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Clearfield, Inc. Reports Fiscal 2013 2nd Quarter Results

Stocks in this article: CLFD

Year to Date Performance

Revenue for the six month period ending March 31, 2013, was $20,780,000 in comparison to $16,277,000 for the comparable period in fiscal 2012, an increase of 28%. Gross profit was $8,140,000 for the six month period ending March 31, 2013, in comparison to $6,514,000, an increase of 25%. Gross profit percent for the period was 39.2% in comparison to 40.0% for the comparable period in 2012. Operating expenses were $6,304,000 for the six month period ending March 31, 2013, in comparison to $5,345,000 in the comparable period in 2012, an increase of 18%. Operating income was $1,835,000 for the six month period ending March 31, 2013, up $667,000, or 57%, from $1,168,000 recorded in the comparable period in 2012. Income tax expense was $793,000 for the six month period ending March 31, 2013, an increase of $703,000 from $90,000 recorded in the comparable period in 2012. Net income was $1,090,000 for the six month period ending March 31, 2013, compared to $1,132,000 for the similar period in 2012.

Orders in Backlog and Select Balance Sheet Highlights

Orders in backlog as of March 31, 2013, totaled $4,630,000 in comparison to $2,003,000 as of December 31, 2012, an increase of 131%, and $3,014,000 as of March 31, 2012, an increase of $1,636,000, or 54%. Cash, cash equivalents and investments at March 31, 2013, totaled $19,518,000 compared to $19,357,000 for the quarter ending September 30, 2012. The Company has no debt.

Commentary - Cheryl Beranek, President & CEO of Clearfield

"Record second-quarter revenue and gross margin dollars were driven by fiber-to-the-home and fiber-to-the-business projects within the U.S. with incremental revenue from emerging international markets. The company also experienced success in meeting the fiber connectivity and management needs associated with the delivery of fiber to the cell tower and antenna.  Strong continued relationships with both our direct customers as well as our distribution channel contributed to the Company's growth.

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