12.24% 11.43%
% of Gross Profit 6.14% 5.39%
Operating Expenses $6.464M $6.018M
YoY Change 7.42% 28.11%
Operating Profit $644.4K $1.191M
YoY Change -45.9% -39.83%
Interest Expense $100.0K $50.00K
YoY Change 100.0% 66.67%
% of Operating Profit 15.52% 4.2%
Other Income/Expense, Net
YoY Change
Pretax Income $740.2K $1.244M
YoY Change -40.5% -38.21%
Income Tax -$203.0K $367.0K
% Of Pretax Income -27.43% 29.5%
Net Earnings $943.2K $876.9K
YoY Change 7.55% -41.04%
Net Earnings / Revenue 5.59% 4.8%
Basic Earnings Per Share $0.07 $0.06
Diluted Earnings Per Share $0.07 $0.06
COMMON SHARES
Basic Shares Outstanding 13.44M 13.57M
Diluted Shares Outstanding 13.48M 13.79M

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.80M $30.00M
YoY Change -14.0% 2.04%
Cash & Equivalents $20.45M $22.06M
Short-Term Investments $5.400M $7.900M
Other Short-Term Assets $939.3K $976.6K
YoY Change -3.81% 75.6%
Inventory $8.140M $8.715M
Prepaid Expenses
Receivables $5.571M $7.451M
Other Receivables $0.00 $0.00
Total Short-Term Assets $40.49M $47.13M
YoY Change -14.09% 12.31%
LONG-TERM ASSETS
Property, Plant & Equipment $5.202M $5.904M
YoY Change -11.9% 6.35%
Goodwill $2.571M $2.571M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $20.40M $13.30M
YoY Change 53.38% 95.59%
Other Assets $552.3K $439.6K
YoY Change 25.65% 27.23%
Total Long-Term Assets $28.68M $22.20M
YoY Change 29.22% 45.69%
TOTAL ASSETS
Total Short-Term Assets $40.49M $47.13M
Total Long-Term Assets $28.68M $22.20M
Total Assets $69.17M $69.33M
YoY Change -0.22% 21.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.205M $2.422M
YoY Change -50.23% 10.92%
Accrued Expenses $98.57K $120.8K
YoY Change -18.41% 16.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.748M $4.443M
YoY Change -38.16% 20.7%
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 $339.7K $658.5K
YoY Change -48.41% 70.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.748M $4.443M
Total Long-Term Liabilities $339.7K $658.5K
Total Liabilities $3.087M $5.102M
YoY Change -39.48% 25.43%
SHAREHOLDERS EQUITY
Retained Earnings $9.923M $6.009M
YoY Change 65.13% -278.71%
Common Stock $138.2K $141.5K
YoY Change -2.27% 3.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.08M $64.22M
YoY Change
Total Liabilities & Shareholders Equity $69.17M $69.33M
YoY Change -0.22% 21.2%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $943.2K $876.9K
YoY Change 7.55% -41.04%
Depreciation, Depletion And Amortization $436.2K $388.6K
YoY Change 12.24% 11.43%
Cash From Operating Activities $2.005M -$605.3K
YoY Change -431.16% -131.69%
INVESTING ACTIVITIES
Capital Expenditures $230.0K $529.3K
YoY Change -56.55% 133.47%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$4.980M
YoY Change -100.2% -811.43%
Cash From Investing Activities -$219.0K -$5.510M
YoY Change -96.03% -1259.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$137.4K -$169.5K
YoY Change -18.93% -221.74%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 131.4K 159.2K
YoY Change -17.46% -34.32%
NET CHANGE
Cash From Operating Activities 2.005M -605.3K
Cash From Investing Activities -219.0K -5.510M
Cash From Financing Activities 131.4K 159.2K
Net Change In Cash 1.917M -5.956M
YoY Change -132.18% -326.67%
FREE CASH FLOW
Cash From Operating Activities $2.005M -$605.3K
Capital Expenditures $230.0K $529.3K
Free Cash Flow $1.775M -$1.135M
YoY Change -256.4% -167.4%

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 <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, 2017, </div>which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and 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;"> December 31, 2017 </div>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, 2017.</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>
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
35450
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.79
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.81
CY2017Q3 us-gaap Short Term Investments
ShortTermInvestments
5937150
CY2016Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
10000
CY2017Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3500
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
66082961
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
64525120
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
32472
CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
223309
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13476417
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13790793
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13443945
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13567484

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