10-Q Filing

CLEARFIELD, INC. CIK: 796505 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001171843-20-000543`
Period End Date	20191231
Filing Date	20200129
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	clfd-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 26 Cash Flow Statement 48 Stockholders Equity 19

Balance Sheet 80 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
Preferred stock, authorized shares (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.59M	USD	Point-in-time
Preferred stock, authorized shares (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.36M	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
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$13.52M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$14.52M	USD	Point-in-time
Accounts receivables, net	`AccountsReceivableNetCurrent`	$7.03M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivables, net	`AccountsReceivableNetCurrent`	$9.12M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$10.63M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$9.01M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$769.16K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$825.07K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$43.59M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	13.64M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$42.51M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	13.66M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.68M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.64M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.41M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.66M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$21.70M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$23.90M	USD	Point-in-time
Goodwill	`Goodwill`	$4.71M	USD	Point-in-time
Goodwill	`Goodwill`	$4.71M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.06M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.15M	USD	Point-in-time
Right of use lease asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Right of use lease asset	`OperatingLeaseRightOfUseAsset`	$2.22M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$210.91K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$202.54K	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$33.89M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$33.97M	USD	Point-in-time
Total Assets	`Assets`	$81.89M	USD	Point-in-time
Total Assets	`Assets`	$83.16M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$516.17K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.32M	USD	Point-in-time
Accrued compensation	`AccruedSalariesCurrent`	$2.12M	USD	Point-in-time
Accrued compensation	`AccruedSalariesCurrent`	$3.22M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$208.60K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$327.15K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.28M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.61M	USD	Point-in-time
Long term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$1.94M	USD	Point-in-time
Long term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesCurrent`	$101.69K	USD	Point-in-time
Deferred taxes	`DeferredTaxLiabilitiesCurrent`	$101.69K	USD	Point-in-time
Deferred rent	`DeferredRentCredit`	$246.42K	USD	Point-in-time
Deferred rent	`DeferredRentCredit`	-	USD	Point-in-time
Total other liabilities	`LiabilitiesNoncurrent`	$348.11K	USD	Point-in-time
Total other liabilities	`LiabilitiesNoncurrent`	$2.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.96M	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; 13,657,459 and 13,641,805 shares issued and outstanding as of December 31, 2019 and September 30, 2019	`CommonStockValue`	$136.42K	USD	Point-in-time
Common stock, authorized 50,000,000, $.01 par value; 13,657,459 and 13,641,805 shares issued and outstanding as of December 31, 2019 and September 30, 2019	`CommonStockValue`	$136.57K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$56.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$57.38M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$17.82M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.32M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$74.93M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$70.56M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$68.87M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$75.84M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$83.16M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$81.89M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$20.09M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$19.38M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$11.65M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$12.14M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.73M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.95M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.33M	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`	$400.92K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$135.14K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$223.24K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.31M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$624.16K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$296.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$123.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$501.16K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.01M	USD	1 Quarter
Net income per share Basic (in dollars per share)	`EarningsPerShareBasic`	$0.04	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`	$0.08	USD	1 Quarter
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.51M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.62M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.40M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$501.16K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$529.41K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$606.97K	USD	1 Quarter
Amortization of discount on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	-	USD	1 Quarter
Amortization of discount on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$28.05K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$240.59K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$538.52K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-2.09M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-4.65M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-424.02K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$1.62M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$47.54K	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`	$-1.85M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-99.83K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.83M	USD	1 Quarter
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$276.60K	USD	1 Quarter
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$788.47K	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$1.56M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$3.21M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$1.68M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$4.44M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$438.53K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-154.60K	USD	1 Quarter
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$169.65K	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`	$2.58K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$6.68K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.80K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$139.28K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$166.43K	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.81M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$505.13K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.08M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.59M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.36M	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`	$10.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.59M	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`	$8.55M	USD	Point-in-time
Cash paid during the year for income taxes	`IncomeTaxesPaidNet`	$-1.04K	USD	1 Quarter
Cash paid during the year for income taxes	`IncomeTaxesPaidNet`	$-29.91K	USD	1 Quarter
Cashless exercise of stock options	`IssuanceOfCommonStockFundedThroughSharesSoldToCompany`	$9.66K	USD	1 Quarter
Cashless exercise of stock options	`IssuanceOfCommonStockFundedThroughSharesSoldToCompany`	-	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$74.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$70.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$68.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.84M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$538.52K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$240.59K	USD	1 Quarter
Issuance of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$169.65K	USD	1 Quarter
Issuance of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$145.94K	USD	1 Quarter
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	1,000.00	shares	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$2.58K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.80K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$6.68K	USD	1 Quarter
Net income	`NetIncomeLoss`	$501.16K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.01M	USD	1 Quarter
Exercise of stock options, net of shares exchanged for payment	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfSharesExchangedForPayment`	$17.00	USD	1 Quarter
Balance	`StockholdersEquity`	$74.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$70.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$68.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.84M	USD	Point-in-time

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