Clearfield Reports Fiscal Fourth Quarter And Full Year 2016 Results

MINNEAPOLIS, Nov. 10, 2016 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ:CLFD), the specialist in fiber management and connectivity platforms for communication service providers, reported results for the fiscal fourth quarter and year ended September 30, 2016.
         
Fiscal Q4 2016 Financial Summary
(in millions except per share data and percentages) Q4 2016 vs. Q4 2015 Change Change (%)
Revenue $   21.1   $   15.8   $   5.3     33 %
         
Gross Profit $   9.6   $   6.6   $   3.0     46 %
Gross Margin   45.5 %   41.7 %   3.8 %   9 %
         
Pre-Tax Income $   3.2   $   2.1   $   1.1     56 %
Income Tax Expense $   0.5   $   0.7   $   (0.2 )   -24 %
         
Net Income $   2.7   $   1.4   $   1.3     95 %
Net Income per Diluted Share $   0.20   $   0.10   $   0.10     100 %
         
Fiscal 2016 Financial Summary
(in millions except per share data and percentages)   2016   vs. 2015 Change Change (%)
Revenue $   75.3   $   60.3   $   15.0     25 %
         
Gross Profit $   32.9   $   24.9   $   8.0     32 %
Gross Margin   43.7 %   41.2 %   2.5 %   6 %
         
Pre-Tax Income $   10.9   $   7.2   $   3.7     52 %
Income Tax Expense $   2.9   $   2.5   $   0.4     16 %
         
Net Income $   8.0   $   4.7   $   3.3     71 %
Net Income per Diluted Share $   0.59   $   0.34   $   0.25     74 %
         

Fiscal Q4 2016 Financial ResultsRevenue for the fourth quarter of fiscal 2016 increased 33% to $21.1 million from $15.8 million in the same year-ago quarter. The improvement was primarily due to increased deployments by the Company's wireline, wireless and cable TV customers, as well as a higher level of project work within the municipality and alternative carrier service provider markets.

Gross profit increased 46% to $9.6 million, or 45.5% of revenue, from $6.6 million, or 41.7% of revenue, in the fiscal fourth quarter of 2015. The increases in gross profit and gross margin for the quarter were due to increased volume over the prior quarter, as well as a higher percentage of sales associated with the integration of optical components within our product line, which typically have higher margins.

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