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Increase in income tax expense in fiscal 2013 due to the reversal of a substantial portion of the remaining valuation allowance of the deferred tax assets in fiscal 2012, which had a primarily non-cash effect on the operating cash flow. In fiscal 2013, net cash paid for income taxes was $154,000, compared to $164,000 in fiscal 2012.
Balance Sheet: $22,570,000 in cash and investments at September 30, 2013 with no debt.
MINNEAPOLIS, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Clearfield, Inc. (Nasdaq:CLFD), the specialist in fiber management and connectivity platforms for communications providers, today announced results for its fiscal year 2013 and the fourth quarter of fiscal year 2013, which ended September 30, 2013.
Year to Date Performance
Revenue for fiscal year 2013 was $53,353,000 in comparison to $37,474,000 for fiscal 2012, an increase of 42%. Gross profit was $21,990,000 for fiscal 2013, in comparison to $15,286,000 for fiscal 2012, an increase of 44%. Gross margin for fiscal 2013 was 41.2% in comparison to 40.8% in fiscal 2012. Operating expenses were $14,545,000 for fiscal 2013, in comparison to $11,011,000 in fiscal 2012, an increase of 32%. Pre-tax income was $7,537,000, up $3,160,000, or approximately 72%, from fiscal year 2012 in which $4,377,000 was recorded. Net income was $4,734,000 or $0.36 per diluted share for fiscal 2013, compared to $7,701,000 or $0.60 per diluted share in fiscal year 2012, a decrease of 39%.