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Clearfield, Inc. Reports Fiscal 2013 2nd Quarter Results

"The Company recently announced new pushable fiber technology with the introduction of FieldShield.  FieldShield enhances our product portfolio with a line of fiber microcable, microduct and associated pushable fiber connectors. While yet early in the market, we are positioning the Company for growth with the emerging trends toward micro-trenching fiber direct to the home, business and tower."

"As we reported last quarter, the Company incurred a higher tax expense compared to a year ago as a result of the release of the deferred tax valuation allowance in fiscal 2012. We do not anticipate further changes to the valuation allowance for deferred taxes in fiscal 2013; as a result, our income statement will now reflect increased income tax expense over the fiscal year 2012. A majority of the tax expense has a non-cash effect on the operating cash flow of the business."

About Clearfield, Inc

Clearfield, Inc. (Nasdaq:CLFD) designs, manufactures and distributes fiber optic management products for the communications networks of leading ILECS, CLECs, MSO/cable TV companies and mobile broadband providers. We help service providers solve the Fiber Puzzle, which is how to reduce high costs associated with deploying, managing, protecting and scaling a fiber optic network to deliver the mobile, residential and business services customers want. Based on the patented Clearview™ Cassette, our unique single-architected, modular fiber management platform is designed to lower the cost of broadband deployment and maintenance by consolidating, protecting and distributing incoming and outgoing fiber circuits and enable our customers to scale their operations as their subscriber revenues increase. Headquartered in Plymouth, MN, Clearfield deploys more than a million fiber ports each year.

Forward-Looking Statements

Forward-looking statements contained herein are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. These statements are based upon the Company's current expectations and judgments about future developments in the Company's business. Certain important factors could have a material impact on the Company's performance, including, without limitation the effect of the significant downturn in the U.S. economy on Clearfield's customers; the impact of the American Recovery and Reinvestment Act or any other legislation on customer demand and purchasing patterns; cyclical selling cycles; need to introduce new products and effectively compete against competitive products; dependence on third-party manufacturers and the availability of raw materials and adequacy of inventories, particularly fiber; reliance on key customers; rapid changes in technology; the negative effect of product defects; the need to protect its intellectual property; the impact on its financial results or stock price of its ability to use its deferred tax asset, consisting primarily of net operating loss carryforwards, to offset future taxable income; the valuation of its goodwill and the effect of its stock price, among other factors, on the evaluation of goodwill; and other factors set forth in Clearfield's Annual Report on Form 10-K for the year ended September 30, 2012 as well as other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements to reflect actual events.

 

CLEARFIELD, INC.
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
     
  Three Months Ended Six Months Ended
  March 31 March 31
  2013 2012 2013 2012
         
Revenues $10,514,368 $7,112,097 $20,779,730 $16,277,298
         
Cost of sales 6,299,043 4,392,668 12,640,145 9,763,587
         
Gross profit 4,215,325 2,719,429 8,139,585 6,513,711
         
Operating expenses        
Selling, general and administrative 3,265,883 2,572,375 6,304,394 5,345,489
Income from operations 949,442 147,054 1,835,191 1,168,222
         
Interest income 22,836 26,363 48,298 53,545
Income before income taxes 972,278 173,417 1,883,489 1,221,767
         
Income tax expense 427,000 41,490 793,000 90,241
         
Net income $545,278 $131,927 $1,090,489 $1,131,526
         
Net income per share:        
Basic $0.05 $0.01 $0.09 $0.09
Diluted $0.04 $0.01 $0.08 $0.09
         
Weighted average shares outstanding:        
Basic 12,503,434 12,331,744 12,489,651 12,315,561
Diluted 12,926,560 12,790,232 12,862,284 12,758,174

 

CLEARFIELD, INC.
CONDENSED BALANCE SHEETS
UNAUDITED
    March 31, 2013   September 30, 2012
Assets    
Current Assets    
Cash and cash equivalents $6,814,133 $5,678,143
Short-term investments 8,443,000 9,107,000
Accounts receivable, net 4,246,997 3,022,636
Inventories 3,742,252 2,971,614
Other current assets 2,055,533 1,965,204
Total current assets 25,301,915 22,744,597
     
Property, plant and equipment, net 1,565,718 1,107,468
     
Other Assets    
Long-term investments 4,261,000 4,572,000
Goodwill 2,570,511 2,570,511
Deferred taxes –long term 5,620,271 6,498,250
Other 259,796 247,512
Total other assets 12,711,578 13,888,273
Total Assets $39,579,211 $37,740,338
     
Liabilities and Shareholders' Equity    
Current Liabilities    
Accounts payable $1,918,397 $1,492,294
Accrued compensation 1,399,915 1,470,232
Accrued expenses 22,186 54,268
Total current liabilities 3,340,498 3,016,794
     
Deferred rent 22,891 37,643
Total Liabilities 3,363,389 3,054,437
  Commitment and contingencies   --   --
  Shareholders' Equity    
Common stock 128,724 124,711
Additional paid-in capital 54,591,089 54,155,670
Accumulated deficit (18,503,991) (19,594,480)
Total Shareholders' Equity 36,215,822 34,685,901
Total Liabilities and Shareholders' Equity $39,579,211 $37,740,338
CONTACT: Cheryl P. Beranek
         Chief Executive Officer and President
         Investor-relations@clfd.net
         763-476-6866

Stock quotes in this article: CLFD 

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