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Clearfield, Inc. Reports Fiscal 2010 4th Quarter And Year-End Results

  • FY 2010 Net Revenues: $24.4 million
  • FY 2010 Gross Profit: $ 9.1  million
  • FY 2010 Income from Operations: $ 1.1  million
  • FY 2010 Net Income: $ 1.2  million, or 9 cents per share diluted

MINNEAPOLIS, Nov. 11, 2010 (GLOBE NEWSWIRE) -- Clearfield, Inc. (Nasdaq:CLFD) today announced results for the fourth quarter and fiscal year ended September 30, 2010. 

Revenue for the fourth quarter of fiscal 2010 was $7,921,000 in comparison to $6,619,000 for the fourth quarter of fiscal 2009, an increase of 20%. Gross profit was $3,099,000 for the fourth quarter of fiscal 2010 in comparison to $2,354,000 for the prior year fourth quarter, an increase of 32%. Gross profit as a percentage of revenue for quarter ended September 30, 2010 was 39.0%, up 3.6% from the quarter ended September 30, 2009. Income from operations was $832,000 in the quarter ended September 30, 2010, versus $332,000 in the year ago period, an increase of $500,000, or 151%. Net income was $820,000 in the quarter ended September 30, 2010, compared to $2,849,000 in the fourth quarter of fiscal 2009. The fiscal 2009 fourth quarter net income included an income tax benefit of $2,464,000 as a result of a reduction of the valuation allowance against the Company's net deferred tax assets. Income before this income tax benefit for the fourth quarter of 2009 was $378,000. Income before income tax-expense in the fourth quarter of 2010 was 864,000.

Revenue for fiscal year 2010 was $24,367,000 in comparison to $24,945,000 for fiscal year 2009, a decrease of 2%. Gross profit was $9,138,000 for fiscal year 2010 in comparison to $8,871,000 for the prior year, an increase of 3%. Gross profit as a percentage of revenue for the year ended September 30, 2010 was 37.5%, up 1.9% from the year ended September 30, 2009. Income from operations for fiscal 2010 was $1,123,000, versus $1,211,000 in the year ago period, a decrease of 7%. Net income was $1,181,000 in the year ended September 30, 2010, compared to $3,785,000 in fiscal year 2009. Fiscal 2009 net income included the recording of an income tax benefit of $2,464,000 as a result of a reduction of the valuation allowance against the Company's net deferred tax assets. Income before this tax benefit for the fiscal year 2009 was $1,412,000. Income before income tax expense in 2010 was $1,302,000.

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