$CLFD
Clearfield, Inc.

2020 Q3 Form 10-Q Financial Statement

#000117184320005401 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $27.32M $25.97M $21.89M
YoY Change 13.98% 18.63% 1.92%
Cost Of Revenue $16.07M $15.18M $13.48M
YoY Change 9.62% 12.61% 3.78%
Gross Profit $11.25M $10.79M $8.413M
YoY Change 20.97% 28.26% -0.94%
Gross Profit Margin 41.18% 41.55% 38.43%
Selling, General & Admin $7.570M $7.207M $6.871M
YoY Change 6.17% 4.89% 12.87%
% of Gross Profit 67.29% 66.79% 81.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $600.0K $610.0K $550.0K
YoY Change 5.26% 10.91% -1.79%
% of Gross Profit 5.33% 5.65% 6.54%
Operating Expenses $7.570M $7.207M $6.871M
YoY Change 6.17% 4.89% 12.87%
Operating Profit $3.680M $3.583M $1.542M
YoY Change 69.59% 132.42% -35.89%
Interest Expense $160.0K $170.0K $210.0K
YoY Change -27.27% -19.05% 75.0%
% of Operating Profit 4.35% 4.74% 13.62%
Other Income/Expense, Net
YoY Change
Pretax Income $3.840M $3.758M $1.755M
YoY Change 60.0% 114.16% -30.41%
Income Tax $790.0K $763.0K $454.0K
% Of Pretax Income 20.57% 20.31% 25.88%
Net Earnings $3.050M $2.995M $1.301M
YoY Change 61.38% 130.26% -25.91%
Net Earnings / Revenue 11.16% 11.53% 5.94%
Basic Earnings Per Share $0.22 $0.10
Diluted Earnings Per Share $217.2K $0.22 $0.10
COMMON SHARES
Basic Shares Outstanding 13.65M 13.50M 13.45M
Diluted Shares Outstanding 13.50M 13.45M

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.00M $20.40M $20.70M
YoY Change 14.41% -1.45% 16.29%
Cash & Equivalents $16.45M $9.279M $6.031M
Short-Term Investments $10.60M $11.10M $14.60M
Other Short-Term Assets $585.4K $602.7K $883.6K
YoY Change -23.89% -31.79% 26.51%
Inventory $14.41M $14.88M $9.424M
Prepaid Expenses
Receivables $10.50M $9.100M $9.303M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $52.52M $44.96M $40.28M
YoY Change 23.56% 11.61% 6.53%
LONG-TERM ASSETS
Property, Plant & Equipment $4.953M $5.354M $4.470M
YoY Change -8.51% 19.77% -8.91%
Goodwill $4.709M $4.709M $4.709M
YoY Change 0.0% 0.0% 0.0%
Intangibles $4.986M $4.875M $5.243M
YoY Change -3.13% -7.01% -5.53%
Long-Term Investments $25.10M $28.10M $22.50M
YoY Change 5.02% 24.89% 23.63%
Other Assets $266.9K $186.6K $202.9K
YoY Change 26.53% -8.03% -15.83%
Total Long-Term Assets $42.77M $45.91M $37.14M
YoY Change 8.62% 23.59% 10.44%
TOTAL ASSETS
Total Short-Term Assets $52.52M $44.96M $40.28M
Total Long-Term Assets $42.77M $45.91M $37.14M
Total Assets $95.30M $90.86M $77.42M
YoY Change 16.37% 17.36% 8.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.690M $3.879M $1.567M
YoY Change 16.26% 147.55% -22.29%
Accrued Expenses $1.203M $987.2K $280.5K
YoY Change 476.58% 251.96% -38.62%
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 $10.41M $8.818M $4.095M
YoY Change 57.63% 115.31% -0.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.100M $2.300M $300.0K
YoY Change 950.0% 666.67% 0.0%
Total Long-Term Liabilities $2.129M $2.402M $356.7K
YoY Change 511.68% 573.27% 7.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.41M $8.818M $4.095M
Total Long-Term Liabilities $2.129M $2.402M $356.7K
Total Liabilities $12.54M $11.22M $4.452M
YoY Change 80.36% 152.0% 0.3%
SHAREHOLDERS EQUITY
Retained Earnings $25.11M $22.06M $15.93M
YoY Change 40.92% 38.48% 40.09%
Common Stock $136.5K $136.5K $136.5K
YoY Change 0.06% -0.04% -0.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $82.75M $79.64M $72.97M
YoY Change
Total Liabilities & Shareholders Equity $95.30M $90.86M $77.42M
YoY Change 16.37% 17.36% 8.37%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $3.050M $2.995M $1.301M
YoY Change 61.38% 130.26% -25.91%
Depreciation, Depletion And Amortization $600.0K $610.0K $550.0K
YoY Change 5.26% 10.91% -1.79%
Cash From Operating Activities $4.220M $140.0K $440.0K
YoY Change -27.49% -68.18% -78.43%
INVESTING ACTIVITIES
Capital Expenditures -$320.0K -$310.0K -$550.0K
YoY Change -77.3% -43.64% 37.5%
Acquisitions
YoY Change
Other Investing Activities $3.440M $690.0K -$1.510M
YoY Change -1533.33% -145.7% 788.24%
Cash From Investing Activities $3.130M $370.0K -$2.060M
YoY Change -289.7% -117.96% 261.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -180.0K 190.0K -260.0K
YoY Change 50.0% -173.08% -80.3%
NET CHANGE
Cash From Operating Activities 4.220M 140.0K 440.0K
Cash From Investing Activities 3.130M 370.0K -2.060M
Cash From Financing Activities -180.0K 190.0K -260.0K
Net Change In Cash 7.170M 700.0K -1.880M
YoY Change 77.04% -137.23% -1353.33%
FREE CASH FLOW
Cash From Operating Activities $4.220M $140.0K $440.0K
Capital Expenditures -$320.0K -$310.0K -$550.0K
Free Cash Flow $4.540M $450.0K $990.0K
YoY Change -37.21% -54.55% -59.43%

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clfd Increase Decrease In Accounts Payable Accrued Expenses And Deferred Rent
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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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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us-gaap Basis Of Accounting
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note <em style="font: inherit;">1.</em> Basis of Presentation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="color: black">The accompanying (a) condensed balance sheet as of <em style="font: inherit;"> September 30, 2019, </em>which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the <em style="font: inherit;">three</em> and <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> June 30, 2020 </em>have been prepared by Clearfield, Inc. (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, results of operations and cash flows of the interim periods presented. </span>Operating results for the interim periods presented are <em style="font: inherit;">not</em> 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. <span style="color: black">These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> September 30, 2019.</em></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparation of the Company’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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Recently Adopted Accounting Pronouncements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective <em style="font: inherit;"> October 1, 2019 </em>we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) <em style="font: inherit;">2016</em>-<em style="font: inherit;">02,</em> <i>Leases</i>, using the effective date method under the modified retrospective approach. The amended guidance requires lessees, at the commencement date, to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis, and to record a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. In <em style="font: inherit;"> July 2018, </em>the FASB issued ASU <em style="font: inherit;">2018</em>-<em style="font: inherit;">11,</em> <i>Leases, Targeted Improvements</i>, which gave companies the option of applying the new standard at the adoption date, rather than retrospectively to the earliest period presented in the financial statements. The Company elected the package of practical expedients permitted under the new standard, which among other things, allowed the Company to carry forward the historical lease classification. The Company also elected the practical expedient to <em style="font: inherit;">not</em> recognize a lease liability and ROU asset for short-term leases less than <em style="font: inherit;">12</em> months. We chose the option to apply the new standard at the adoption date, and therefore we are <em style="font: inherit;">not</em> required to restate the financial statements for prior periods, nor are we required to provide the disclosures required by the new standard for prior periods. Upon adoption, we recognized an approximate $2.4 million right-of-use asset, and an approximate $2.6 million lease liability. Our adoption of the new standard did <em style="font: inherit;">not</em> impact our cash flows or have a material impact on our results of operations. We have expanded our financial statement disclosures to comply with the requirements of the new standard.</p>
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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13524270 USD
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CY2020Q2 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
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CY2019Q3 us-gaap Held To Maturity Securities
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CY2019Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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P4Y2M12D
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121350
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P5Y8M15D
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12.43
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172000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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12.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0 pure
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12.43
us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.58
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
48250
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
13.35
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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12.08
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
24 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25970045 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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21892244 USD
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1 pure
CY2019Q2 clfd Revenues Percent
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1 pure
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0.202 pure
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454000 USD
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CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.259 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.241 pure
clfd Revenues Percent
RevenuesPercent
1 pure
clfd Revenues Percent
RevenuesPercent
1 pure
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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289085 USD
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11340314 USD
CY2019Q3 us-gaap Inventory Raw Materials Net Of Reserves
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CY2020Q2 us-gaap Inventory Work In Process Net Of Reserves
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1384876 USD
CY2019Q3 us-gaap Inventory Work In Process Net Of Reserves
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CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
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2156763 USD
CY2019Q3 us-gaap Inventory Finished Goods Net Of Reserves
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1356720 USD
CY2020Q2 us-gaap Inventory Net
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CY2019Q3 us-gaap Inventory Net
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CY2020Q2 clfd Number Of Patents Granted
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22 pure
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
763000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1076000 USD
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.203 pure
CY2020Q2 us-gaap Operating Lease Expense
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302242 USD
us-gaap Operating Lease Expense
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818508 USD
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202586 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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752423 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
772803 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
744963 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
516725 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
217552 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3207052 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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234833 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2972219 USD
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0348 pure
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
237726 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
574381 USD
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
213922 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
654244 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
643040 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
479213 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
491397 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
503895 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
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CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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217551 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2851816 USD

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