$CLFD
Clearfield, Inc.

2021 Q3 Form 10-Q Financial Statement

#000117184321005051 Filed on July 23, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q3
Revenue $45.24M $38.74M $27.32M
YoY Change 65.58% 49.15% 13.98%
Cost Of Revenue $25.51M $21.60M $16.07M
YoY Change 58.72% 42.28% 9.62%
Gross Profit $19.73M $17.14M $11.25M
YoY Change 75.37% 58.82% 20.97%
Gross Profit Margin 43.61% 44.24% 41.18%
Selling, General & Admin $10.36M $9.435M $7.570M
YoY Change 36.89% 30.91% 6.17%
% of Gross Profit 52.52% 55.06% 67.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $576.3K $585.5K $600.0K
YoY Change -3.95% -4.01% 5.26%
% of Gross Profit 2.92% 3.42% 5.33%
Operating Expenses $10.36M $9.435M $7.570M
YoY Change 36.89% 30.91% 6.17%
Operating Profit $9.367M $7.702M $3.680M
YoY Change 154.54% 114.96% 69.59%
Interest Expense $121.9K $121.2K $160.0K
YoY Change -23.84% -28.7% -27.27%
% of Operating Profit 1.3% 1.57% 4.35%
Other Income/Expense, Net
YoY Change
Pretax Income $9.489M $7.823M $3.840M
YoY Change 147.11% 108.19% 60.0%
Income Tax $2.063M $1.725M $790.0K
% Of Pretax Income 21.74% 22.05% 20.57%
Net Earnings $7.426M $6.098M $3.050M
YoY Change 143.48% 103.64% 61.38%
Net Earnings / Revenue 16.42% 15.74% 11.16%
Basic Earnings Per Share $0.44
Diluted Earnings Per Share $536.2K $0.44 $217.2K
COMMON SHARES
Basic Shares Outstanding 13.74M 13.73M 13.65M
Diluted Shares Outstanding 13.81M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.59M $32.17M $27.00M
YoY Change -12.63% 57.7% 14.41%
Cash & Equivalents $13.22M $21.31M $16.45M
Short-Term Investments $10.37M $10.86M $10.60M
Other Short-Term Assets $954.0K $652.3K $585.4K
YoY Change 62.96% 8.23% -23.89%
Inventory $27.52M $20.98M $14.41M
Prepaid Expenses
Receivables $19.44M $16.18M $10.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $71.51M $69.98M $52.52M
YoY Change 36.14% 55.67% 23.56%
LONG-TERM ASSETS
Property, Plant & Equipment $4.998M $4.925M $4.953M
YoY Change 0.91% -8.01% -8.51%
Goodwill $4.709M $4.709M $4.709M
YoY Change 0.01% 0.0% 0.0%
Intangibles $4.696M $4.765M $4.986M
YoY Change -5.82% -2.25% -3.13%
Long-Term Investments $36.91M $26.72M $25.10M
YoY Change 47.06% -4.91% 5.02%
Other Assets $420.0K $259.5K $266.9K
YoY Change 57.39% 39.11% 26.53%
Total Long-Term Assets $54.41M $44.07M $42.77M
YoY Change 27.19% -3.99% 8.62%
TOTAL ASSETS
Total Short-Term Assets $71.51M $69.98M $52.52M
Total Long-Term Assets $54.41M $44.07M $42.77M
Total Assets $125.9M $114.1M $95.30M
YoY Change 32.13% 25.53% 16.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.215M $6.648M $3.690M
YoY Change 149.76% 71.4% 16.26%
Accrued Expenses $1.613M $1.151M $1.203M
YoY Change 34.11% 16.56% 476.58%
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 $20.47M $15.71M $10.41M
YoY Change 96.57% 78.22% 57.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.615M $1.849M $2.100M
YoY Change -23.08% -19.61% 950.0%
Total Long-Term Liabilities $1.615M $1.849M $2.129M
YoY Change -24.14% -23.0% 511.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.47M $15.71M $10.41M
Total Long-Term Liabilities $1.615M $1.849M $2.129M
Total Liabilities $22.09M $17.56M $12.54M
YoY Change 76.07% 56.55% 80.36%
SHAREHOLDERS EQUITY
Retained Earnings $45.44M $38.02M $25.11M
YoY Change 80.94% 72.29% 40.92%
Common Stock $137.0K $137.4K $136.5K
YoY Change 0.37% 0.7% 0.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $103.8M $96.49M $82.75M
YoY Change
Total Liabilities & Shareholders Equity $125.9M $114.1M $95.30M
YoY Change 32.13% 25.53% 16.37%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q3
OPERATING ACTIVITIES
Net Income $7.426M $6.098M $3.050M
YoY Change 143.48% 103.64% 61.38%
Depreciation, Depletion And Amortization $576.3K $585.5K $600.0K
YoY Change -3.95% -4.01% 5.26%
Cash From Operating Activities $2.786M $1.417M $4.220M
YoY Change -33.99% 912.26% -27.49%
INVESTING ACTIVITIES
Capital Expenditures -$770.9K -$595.1K -$320.0K
YoY Change 140.9% 91.97% -77.3%
Acquisitions
YoY Change
Other Investing Activities -$9.694M -$2.060M $3.440M
YoY Change -381.81% -398.5% -1533.33%
Cash From Investing Activities -$10.46M -$2.655M $3.130M
YoY Change -434.34% -817.51% -289.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -409.8K 203.4K -180.0K
YoY Change 127.67% 7.03% 50.0%
NET CHANGE
Cash From Operating Activities 2.786M 1.417M 4.220M
Cash From Investing Activities -10.46M -2.655M 3.130M
Cash From Financing Activities -409.8K 203.4K -180.0K
Net Change In Cash -8.089M -1.034M 7.170M
YoY Change -212.82% -247.75% 77.04%
FREE CASH FLOW
Cash From Operating Activities $2.786M $1.417M $4.220M
Capital Expenditures -$770.9K -$595.1K -$320.0K
Free Cash Flow $3.557M $2.012M $4.540M
YoY Change -21.66% 347.17% -37.21%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Note <em style="font: inherit;">1.</em> Basis of Presentation</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The accompanying (a) condensed balance sheet as of <em style="font: inherit;"> September 30, 2020, </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, 2021 </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. 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. 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, 2020.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">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-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">For the purposes of comparability, certain prior period amounts have been reclassified to conform to current period classification. There was <em style="font: inherit;">no</em> impact to prior period net income or shareholders’ equity.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>New Accounting Pronouncements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">In <em style="font: inherit;"> January 2017, </em>the FASB issued ASU <em style="font: inherit;">2017</em>-<em style="font: inherit;">04,</em> Intangibles-Goodwill, which offers amended guidance to simplify the accounting for goodwill impairment by removing Step <em style="font: inherit;">2</em> of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company’s interim and annual periods beginning after <em style="font: inherit;"> December 15, 2019. </em>The new guidance is effective for the Company beginning in the <em style="font: inherit;">first</em> quarter of fiscal <em style="font: inherit;">2021.</em> The adoption of ASU <em style="font: inherit;">2017</em>-<em style="font: inherit;">04</em> in the <em style="font: inherit;">first</em> quarter of fiscal <em style="font: inherit;">2021</em> did <em style="font: inherit;">not</em> have a material impact on the Company’s financial statements.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">In <em style="font: inherit;"> June 2016, </em>the FASB issued ASU <em style="font: inherit;">2016</em>-<em style="font: inherit;">13,</em> Measurement of Credit Losses on Financial Instruments. In <em style="font: inherit;"> November 2018, </em>the FASB issued update ASU <em style="font: inherit;">2018</em>-<em style="font: inherit;">19</em> that clarifies the scope of the standard in the amendments in ASU <em style="font: inherit;">2016</em>-<em style="font: inherit;">13.</em> This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Financial instruments impacted include accounts receivable, trade receivables, other financial assets measured at amortized cost and other off-balance sheet credit exposures. The new guidance is effective for the Company beginning in the <em style="font: inherit;">first</em> quarter of fiscal <em style="font: inherit;">2023,</em> with early adoption permitted. The Company is evaluating the impact of the adoption of ASU <em style="font: inherit;">2016</em>-<em style="font: inherit;">13</em> on its financial statements.</p>
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us-gaap Operating Lease Payments
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