10-K Filing

CLEARFIELD, INC. CIK: 796505 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001171843-20-007946`
Period End Date	20200930
Filing Date	20201112
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	clfd-20200930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 26 Cash Flow Statement 54 Stockholders Equity 19

Balance Sheet 79 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`	$16.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.08M	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
Short-term investments	`ShortTermInvestments`	$13.52M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$10.58M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	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
Accounts receivables, net	`AccountsReceivableNetCurrent`	$10.50M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$14.41M	USD	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, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$585.44K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$769.16K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	13.65M	shares	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
Total current assets	`AssetsCurrent`	$52.52M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.41M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.64M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.65M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.11M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$25.14M	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`	$5.15M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.83M	USD	Point-in-time
Right of use lease assets	`OperatingLeaseRightOfUseAsset`	$2.54M	USD	Point-in-time
Right of use lease assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	-	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$178.12K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$266.86K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$210.91K	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$37.66M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$33.97M	USD	Point-in-time
Total Assets	`Assets`	$95.30M	USD	Point-in-time
Total Assets	`Assets`	$81.89M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$665.58K	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`	$3.69M	USD	Point-in-time
Accrued compensation	`AccruedSalariesCurrent`	$3.22M	USD	Point-in-time
Accrued compensation	`AccruedSalariesCurrent`	$4.86M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$208.60K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.41M	USD	Point-in-time
Long-term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long-term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.13M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$101.69K	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	-	USD	Point-in-time
Deferred rent	`DeferredRentCredit`	-	USD	Point-in-time
Deferred rent	`DeferredRentCredit`	$246.42K	USD	Point-in-time
Total other liabilities	`LiabilitiesNoncurrent`	$2.13M	USD	Point-in-time
Total other liabilities	`LiabilitiesNoncurrent`	$348.11K	USD	Point-in-time
Total liabilities	`Liabilities`	$12.54M	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; 13,649,962 and 13,641,805 shares issued and outstanding as of September 30, 2020 and September 30, 2019	`CommonStockValue`	$136.42K	USD	Point-in-time
Common stock, authorized 50,000,000, $.01 par value; 13,649,962 and 13,641,805 shares issued and outstanding as of September 30, 2020 and September 30, 2019	`CommonStockValue`	$136.50K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$56.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$57.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$17.82M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$25.11M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$68.87M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$82.75M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$74.93M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$95.30M	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`	$93.07M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$85.03M	USD	Annual
Cost of sales	`CostOfRevenue`	$55.16M	USD	Annual
Cost of sales	`CostOfRevenue`	$52.35M	USD	Annual
Gross profit	`GrossProfit`	$32.69M	USD	Annual
Gross profit	`GrossProfit`	$37.91M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$29.53M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$27.50M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$8.38M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$5.19M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$770.95K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$738.46K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$9.15M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.93M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$1.86M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$1.36M	USD	Annual
Net income	`NetIncomeLoss`	$7.29M	USD	Annual
Net income	`NetIncomeLoss`	$4.57M	USD	Annual
Net income per share Basic (in dollars per share)	`EarningsPerShareBasic`	$0.34	USD	Annual
Net income per share Basic (in dollars per share)	`EarningsPerShareBasic`	$0.53	USD	Annual
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.53	USD	Annual
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.34	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.44M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.64M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.45M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.64M	shares	Annual

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$7.29M	USD	Annual
Net income	`NetIncomeLoss`	$4.57M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.42M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.18M	USD	Annual
Change in allowance for doubtful accounts	`IncreaseDecreaseInAllowanceForDoubtfulAccounts`	$210.00K	USD	Annual
Change in allowance for doubtful accounts	`IncreaseDecreaseInAllowanceForDoubtfulAccounts`	-	USD	Annual
Amortization of discount on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$71.65K	USD	Annual
Amortization of discount on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$64.33K	USD	Annual
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$-279.81K	USD	Annual
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$-3.25K	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-5.79K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.73M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$773.55K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.49M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.38M	USD	Annual
Inventories, net	`IncreaseDecreaseInInventories`	$-1.04M	USD	Annual
Inventories, net	`IncreaseDecreaseInInventories`	$5.40M	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.47K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-127.77K	USD	Annual
Accounts payable, accrued expenses and deferred rent	`IncreaseDecreaseInAccountsPayableAccruedExpensesAndDeferredRent`	$3.15M	USD	Annual
Accounts payable, accrued expenses and deferred rent	`IncreaseDecreaseInAccountsPayableAccruedExpensesAndDeferredRent`	$1.60M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.73M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.66M	USD	Annual
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.81M	USD	Annual
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.51M	USD	Annual
Purchases of investments	`PaymentsToAcquireInvestments`	$20.31M	USD	Annual
Purchases of investments	`PaymentsToAcquireInvestments`	$34.06M	USD	Annual
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$35.82M	USD	Annual
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$9.86M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.13K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.96M	USD	Annual
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$428.65K	USD	Annual
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$348.78K	USD	Annual
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$313.89K	USD	Annual
Proceeds from issuance of common stock upon exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.60K	USD	Annual
Proceeds from issuance of common stock upon exercise of stock options	`ProceedsFromStockOptionsExercised`	$9.56K	USD	Annual
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$176.42K	USD	Annual
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$553.16K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-246.73K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-236.67K	USD	Annual
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.53M	USD	Annual
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.37M	USD	Annual
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.55M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.45M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.08M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.55M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.45M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.08M	USD	Point-in-time
Cash paid during the year for income taxes	`IncomeTaxesPaidNet`	$1.44M	USD	Annual
Cash paid during the year for income taxes	`IncomeTaxesPaidNet`	$1.68M	USD	Annual
Cashless exercise of stock options	`IssuanceOfCommonStockFundedThroughSharesSoldToCompany`	$17.39K	USD	Annual
Cashless exercise of stock options	`IssuanceOfCommonStockFundedThroughSharesSoldToCompany`	$97.81K	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$68.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$74.93M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$773.55K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.73M	USD	Annual
Restricted stock issuance, net	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Restricted stock issuance, net	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Issuance of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$313.89K	USD	Annual
Issuance of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$348.78K	USD	Annual
Exercise of stock options, net of shares exchanged for payment	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfSharesExchangedForPayment`	$9.56K	USD	Annual
Exercise of stock options, net of shares exchanged for payment	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfSharesExchangedForPayment`	$2.60K	USD	Annual
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$553.16K	USD	Annual
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$176.42K	USD	Annual
Net income	`NetIncomeLoss`	$7.29M	USD	Annual
Net income	`NetIncomeLoss`	$4.57M	USD	Annual
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$428.65K	USD	Annual
Balance	`StockholdersEquity`	$68.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$74.93M	USD	Point-in-time

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