$CLFD
Clearfield, Inc.

2022 Q1 Form 10-Q Financial Statement

#000117184322003205 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $53.50M $51.11M $29.69M
YoY Change 80.17% 88.65% 45.49%
Cost Of Revenue $30.33M $28.14M $16.75M
YoY Change 81.08% 78.95% 36.66%
Gross Profit $23.16M $22.97M $12.94M
YoY Change 78.98% 102.06% 58.77%
Gross Profit Margin 43.3% 44.95% 43.59%
Selling, General & Admin $11.23M $9.923M $8.490M
YoY Change 32.31% 29.61% 14.25%
% of Gross Profit 48.49% 43.2% 65.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $723.0K $639.0K $570.0K
YoY Change 26.84% 12.5% -5.0%
% of Gross Profit 3.12% 2.78% 4.4%
Operating Expenses $11.23M $9.923M $8.490M
YoY Change 32.31% 29.61% 14.25%
Operating Profit $11.93M $13.05M $4.452M
YoY Change 167.99% 251.44% 518.19%
Interest Expense $121.0K $120.0K $120.0K
YoY Change 0.83% -7.69% -45.45%
% of Operating Profit 1.01% 0.92% 2.7%
Other Income/Expense, Net
YoY Change
Pretax Income $12.05M $13.17M $4.575M
YoY Change 163.43% 242.32% 387.79%
Income Tax $2.816M $2.780M $935.0K
% Of Pretax Income 23.37% 21.11% 20.44%
Net Earnings $9.236M $10.39M $3.640M
YoY Change 153.74% 228.45% 386.7%
Net Earnings / Revenue 17.27% 20.33% 12.26%
Basic Earnings Per Share $0.67 $0.76 $0.27
Diluted Earnings Per Share $0.66 $0.75 $0.27
COMMON SHARES
Basic Shares Outstanding 13.77M 13.74M 13.73M
Diluted Shares Outstanding 13.90M 13.90M 13.78M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.66M $23.06M $32.30M
YoY Change -54.61% -18.53% 38.63%
Cash & Equivalents $13.92M $12.68M $22.34M
Short-Term Investments $739.0K $10.37M $10.00M
Other Short-Term Assets $1.601M $1.085M $717.6K
YoY Change 123.11% 141.33% 4.32%
Inventory $60.92M $43.57M $14.63M
Prepaid Expenses
Receivables $21.84M $16.33M $13.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $99.02M $84.04M $60.84M
YoY Change 62.76% 60.97% 39.12%
LONG-TERM ASSETS
Property, Plant & Equipment $8.701M $6.574M $4.750M
YoY Change 83.2% 31.41% -14.64%
Goodwill $4.709M $4.709M $4.709M
YoY Change 0.01% 0.01% 0.0%
Intangibles $4.487M $4.547M $4.793M
YoY Change -6.39% -4.22% -3.54%
Long-Term Investments $28.45M $35.19M $25.60M
YoY Change 11.13% 34.84% 1.99%
Other Assets $620.0K $572.0K $262.4K
YoY Change 136.32% 114.62% 35.11%
Total Long-Term Assets $60.95M $53.72M $42.98M
YoY Change 41.81% 22.16% -1.14%
TOTAL ASSETS
Total Short-Term Assets $99.02M $84.04M $60.84M
Total Long-Term Assets $60.95M $53.72M $42.98M
Total Assets $160.0M $137.8M $103.8M
YoY Change 54.09% 43.22% 19.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.02M $12.37M $5.012M
YoY Change 199.76% 562.61% 29.39%
Accrued Expenses $759.0K $4.872M $492.8K
YoY Change 54.03% 155.18% 50.52%
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 $25.35M $22.08M $11.89M
YoY Change 113.19% 184.17% 41.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.19M $1.214M $2.100M
YoY Change 433.05% -47.22% -16.0%
Total Long-Term Liabilities $11.19M $1.214M $2.081M
YoY Change 438.03% -47.39% -19.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.35M $22.08M $11.89M
Total Long-Term Liabilities $11.19M $1.214M $2.081M
Total Liabilities $36.54M $23.29M $13.97M
YoY Change 161.57% 131.15% 27.48%
SHAREHOLDERS EQUITY
Retained Earnings $65.07M $55.83M $31.92M
YoY Change 103.86% 97.44% 67.37%
Common Stock $138.0K $138.0K $137.3K
YoY Change 0.49% 0.53% 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $123.4M $114.5M $89.85M
YoY Change
Total Liabilities & Shareholders Equity $160.0M $137.8M $103.8M
YoY Change 54.09% 43.22% 19.05%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $9.236M $10.39M $3.640M
YoY Change 153.74% 228.45% 386.7%
Depreciation, Depletion And Amortization $723.0K $639.0K $570.0K
YoY Change 26.84% 12.5% -5.0%
Cash From Operating Activities -$11.25M -$34.00K $3.980M
YoY Change -382.61% -101.25% 65.83%
INVESTING ACTIVITIES
Capital Expenditures -$2.791M -$2.051M -$300.0K
YoY Change 830.33% -641.33% -23.08%
Acquisitions
YoY Change
Other Investing Activities $15.41M $1.732M -$260.0K
YoY Change -6025.38% 276.52% -92.76%
Cash From Investing Activities $12.62M -$319.0K -$560.0K
YoY Change -2352.68% -503.8% -85.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $249.0K
YoY Change 39.11%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -126.0K -$181.0K -240.0K
YoY Change -47.5% 92.55% -44.19%
NET CHANGE
Cash From Operating Activities -11.25M -$34.00K 3.980M
Cash From Investing Activities 12.62M -$319.0K -560.0K
Cash From Financing Activities -126.0K -$181.0K -240.0K
Net Change In Cash 1.241M -$534.0K 3.180M
YoY Change -60.97% -119.77% -258.21%
FREE CASH FLOW
Cash From Operating Activities -$11.25M -$34.00K $3.980M
Capital Expenditures -$2.791M -$2.051M -$300.0K
Free Cash Flow -$8.457M $2.017M $4.280M
YoY Change -297.59% -13.7% 53.41%

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CY2021Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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CY2021Q3 us-gaap Stockholders Equity
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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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clfd Stock Issued During Period Value Withholding Related To Stock Options Exercised
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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CY2021Q1 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
6803000 USD
us-gaap Depreciation Depletion And Amortization
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1362000 USD
us-gaap Depreciation Depletion And Amortization
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1139000 USD
us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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210000 USD
us-gaap Accretion Amortization Of Discounts And Premiums Investments
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21000 USD
us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Share Based Compensation
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2398000 USD
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33394000 USD
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219000 USD
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811000 USD
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1240000 USD
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6651000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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12296000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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249000 USD
us-gaap Proceeds From Issuance Of Common Stock
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179000 USD
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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clfd Payments For Proceeds From Tax Withholding Stock Options Exercised
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clfd Payments For Proceeds From Tax Withholding Stock Options Exercised
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456000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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13216000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16450000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
22339000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6934000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2331000 USD
clfd Issuance Of Common Stock Funded Through Shares Sold To Company
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210000 USD
clfd Issuance Of Common Stock Funded Through Shares Sold To Company
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1269000 USD
us-gaap Basis Of Accounting
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Note <em style="font: inherit;">1.</em> Basis of Presentation</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">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> and <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> March 31, 2022 </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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;"><b>New Accounting Pronouncements</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">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>
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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6803000 USD
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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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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2022Q1 clfd Debt Securities Availableforsale Realized Loss Gross
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CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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3373000 USD
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
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CY2022Q1 clfd Debt Securities Available For Sale Other Than Temporary Impairment
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CY2022Q1 us-gaap Available For Sale Securities Debt Securities
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CY2022Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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0
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AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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7482000 USD
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53495000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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29692000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 clfd Revenues Percent
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1 pure
CY2021Q1 clfd Revenues Percent
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1 pure
clfd Revenues Percent
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clfd Revenues Percent
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1 pure
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CY2021Q3 us-gaap Inventory Work In Process
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CY2021Q3 us-gaap Inventory Finished Goods
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CY2021Q3 us-gaap Inventory Valuation Reserves
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CY2022Q1 us-gaap Inventory Net
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CY2021Q3 us-gaap Inventory Net
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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5596000 USD
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q1 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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OperatingLeaseExpense
307000 USD
us-gaap Operating Lease Expense
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836000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
616000 USD
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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2997000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2844000 USD
CY2022Q1 clfd Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1196000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14823000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
871000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13952000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M15D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0305 pure
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M29D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0340 pure
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
238000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
550000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
480000 USD

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0001171843-22-003205.txt Edgar Link pending
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clfd-20220331.xsd Edgar Link pending
clfd-20220331_cal.xml Edgar Link unprocessable
clfd-20220331_def.xml Edgar Link unprocessable
clfd-20220331_lab.xml Edgar Link unprocessable
clfd-20220331_pre.xml Edgar Link unprocessable
clfd20220331_10q.htm Edgar Link pending
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