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Clearfield, Inc. Reports Fiscal 2013 3rd Quarter Results

Year to Date Performance

Revenue for the nine month period ending June 30, 2013, was $34,314,000 in comparison to $27,071,000 for the comparable period in fiscal 2012, an increase of 27%. Gross profit was $13,769,000 for the nine month period ending June 30, 2013, in comparison to $11,070,000, an increase of 24%. Gross profit percent for the period was 40.1% in comparison to 40.9% for the comparable period in 2012. Operating expenses were $10,137,000 for the nine month period ending June 30, 2013, in comparison to $8,120,000 in the comparable period in 2012, an increase of 25%. Operating income was $3,631,000 for the nine month period ending June 30, 2013, up $681,000, or 23%, from $2,951,000 recorded in the comparable period in 2012. Income tax expense was $1,464,000 for the nine month period ending June 30, 2013, an increase of $1,309,000 from $155,000 recorded in the comparable period in 2012. Net income was $2,237,000 for the nine month period ending June 30, 2013, compared to $2,873,000 for the similar period in 2012.

Orders in Backlog and Select Balance Sheet Highlights

Orders in backlog as of June 30, 2013, totaled $11,451,000 in comparison to $4,630,000 as of March 31, 2013, an increase of 147%, and $2,806,000 as of June 30, 2012, an increase of $8,645,000, or 308%. Cash, cash equivalents and investments at June 30, 2013, totaled $20,547,000 compared to $19,357,000 at September 30, 2012. The Company has no debt.

Commentary- Cheryl Beranek, President & CEO of Clearfield

"A strong backlog coming into the quarter, coupled with a significant increase in domestic and international fiber-to-the-x business, pushed the company's revenue and operating income to new record levels. Revenue growth was achieved across all major products categories and markets. We are seeing an increasing confidence from broadband service providers as take-rates for fiber builds continue to climb. To ensure ease of access as well as consolidated shipment of materials, we have experienced an increasing number of purchase orders with longer term delivery dates. The resulting backlog at the end of the third quarter reflects a number of large orders from a single customer, as well as an increase in fiber builds generally. We have expanded our manufacturing and warehouse operations to allow us to continue to provide nimble response and industry-leading lead-times of two weeks or less as required by our customers, while also responding to these project-based opportunities." 

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