$CLFD
Clearfield, Inc.

2021 Q4 Form 10-Q Financial Statement

#000117184322000702 Filed on February 02, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4
Revenue $51.11M $27.09M
YoY Change 88.65% 39.81%
Cost Of Revenue $28.14M $15.72M
YoY Change 78.95% 34.96%
Gross Profit $22.97M $11.37M
YoY Change 102.06% 47.12%
Gross Profit Margin 44.95% 41.96%
Selling, General & Admin $9.923M $7.656M
YoY Change 29.61% 4.5%
% of Gross Profit 43.2% 67.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $639.0K $568.0K
YoY Change 12.5% -6.42%
% of Gross Profit 2.78% 5.0%
Operating Expenses $9.923M $7.656M
YoY Change 29.61% 4.5%
Operating Profit $13.05M $3.713M
YoY Change 251.44% 826.13%
Interest Expense $120.0K $130.0K
YoY Change -7.69% -40.91%
% of Operating Profit 0.92% 3.5%
Other Income/Expense, Net
YoY Change
Pretax Income $13.17M $3.847M
YoY Change 242.32% 516.35%
Income Tax $2.780M $684.0K
% Of Pretax Income 21.11% 17.78%
Net Earnings $10.39M $3.163M
YoY Change 228.45% 531.14%
Net Earnings / Revenue 20.33% 11.68%
Basic Earnings Per Share $0.76 $0.23
Diluted Earnings Per Share $0.75 $0.23
COMMON SHARES
Basic Shares Outstanding 13.74M 13.69M
Diluted Shares Outstanding 13.90M 13.70M

Balance Sheet

Concept 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.06M $28.30M
YoY Change -18.53% 12.75%
Cash & Equivalents $12.68M $19.15M
Short-Term Investments $10.37M $9.100M
Other Short-Term Assets $1.085M $449.6K
YoY Change 141.33% -45.51%
Inventory $43.57M $13.69M
Prepaid Expenses
Receivables $16.33M $9.798M
Other Receivables $0.00 $0.00
Total Short-Term Assets $84.04M $52.21M
YoY Change 60.97% 19.77%
LONG-TERM ASSETS
Property, Plant & Equipment $6.574M $5.003M
YoY Change 31.41% -11.96%
Goodwill $4.709M $4.709M
YoY Change 0.01% 0.0%
Intangibles $4.547M $4.747M
YoY Change -4.22% -6.17%
Long-Term Investments $35.19M $26.10M
YoY Change 34.84% 20.28%
Other Assets $572.0K $266.5K
YoY Change 114.62% 31.59%
Total Long-Term Assets $53.72M $43.98M
YoY Change 22.16% 11.13%
TOTAL ASSETS
Total Short-Term Assets $84.04M $52.21M
Total Long-Term Assets $53.72M $43.98M
Total Assets $137.8M $96.19M
YoY Change 43.22% 15.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.37M $1.866M
YoY Change 562.61% -19.42%
Accrued Expenses $4.872M $1.909M
YoY Change 155.18% 483.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.08M $7.769M
YoY Change 184.17% 47.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.214M $2.300M
YoY Change -47.22% 21.05%
Total Long-Term Liabilities $1.214M $2.307M
YoY Change -47.39% 13.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.08M $7.769M
Total Long-Term Liabilities $1.214M $2.307M
Total Liabilities $23.29M $10.08M
YoY Change 131.15% 37.62%
SHAREHOLDERS EQUITY
Retained Earnings $55.83M $28.28M
YoY Change 97.44% 54.34%
Common Stock $138.0K $137.3K
YoY Change 0.53% 0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.5M $86.11M
YoY Change
Total Liabilities & Shareholders Equity $137.8M $96.19M
YoY Change 43.22% 15.66%

Cashflow Statement

Concept 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income $10.39M $3.163M
YoY Change 228.45% 531.14%
Depreciation, Depletion And Amortization $639.0K $568.0K
YoY Change 12.5% -6.42%
Cash From Operating Activities -$34.00K $2.716M
YoY Change -101.25% -2820.6%
INVESTING ACTIVITIES
Capital Expenditures -$2.051M $378.9K
YoY Change -641.33% -51.95%
Acquisitions
YoY Change
Other Investing Activities $1.732M $460.0K
YoY Change 276.52% -62.6%
Cash From Investing Activities -$319.0K $79.00K
YoY Change -503.8% -81.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $249.0K $179.0K
YoY Change 39.11% 5.51%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$181.0K -$94.00K
YoY Change 92.55% -156.48%
NET CHANGE
Cash From Operating Activities -$34.00K $2.716M
Cash From Investing Activities -$319.0K $79.00K
Cash From Financing Activities -$181.0K -$94.00K
Net Change In Cash -$534.0K $2.701M
YoY Change -119.77% 434.71%
FREE CASH FLOW
Cash From Operating Activities -$34.00K $2.716M
Capital Expenditures -$2.051M $378.9K
Free Cash Flow $2.017M $2.337M
YoY Change -13.7% -363.1%

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CY2021Q4 us-gaap Basis Of Accounting
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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, 2021, </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> months ended <em style="font: inherit;"> December 31, 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, 2021.</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;"><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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">In <em style="font: inherit;"> June 2016, </em>the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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>
CY2021Q3 us-gaap Debt Securities Held To Maturity Amortized Cost After Allowance For Credit Loss
DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLoss
47287000 USD
CY2020Q4 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
4282
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13897787
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13696815
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.76
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
10389000 USD
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
3163000 USD
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13743503
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13692533
CY2021Q4 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
154284
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2021Q4 us-gaap Held To Maturity Securities Debt Maturities Within One Year Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount
10373000 USD
CY2021Q3 us-gaap Held To Maturity Securities Debt Maturities Within One Year Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount
10374000 USD
CY2021Q4 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount
35192000 USD
CY2021Q3 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount
36913000 USD
CY2021Q4 us-gaap Debt Securities Held To Maturity Amortized Cost After Allowance For Credit Loss
DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLoss
45565000 USD
CY2021Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
440000 USD
CY2020Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
289000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4935000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
62730
CY2021Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
66.48
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
105089
CY2020Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
23.74
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5202 pure
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0097 pure
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y6M
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
301514
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.25
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
62730
CY2021Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
66.48
CY2021Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
6826
CY2021Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13.57
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
-0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
357418
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
25.12
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y3M25D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10911000 USD
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
51109000 USD
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27092000 USD
CY2021Q4 clfd Revenues Percent
RevenuesPercent
1 pure
CY2020Q4 clfd Revenues Percent
RevenuesPercent
1 pure
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
79000 USD
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
35216000 USD
CY2021Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
23072000 USD
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
3629000 USD
CY2021Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
2482000 USD
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
6238000 USD
CY2021Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3361000 USD
CY2021Q4 us-gaap Inventory Gross
InventoryGross
45083000 USD
CY2021Q3 us-gaap Inventory Gross
InventoryGross
28915000 USD
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1509000 USD
CY2021Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1391000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
43574000 USD
CY2021Q3 us-gaap Inventory Net
InventoryNet
27524000 USD
CY2021Q4 clfd Number Of Patents Granted
NumberOfPatentsGranted
31 pure
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
684000 USD
CY2020Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.178 pure
CY2021Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
340000 USD
CY2020Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
308000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
578000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
703000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
517000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
218000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 USD
CY2021Q4 clfd Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
0 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2016000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
99000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1916000 USD
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M25D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0341 pure
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M21D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0340 pure

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