|
|
|
|
Second Quarter |
Year to Date |
Revenues: |
$13,214,000 up 26% from second quarter
2013 |
$29,361,000 up 41% from first half
2013 |
Gross Profit: |
$5,721,000 up 36% from second quarter
2013 |
$12,658,000 up 56% from first half
2013 |
Pre-tax Income: |
$1,940,000 up 100% from second quarter
2013 |
$5,033,000 up 167% from first half
2013 |
Net Income |
$1,226,000 up 125% from second quarter
2013 |
$3,209,000 up 194% from first half
2013 |
Net Income per Diluted Share: |
$0.09 per diluted share |
$0.24 per diluted share |
Balance Sheet: $32,633,000 in cash, cash equivalents and short
and long-term investments at March 31, 2014 and no
debt.
MINNEAPOLIS, April 24, 2014 (GLOBE NEWSWIRE) -- Clearfield,
Inc. (Nasdaq:CLFD), the specialist in fiber management and
connectivity platforms for communications providers, today
announced results for its second quarter of fiscal year 2014, which
ended March 31, 2014.
Revenue for the second quarter 2014 was $13,214,000 in
comparison to $10,514,000 for the second quarter 2013, an increase
of 26%. Gross profit was $5,721,000 for the second quarter of 2014,
in comparison to $4,215,000 for the second quarter of 2013, an
increase of 36%. Gross profit percent for the second quarter 2014
was 43.3%, up from 40.1% in second quarter 2013. Operating expenses
were $3,805,000 for the second quarter 2014, in comparison to
$3,266,000 from the second quarter 2013, an increase of 17%.
Pre-tax income was $1,940,000 for the second quarter of 2014, up
$968,000, or 100%, from $972,000 recorded in the second quarter of
2013. Income tax expense was $714,000 for the second quarter of
2014, an increase of $287,000 from $427,000 recorded in the second
quarter of 2013. Net income was $1,226,000 for the second quarter
2014, compared to net income of $545,000 in the second quarter
2013.
Year to Date Performance
Revenue for the six month period ending March 31, 2014, was
$29,361,000 in comparison to $20,780,000 for the comparable period
in 2013, an increase of 41%. Gross profit was $12,658,000 for the
six month period ending March 31, 2014, in comparison to $8,140,000
for the comparable period in 2013, an increase of 56%. Gross profit
percent for the six months ending March 31, 2014 was 43.1% in
comparison to 39.2% for the comparable period in 2013. Operating
expenses were $7,670,000 for the six month period ending March 31,
2014, in comparison to $6,304,000 in the comparable period in 2013,
an increase of 22%. Pre-tax income was $5,033,000 for the six month
period ending March 31, 2014, up $3,149,000, or 167%, from
$1,884,000 recorded in the comparable period in 2013. Income tax
expense was $1,824,000 for the six month period ending March 31,
2014, an increase of $1,031,000 from $793,000 recorded in the
comparable period in 2013. Net income was $3,209,000 for the six
month period ending March 31, 2014, compared to $1,090,000 for the
similar period in 2013.
Orders in Backlog and Select Balance Sheet
Highlights
Orders in backlog as of March 31, 2014, totaled $2,735,000 in
comparison to $4,991,000 as of December 31, 2013, a decrease of
45%, and $4,630,000 as of March 31, 2013, a decrease of 41%. Cash,
cash equivalents and short and long-term investments at March 31,
2014, totaled $32,633,000 compared to $22,570,000 at September 30,
2013. The Company has no debt.
Commentary- Cheryl Beranek, President & CEO of
Clearfield
"Increases in revenues for the 2014 second quarter were led by
sales of $2.2 million dollars into international regions, an
increase of more than 250% for those markets. Products were
shipped to ongoing builds in Panama, Trinidad, Cayman Islands,
Barbados, and Honduras. Sales to customers outside of the U.S.
represented 17% of sales for the quarter and 11% year to date. Of
significance, more than half of those revenues were associated with
the deployment of FieldShield, our new pushable fiber delivery
product line, announced last spring. FieldShield simplifies the
installation and reduces the cost of broadband deployment. When
announced, we indicated that FieldShield doubles our revenue
potential per home connected to fiber. We believe these
international sales demonstrate the early successes the Company is
experiencing with this product offering."
"Domestic sales were up 11% for the quarter. Instrumental to
these revenue gains was an increase in sales of $716K in sales to
our largest customer, which represented 22% of total sales for the
second quarter of 2014. Domestic sales outside of our largest
customer were slightly up for the quarter, reversing a small dip in
the first quarter. The difficult and lengthy winter across the
United States has affected business throughout the country, but we
anticipate this to be resolved as the construction season develops.
The resulting decrease in backlog numbers reflects these
construction delays, yet current market development and quoting
activity is strong. As Clearfield's business model is based on a
book and ship process, our rapid delivery times, on average only
eight days from receipt of purchase order, enables Clearfield to be
well positioned to capitalize on accelerating customer demand in
the spring and summer quarters."
"As our business grows, we are embracing the opportunities
to expand our base of influence with the strategic partnership of
targeted distribution partners. Allowing our end-user service
provider customers to purchase through a distributor or directly
through Clearfield, provides our end-user customer the choice that
best meets their business needs and allows Clearfield to best scale
our operations. In second quarter, our sales through distribution
increased to 40% of sales, in comparison to 37% in the same quarter
last year. An ongoing and continual focus on lowering our cost
of goods, through aggressive new product development, manufacturing
improvements and product sourcing programs, allowed us to support
the pricing models of distribution while improving our gross margin
percentage by more than three points during the period. Our
focus on reducing not only our cost of goods but also on delivering
solutions that reduce the cost of deployment for our customers
results in a strong value proposition for our customer
communities."
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; the
effectiveness of distributors and new selling channels; dependence
on third-party manufacturers and the availability of raw materials,
particularly fiber; the success of efforts to reduce expenses
through manufacturing improvements and procurement; 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 assets, 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, 2013 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 |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Net sales |
$13,213,855 |
$10,514,368 |
$29,361,477 |
$20,779,730 |
|
|
|
|
|
Cost of sales |
7,493,292 |
6,299,043 |
16,703,269 |
12,640,145 |
|
|
|
|
|
Gross profit |
5,720,563 |
4,215,325 |
12,658,208 |
8,139,585 |
|
|
|
|
|
Operating expenses |
|
|
|
|
Selling, general and administrative |
3,805,011 |
3,265,883 |
7,670,030 |
6,304,394 |
Income from operations |
1,915,552 |
949,442 |
4,988,178 |
1,835,191 |
|
|
|
|
|
Interest income |
24,753 |
22,836 |
44,453 |
48,298 |
Income before income taxes |
1,940,305 |
972,278 |
5,032,631 |
1,883,489 |
|
|
|
|
|
Income tax expense |
714,000 |
427,000 |
1,824,000 |
793,000 |
|
|
|
|
|
Net income |
$1,226,305 |
$545,278 |
$3,208,631 |
$1,090,489 |
|
|
|
|
|
Net income per share: |
|
|
|
|
Basic |
$0.09 |
$0.05 |
$0.25 |
$0.09 |
Diluted |
$0.09 |
$0.04 |
$0.24 |
$0.08 |
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
Basic |
12,746,904 |
12,503,434 |
12,717,842 |
12,489,651 |
Diluted |
13,613,287 |
12,926,560 |
13,580,117 |
12,862,284 |
CLEARFIELD,
INC. |
CONDENSED BALANCE
SHEETS |
|
|
(Unaudited) March 31, 2014 |
(Audited) September 30, 2013 |
Assets |
|
|
Current Assets |
|
|
Cash and cash equivalents |
$17,127,004 |
$9,807,957 |
Short-term investments |
5,981,000 |
5,992,000 |
Accounts receivable, net |
3,429,504 |
7,837,543 |
Inventories, net |
4,855,899 |
5,626,764 |
Other current assets |
4,896,694 |
4,932,939 |
Total current assets |
36,290,101 |
34,197,203 |
|
|
|
Property, plant and equipment, net |
1,783,233 |
1,796,812 |
|
|
|
Other Assets |
|
|
Long-term investments |
9,525,000 |
6,770,000 |
Goodwill |
2,570,511 |
2,570,511 |
Deferred taxes – long-term |
-- |
810,573 |
Other long-term assets |
299,136 |
268,240 |
Total other assets |
12,394,647 |
10,419,324 |
Total Assets |
$50,467,981 |
$46,413,339 |
|
|
|
Liabilities and Shareholders' Equity |
|
|
Current Liabilities |
|
|
Accounts payable |
$1,915,971 |
$2,627,764 |
Accrued compensation |
1,902,462 |
3,522,907 |
Other current liabilities |
2,740,235 |
163,531 |
Total current liabilities |
6,558,668 |
6,314,202 |
|
|
|
Other Liabilities |
|
|
Deferred taxes – long-term |
186,314 |
-- |
Deferred rent |
-- |
21,101 |
Total other liabilities |
186,314 |
21,101 |
Total Liabilities |
6,744,982 |
6,335,303 |
|
|
|
Commitment and contingencies |
-- |
-- |
|
|
|
Shareholders' Equity |
|
|
Common stock |
130,629 |
129,743 |
Additional paid-in capital |
55,244,375 |
54,808,929 |
Accumulated deficit |
(11,652,005) |
(14,860,636) |
Total Shareholders' Equity |
43,722,999 |
40,078,036 |
Total Liabilities and Shareholders'
Equity |
$50,467,981 |
$46,413,339 |
CONTACT: Cheryl P. Beranek
Chief Executive Officer and President
Investor-relations@clfd.net
763-476-6866
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