$CLFD
Clearfield, Inc.

2019 Q1 Form 10-Q Financial Statement

#000117184319002798 Filed on May 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1 2017 Q4
Revenue $19.08M $16.83M $16.87M
YoY Change 13.39% -4.65% -7.66%
Cost Of Revenue $12.06M $10.05M $9.758M
YoY Change 19.98% -1.55% -11.75%
Gross Profit $7.025M $6.780M $7.108M
YoY Change 3.62% -8.91% -1.39%
Gross Profit Margin 36.81% 40.28% 42.14%
Selling, General & Admin $6.728M $7.306M $6.464M
YoY Change -7.91% 18.56% 7.42%
% of Gross Profit 95.77% 107.75% 90.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $530.0K $550.0K $436.2K
YoY Change -3.64% 34.15% 12.24%
% of Gross Profit 7.54% 8.11% 6.14%
Operating Expenses $6.728M $7.306M $6.464M
YoY Change -7.91% 18.56% 7.42%
Operating Profit $297.5K -$525.8K $644.4K
YoY Change -156.59% -141.05% -45.9%
Interest Expense $170.0K $120.0K $100.0K
YoY Change 41.67% 100.0% 100.0%
% of Operating Profit 57.14% 15.52%
Other Income/Expense, Net
YoY Change
Pretax Income $466.9K -$406.4K $740.2K
YoY Change -214.9% -130.31% -40.5%
Income Tax $99.00K -$101.0K -$203.0K
% Of Pretax Income 21.2% -27.43%
Net Earnings $367.9K -$305.4K $943.2K
YoY Change -220.49% -133.65% 7.55%
Net Earnings / Revenue 1.93% -1.81% 5.59%
Basic Earnings Per Share $0.02 -$0.02 $0.07
Diluted Earnings Per Share $0.02 -$0.02 $0.07
COMMON SHARES
Basic Shares Outstanding 13.42M 13.45M 13.44M
Diluted Shares Outstanding 13.45M 13.45M 13.48M

Balance Sheet

Concept 2019 Q1 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.00M $15.40M $25.80M
YoY Change 62.34% -45.58% -14.0%
Cash & Equivalents $7.906M $9.141M $20.45M
Short-Term Investments $17.00M $6.300M $5.400M
Other Short-Term Assets $1.254M $1.070M $939.3K
YoY Change 17.22% 9.69% -3.81%
Inventory $8.274M $10.88M $8.140M
Prepaid Expenses
Receivables $8.988M $7.159M $5.571M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.47M $34.53M $40.49M
YoY Change 25.87% -27.08% -14.09%
LONG-TERM ASSETS
Property, Plant & Equipment $4.412M $5.054M $5.202M
YoY Change -12.7% -16.12% -11.9%
Goodwill $4.709M $4.709M $2.571M
YoY Change 0.0% 83.17% 0.0%
Intangibles $5.303M $5.618M
YoY Change -5.62%
Long-Term Investments $18.60M $20.20M $20.40M
YoY Change -7.92% 34.67% 53.38%
Other Assets $202.5K $228.8K $552.3K
YoY Change -11.5% -47.84% 25.65%
Total Long-Term Assets $33.20M $35.79M $28.68M
YoY Change -7.24% 48.82% 29.22%
TOTAL ASSETS
Total Short-Term Assets $43.47M $34.53M $40.49M
Total Long-Term Assets $33.20M $35.79M $28.68M
Total Assets $76.67M $70.32M $69.17M
YoY Change 9.02% -1.51% -0.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.352M $1.799M $1.205M
YoY Change 30.78% -23.83% -50.23%
Accrued Expenses $39.20K $31.44K $98.57K
YoY Change 24.66% -42.62% -18.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.811M $3.934M $2.748M
YoY Change 22.3% -22.0% -38.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $300.0K $300.0K $300.0K
YoY Change 0.0% 50.0% 50.0%
Total Long-Term Liabilities $363.4K $336.9K $339.7K
YoY Change 7.88% -49.01% -48.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.811M $3.934M $2.748M
Total Long-Term Liabilities $363.4K $336.9K $339.7K
Total Liabilities $5.175M $4.271M $3.087M
YoY Change 21.16% -25.13% -39.48%
SHAREHOLDERS EQUITY
Retained Earnings $14.63M $9.618M $9.923M
YoY Change 52.14% 39.05% 65.13%
Common Stock $136.7K $138.1K $138.2K
YoY Change -1.03% -2.35% -2.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.49M $66.05M $66.08M
YoY Change
Total Liabilities & Shareholders Equity $76.67M $70.32M $69.17M
YoY Change 9.02% -1.51% -0.22%

Cashflow Statement

Concept 2019 Q1 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income $367.9K -$305.4K $943.2K
YoY Change -220.49% -133.65% 7.55%
Depreciation, Depletion And Amortization $530.0K $550.0K $436.2K
YoY Change -3.64% 34.15% 12.24%
Cash From Operating Activities $1.640M $260.0K $2.005M
YoY Change 530.77% -56.67% -431.16%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K -$290.0K $230.0K
YoY Change -6.9% -45.28% -56.55%
Acquisitions
YoY Change
Other Investing Activities -$8.820M -$11.07M $10.00K
YoY Change -20.33% -2938.46% -100.2%
Cash From Investing Activities -$9.100M -$11.36M -$219.0K
YoY Change -19.89% 7473.33% -96.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$137.4K
YoY Change -18.93%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -210.0K 131.4K
YoY Change -100.0% 950.0% -17.46%
NET CHANGE
Cash From Operating Activities 1.640M 260.0K 2.005M
Cash From Investing Activities -9.100M -11.36M -219.0K
Cash From Financing Activities 0.000 -210.0K 131.4K
Net Change In Cash -7.460M -11.31M 1.917M
YoY Change -34.04% -2730.23% -132.18%
FREE CASH FLOW
Cash From Operating Activities $1.640M $260.0K $2.005M
Capital Expenditures -$270.0K -$290.0K $230.0K
Free Cash Flow $1.910M $550.0K $1.775M
YoY Change 247.27% -51.33% -256.4%

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, 2018, </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;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>have been prepared by Clearfield, Inc. (the &#x201c;Company&#x201d;) 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, 2018.</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"><div style="display: inline; font-weight: bold;">Recently Adopted Accounting Pronouncements</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2018, </div>we adopted the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>)</div>, and ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): Deferral of Effective Date,</div> which deferred the effective date of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> supersedes the revenue recognition requirements in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605,</div> <div style="display: inline; font-style: italic;">Revenue Recognition,</div> and is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue, cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> using the modified retrospective approach, had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material impact on our results of operations, cash flows, or financial position. Revenue continues to be recognized at a point in time for our product sales when products are delivered to or picked up by the customer and revenue for shipping and handling charges continues to be recognized when products are delivered to or picked up by the customer. Additional information and disclosures required by this new standard are contained in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,</div> &#x201c;Revenue.&#x201d;</div></div>
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CY2019Q1 us-gaap Income Tax Expense Benefit
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us-gaap Income Taxes Paid Net
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486554
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CY2019Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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13995
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304580
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215101
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139288
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8472562
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2262580
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1377902
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637782
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367942
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
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297499
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us-gaap Operating Income Loss
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments For Repurchase Of Common Stock
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236024
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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6676
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9262
us-gaap Payments To Acquire Businesses Gross
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us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
10350000
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12274393
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4181075
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551607
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516341
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0.01
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0.01
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500000
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500000
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0
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0
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0
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PreferredStockSharesOutstanding
0
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q3 us-gaap Preferred Stock Value
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us-gaap Proceeds From Issuance Of Common Stock
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145940
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
148259
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
3572000
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
3469000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
24
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
17949
CY2019Q1 us-gaap Property Plant And Equipment Net
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4412001
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4744584
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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14632553
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
13254651
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19084365
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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16830895
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39173515
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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1102190
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969081
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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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
0.3777
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0292
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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172000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0
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287850
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
138500
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
303750
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10.99
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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11.85
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2.58
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12.17
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2019Q1 us-gaap Short Term Investments
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17048473
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6100
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6750
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145940
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148259
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236024
CY2018Q1 us-gaap Stock Repurchased And Retired During Period Value
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CY2019Q1 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Unrecognized Tax Benefits
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0
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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13450212
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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13450482
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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13425178
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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13494433
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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13422222
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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13450482
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13411183
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13447178

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