$CLFD
Clearfield, Inc.

2018 Q2 Form 10-Q Financial Statement

#000117184318005600 Filed on August 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $21.48M $19.61M
YoY Change 9.53% -9.2%
Cost Of Revenue $12.99M $11.67M
YoY Change 11.26% -4.77%
Gross Profit $8.492M $7.937M
YoY Change 6.99% -15.02%
Gross Profit Margin 39.53% 40.47%
Selling, General & Admin $6.087M $6.615M
YoY Change -7.97% 12.53%
% of Gross Profit 71.68% 83.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $560.0K $410.0K
YoY Change 36.59% 13.89%
% of Gross Profit 6.59% 5.17%
Operating Expenses $6.087M $6.615M
YoY Change -7.97% 12.53%
Operating Profit $2.405M $1.323M
YoY Change 81.82% -61.8%
Interest Expense $120.0K $70.00K
YoY Change 71.43% 75.0%
% of Operating Profit 4.99% 5.29%
Other Income/Expense, Net
YoY Change
Pretax Income $2.521M $1.396M
YoY Change 80.56% -60.14%
Income Tax $766.0K $593.0K
% Of Pretax Income 30.38% 42.47%
Net Earnings $1.755M $803.3K
YoY Change 118.5% -65.99%
Net Earnings / Revenue 8.17% 4.1%
Basic Earnings Per Share $0.13 $0.06
Diluted Earnings Per Share $0.13 $0.06
COMMON SHARES
Basic Shares Outstanding 13.43M 13.52M
Diluted Shares Outstanding 13.43M 13.60M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.80M $25.50M
YoY Change -30.2% -20.31%
Cash & Equivalents $9.288M $19.75M
Short-Term Investments $8.500M $5.700M
Other Short-Term Assets $698.4K $869.2K
YoY Change -19.64% 15.51%
Inventory $9.688M $9.339M
Prepaid Expenses
Receivables $9.652M $8.053M
Other Receivables $0.00 $0.00
Total Short-Term Assets $37.81M $43.75M
YoY Change -13.56% -11.74%
LONG-TERM ASSETS
Property, Plant & Equipment $4.907M $5.511M
YoY Change -10.96% -0.88%
Goodwill $4.709M $2.571M
YoY Change 83.17% 0.0%
Intangibles $5.549M
YoY Change
Long-Term Investments $18.20M $17.20M
YoY Change 5.81% 100.0%
Other Assets $241.0K $485.0K
YoY Change -50.31% 30.99%
Total Long-Term Assets $33.63M $25.72M
YoY Change 30.76% 50.66%
TOTAL ASSETS
Total Short-Term Assets $37.81M $43.75M
Total Long-Term Assets $33.63M $25.72M
Total Assets $71.44M $69.47M
YoY Change 2.85% 4.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.016M $2.196M
YoY Change -8.18% -30.76%
Accrued Expenses $457.0K $60.22K
YoY Change 658.86% 17.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.106M $4.333M
YoY Change -5.25% -33.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $300.0K $300.0K
YoY Change 0.0% 50.0%
Total Long-Term Liabilities $332.5K $678.0K
YoY Change -50.96% -10.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.106M $4.333M
Total Long-Term Liabilities $332.5K $678.0K
Total Liabilities $4.439M $5.011M
YoY Change -11.43% -31.41%
SHAREHOLDERS EQUITY
Retained Earnings $11.37M $7.720M
YoY Change 47.32% 2052.65%
Common Stock $136.9K $139.6K
YoY Change -1.91% -0.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.01M $64.45M
YoY Change
Total Liabilities & Shareholders Equity $71.44M $69.47M
YoY Change 2.85% 4.25%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $1.755M $803.3K
YoY Change 118.5% -65.99%
Depreciation, Depletion And Amortization $560.0K $410.0K
YoY Change 36.59% 13.89%
Cash From Operating Activities $2.040M $2.530M
YoY Change -19.37% -35.13%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$570.0K
YoY Change -29.82% 1.79%
Acquisitions
YoY Change
Other Investing Activities -$170.0K -$2.060M
YoY Change -91.75% -1080.95%
Cash From Investing Activities -$570.0K -$2.630M
YoY Change -78.33% 651.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.320M -2.640M
YoY Change -50.0% -638.78%
NET CHANGE
Cash From Operating Activities 2.040M 2.530M
Cash From Investing Activities -570.0K -2.630M
Cash From Financing Activities -1.320M -2.640M
Net Change In Cash 150.0K -2.740M
YoY Change -105.47% -167.82%
FREE CASH FLOW
Cash From Operating Activities $2.040M $2.530M
Capital Expenditures -$400.0K -$570.0K
Free Cash Flow $2.440M $3.100M
YoY Change -21.29% -30.49%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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, 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> 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, 2018 </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 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">Certain comparative figures have been reclassified to conform to the current period's presentation. These reclassifications did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> affect the prior periods' net income, shareholders&#x2019; equity, or cash flows.</div></div>
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PreferredStockSharesAuthorized
500000
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
297860
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
334692
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
4444000
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
6619000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
83052
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
5100
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
21174
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
28718
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4907410
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5434172
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
11373118
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
8980104
CY2018Q2 us-gaap Revenues
Revenues
21480590
CY2017Q2 us-gaap Revenues
Revenues
19611297
us-gaap Revenues
Revenues
55178369
us-gaap Revenues
Revenues
55529230
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
13.35
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6087362
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6614693
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19856922
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18794395
us-gaap Share Based Compensation
ShareBasedCompensation
1488304
us-gaap Share Based Compensation
ShareBasedCompensation
1774330
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4563
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0261
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
72000
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 Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.15
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
102052
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
38950
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.67
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
103600
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.79
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
7350
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
267652
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y51D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y361D
CY2018Q2 us-gaap Short Term Investments
ShortTermInvestments
8486225
CY2017Q3 us-gaap Short Term Investments
ShortTermInvestments
5937150
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
15850
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
67005531
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
64525120
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
75827
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
31504
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
171241
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13430503
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13598582
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13473123
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13730945
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13430503
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13522755
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13441619
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13559704

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