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Clearfield, Inc. Reports Fiscal 2013 1st Quarter Results

Stocks in this article: CLFD

12% Revenue Gain Sets New Record for 1 st Quarter Sales

Revenues: $10,265,000, up 12% from comparable prior year quarter
Gross Profit: $3,924,000, up 3% from comparable prior year quarter
Operating Income: $886,000, down 13% from comparable prior year quarter
Net Income per Diluted Share: $0.04
Balance Sheet: $19,325,000 in cash, cash equivalents and investments at December 31, 2012 and no debt

MINNEAPOLIS, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Clearfield, Inc. (Nasdaq:CLFD), the specialist in fiber management and connectivity platforms for communications providers, today announced results for its first quarter of fiscal year 2013, which ended December 31, 2012. Revenue for the first quarter 2013 was $10,265,000 in comparison to $9,165,000 for the first quarter 2012, an increase of 12%. Gross profit was $3,924,000 for the first quarter of 2013, in comparison to $3,794,000 for the first quarter of 2012, an increase of 3%. Gross margin for the first quarter 2013 was 38.2%, down from 41.4% in first quarter 2012. Operating expenses were $3,039,000 for the first quarter 2013, in comparison to $2,773,000 from the first quarter 2012, an increase of 10%. Operating income was $886,000 for the first quarter of fiscal 2013, down $135,000, or 13%, from $1,021,000 recorded in the first quarter of 2012. Income tax expense was $366,000 for the first quarter of 2013, an increase of $317,000 from $49,000 recorded in the first quarter of 2012. Net income was $545,000 for the first quarter 2013, compared to net income of $1,000,000 in the first quarter 2012.

Orders in Backlog and Select Balance Sheet Highlights

Orders in backlog as of December 31, 2012 totaled $2,003,000 in comparison to $1,698,000 as of December 31, 2011, an increase of $305,000, or 18%. Cash, cash equivalents and investments at December 31, 2012 totaled $19,325,000 compared to $19,357,000 for the quarter ending September 30, 2012. The Company has no debt.

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