Clearfield, Inc. Reports Third Quarter FY2010 Performance
|* Revenue:||$6.8 million, up 43.5% from last quarter; down 5.3% from|
|previous year's third quarter|
|* Gross profit:||$2.6 million, up 50.2% from last quarter; down 3.0% from|
|previous year's third quarter|
|* Gross margin:||38.4%, up from 37.5% in previous year's third quarter|
|* Operating income:||$611,000, up $68,000 or 12.6% from previous year's third quarter|
|* Net income:||$629,000, up $42,000 or 7.2% from previous year's third quarter|
|* Basic and diluted net income per share:||$.05|
MINNEAPOLIS, July 29, 2010 (GLOBE NEWSWIRE) -- Clearfield, Inc. (Nasdaq:CLFD), the specialist in fiber management solutions for Fiber to the Premises (FTTp) deployments, today announced results for the third fiscal quarter of 2010 which ended June 30, 2010. Net income was $629,000 or $.05 per basic and diluted income per share, up 7.2% from the previous year's third quarter. Operating income rose 12.6% to $611,000, up $68,000 from the previous year's third quarter. Gross margin improvements of nearly 1% as compared to prior year's third quarter off-set a 5.3% reduction in revenue for the quarter as compared to the third quarter of 2009. Revenue for the quarter ended June 30, 2010 was $6,778,000 in comparison to $7,160,000 for the quarter ended June 30, 2009. Gross profit dollars for the third quarter of fiscal 2010 were $2,603,000 in comparison to $2,684,000 for the third quarter of fiscal 2009, a decrease of 3.0%. Gross margins for the quarter improved one percent to 38.4% from the same quarter of last fiscal year. The year-over-year improvement is the result of product mix, material cost improvements and manufacturing efficiency. Operating expenses were $1,993,000, a decrease of 7% from $2,142,000 in the same quarter of fiscal 2009. While the Company continues to invest in sales, marketing and engineering resources during this period, these increased costs were off-set by a $300,000 reduction in incentive compensation expense.
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