10-Q Filing

CLEARFIELD, INC. CIK: 796505 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001171843-21-000707`
Period End Date	20201231
Filing Date	20210203
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	clfd-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 26 Cash Flow Statement 48 Stockholders Equity 19

Balance Sheet 76 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
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`	$19.15M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$10.58M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$9.13M	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
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	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
Accounts receivables, net	`AccountsReceivableNetCurrent`	$9.80M	USD	Point-in-time
Inventories, net	`InventoryNet`	$13.69M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	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
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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$449.60K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	13.73M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$52.21M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$52.52M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	13.65M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.11M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.73M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.65M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$26.14M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$25.14M	USD	Point-in-time
Goodwill	`Goodwill`	$4.71M	USD	Point-in-time
Goodwill	`Goodwill`	$4.71M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.83M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.75M	USD	Point-in-time
Right of use lease assets	`OperatingLeaseRightOfUseAsset`	$2.93M	USD	Point-in-time
Right of use lease assets	`OperatingLeaseRightOfUseAsset`	$2.54M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$178.12K	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$178.12K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$266.51K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$266.86K	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$38.97M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$37.66M	USD	Point-in-time
Total Assets	`Assets`	$95.30M	USD	Point-in-time
Total Assets	`Assets`	$96.19M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$665.58K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$874.48K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.87M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.69M	USD	Point-in-time
Accrued compensation	`AccruedSalariesCurrent`	$4.86M	USD	Point-in-time
Accrued compensation	`AccruedSalariesCurrent`	$3.12M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.20M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.41M	USD	Point-in-time
Long-term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.13M	USD	Point-in-time
Long-term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.31M	USD	Point-in-time
Total other liabilities	`LiabilitiesNoncurrent`	$2.31M	USD	Point-in-time
Total other liabilities	`LiabilitiesNoncurrent`	$2.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.08M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.54M	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; 13,727,906 and 13,649,962 shares issued and outstanding as of December 31, 2020 and September 30, 2020	`CommonStockValue`	$137.28K	USD	Point-in-time
Common stock, authorized 50,000,000, $.01 par value; 13,727,906 and 13,649,962 shares issued and outstanding as of December 31, 2020 and September 30, 2020	`CommonStockValue`	$136.50K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$57.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$57.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$25.11M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$28.28M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$82.75M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$75.84M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$86.11M	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`	$96.19M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$19.38M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$27.09M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$15.72M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$11.65M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.37M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.73M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.33M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.66M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.71M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$400.92K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$133.73K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$223.24K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.85M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$624.16K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$123.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$684.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.16M	USD	1 Quarter
Net income	`NetIncomeLoss`	$501.16K	USD	1 Quarter
Net income per share Basic (in dollars per share)	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Net income per share Basic (in dollars per share)	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.69M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.51M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.62M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.70M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.16M	USD	1 Quarter
Net income	`NetIncomeLoss`	$501.16K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$606.97K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$567.72K	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`	$289.06K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$240.59K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.09M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-699.03K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-720.95K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$1.62M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$47.54K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-136.18K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAccruedExpensesAndDeferredRent`	$-1.85M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAccruedExpensesAndDeferredRent`	$-2.86M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-99.83K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.72M	USD	1 Quarter
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$788.47K	USD	1 Quarter
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$378.88K	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$3.97M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$3.21M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$4.43M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$4.44M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$79.12K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$438.53K	USD	1 Quarter
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$179.08K	USD	1 Quarter
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$169.65K	USD	1 Quarter
Tax withholding related to exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.58K	USD	1 Quarter
Tax withholding related to exercise of stock options	`ProceedsFromStockOptionsExercised`	$85.00	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$10.95K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.80K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-94.34K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$166.43K	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$505.13K	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.70M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.45M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.59M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.15M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.45M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.59M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.15M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.08M	USD	Point-in-time
Cash paid during the year for income taxes	`IncomeTaxesPaidNet`	$17.00K	USD	1 Quarter
Cash paid during the year for income taxes	`IncomeTaxesPaidNet`	$29.91K	USD	1 Quarter
Cashless exercise of stock options	`IssuanceOfCommonStockFundedThroughSharesSoldToCompany`	$996.18K	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`	$82.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.84M	USD	Point-in-time
Balance	`StockholdersEquity`	$86.11M	USD	Point-in-time
Balance	`StockholdersEquity`	$74.93M	USD	Point-in-time
Restricted stock issued	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$289.06K	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`	$179.08K	USD	1 Quarter
Exercise of stock options, net of shares exchanged for payment	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfSharesExchangedForPayment`	$2.58K	USD	1 Quarter
Exercise of stock options, net of shares exchanged for payment	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfSharesExchangedForPayment`	$-262.47K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$10.95K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.80K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.16M	USD	1 Quarter
Net income	`NetIncomeLoss`	$501.16K	USD	1 Quarter
Balance	`StockholdersEquity`	$82.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.84M	USD	Point-in-time
Balance	`StockholdersEquity`	$86.11M	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.