10-Q Filing

CLEARFIELD, INC. CIK: 796505 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001171843-19-000758`
Period End Date	20181231
Filing Date	20190206
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	clfd-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 26 Cash Flow Statement 52 Stockholders Equity 19

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.36M	USD	Point-in-time
Preferred stock, authorized shares (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Preferred stock, authorized shares (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.55M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$8.93M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$8.49M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivables, net	`AccountsReceivableNetCurrent`	$8.17M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivables, net	`AccountsReceivableNetCurrent`	$12.82M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$10.05M	USD	Point-in-time
Inventories, net	`InventoryNet`	$9.63M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$653.20K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$742.14K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$41.09M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	13.66M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	13.65M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$42.30M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.65M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.74M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.59M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.66M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$17.97M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$18.29M	USD	Point-in-time
Goodwill	`Goodwill`	$4.71M	USD	Point-in-time
Goodwill	`Goodwill`	$4.71M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.38M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.48M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$227.46K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$213.91K	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$28.39M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$28.60M	USD	Point-in-time
Total Assets	`Assets`	$74.23M	USD	Point-in-time
Total Assets	`Assets`	$75.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.92M	USD	Point-in-time
Accrued compensation	`AccruedSalariesCurrent`	$1.77M	USD	Point-in-time
Accrued compensation	`AccruedSalariesCurrent`	$2.05M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$863.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$568.51K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.98M	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesCurrent`	$104.94K	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesCurrent`	$104.94K	USD	Point-in-time
Deferred rent	`DeferredRentCredit`	$263.66K	USD	Point-in-time
Deferred rent	`DeferredRentCredit`	$268.04K	USD	Point-in-time
Total other liabilities	`LiabilitiesNoncurrent`	$372.98K	USD	Point-in-time
Total other liabilities	`LiabilitiesNoncurrent`	$368.60K	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.92M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.35M	USD	Point-in-time
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, authorized 50,000,000, $.01 par value; 13,662,456 and 13,646,553, shares issued and outstanding at December 31, 2018 and September 30, 2018	`CommonStockValue`	$136.62K	USD	Point-in-time
Common stock, authorized 50,000,000, $.01 par value; 13,662,456 and 13,646,553, shares issued and outstanding at December 31, 2018 and September 30, 2018	`CommonStockValue`	$136.47K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$56.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$55.48M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.25M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$14.26M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$70.56M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$66.08M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$68.87M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$64.53M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$75.48M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$74.23M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$16.87M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$20.09M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$12.14M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$9.76M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.11M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.46M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.78M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.17M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$644.44K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$135.14K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$95.72K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$740.16K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.31M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-203.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$296.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.01M	USD	1 Quarter
Net income	`NetIncomeLoss`	$943.16K	USD	1 Quarter
Net income per share Basic (in dollars per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Net income per share Basic (in dollars per share)	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.44M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.48M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.01M	USD	1 Quarter
Net income	`NetIncomeLoss`	$943.16K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$436.20K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$529.41K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-384.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-1.59K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$538.52K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$483.29K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.65M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.67M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-424.02K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-313.18K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-41.71K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-102.48K	USD	1 Quarter
Accounts payable, accrued expenses and deferred rent	`IncreaseDecreaseInAccountsPayableAccruedExpensesAndDeferredRent`	$-432.34K	USD	1 Quarter
Accounts payable, accrued expenses and deferred rent	`IncreaseDecreaseInAccountsPayableAccruedExpensesAndDeferredRent`	$-1.50M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.83M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.00M	USD	1 Quarter
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$230.00K	USD	1 Quarter
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$276.60K	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$2.47M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$1.56M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$2.48M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$1.68M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-154.60K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-219.00K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$10.85K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$148.26K	USD	1 Quarter
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$145.94K	USD	1 Quarter
Proceeds from issuance of common stock upon exercise of stock options	`ProceedsFromStockOptionsExercised`	$17.00	USD	1 Quarter
Proceeds from issuance of common stock upon exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.25K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$9.26K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$6.68K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$131.40K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$139.28K	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.81M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.92M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.36M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$18.54M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$20.45M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.55M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.36M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$18.54M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$20.45M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.55M	USD	Point-in-time
Cash (received) paid during the year for income taxes	`IncomeTaxesPaidNet`	$2.50K	USD	1 Quarter
Cash (received) paid during the year for income taxes	`IncomeTaxesPaidNet`	$-1.04K	USD	1 Quarter
Cashless exercise of stock options	`IssuanceOfCommonStockFundedThroughSharesSoldToCompany`	$9.66K	USD	1 Quarter
Cashless exercise of stock options	`IssuanceOfCommonStockFundedThroughSharesSoldToCompany`	$5.78K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$70.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$66.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$68.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$64.53M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$483.29K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$538.52K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$10.85K	USD	1 Quarter
Issuance of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$145.94K	USD	1 Quarter
Issuance of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$148.26K	USD	1 Quarter
Exercise of stock options, net of shares exchanged for payment	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfSharesExchangedForPayment`	$17.00	USD	1 Quarter
Exercise of stock options, net of shares exchanged for payment	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfSharesExchangedForPayment`	$3.25K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$6.68K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$9.26K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.01M	USD	1 Quarter
Net income	`NetIncomeLoss`	$943.16K	USD	1 Quarter
Balance	`StockholdersEquity`	$70.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$66.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$68.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$64.53M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.