10-K Filing

CLEARFIELD, INC. CIK: 796505 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001171843-21-007797`
Period End Date	20210930
Filing Date	20211110
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	clfd20210930_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 26 Cash Flow Statement 54 Stockholders Equity 19

Balance Sheet 73 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`	$13.22M	USD	Point-in-time
Preferred stock, authorized shares (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	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
Short-term investments	`ShortTermInvestments`	$10.58M	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`	$10.37M	USD	Point-in-time
Accounts receivables, net	`AccountsReceivableNetCurrent`	$19.44M	USD	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
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$14.41M	USD	Point-in-time
Inventories, net	`InventoryNet`	$27.52M	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
Other current assets	`OtherAssetsCurrent`	$953.95K	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$71.51M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	13.73M	shares	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
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.73M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.65M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.95M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.00M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$25.14M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$36.91M	USD	Point-in-time
Goodwill	`Goodwill`	$4.71M	USD	Point-in-time
Goodwill	`Goodwill`	$4.71M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.70M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.99M	USD	Point-in-time
Right of use lease assets	`OperatingLeaseRightOfUseAsset`	$2.31M	USD	Point-in-time
Right of use lease assets	`OperatingLeaseRightOfUseAsset`	$2.54M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$365.47K	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$178.12K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$418.98K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$266.86K	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$37.82M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$49.41M	USD	Point-in-time
Total Assets	`Assets`	$95.30M	USD	Point-in-time
Total Assets	`Assets`	$125.91M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$665.58K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$914.57K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.69M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$4.86M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$8.73M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.61M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.47M	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`	$1.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.09M	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; 13,732,188 and 13,649,962 shares issued and outstanding as of September 30, 2021 and 2020, respectively	`CommonStockValue`	$136.50K	USD	Point-in-time
Common stock, authorized 50,000,000, $.01 par value; 13,732,188 and 13,649,962 shares issued and outstanding as of September 30, 2021 and 2020, respectively	`CommonStockValue`	$137.32K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$58.25M	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`	$45.44M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$74.93M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$103.82M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$82.75M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$95.30M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$125.91M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$140.76M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$93.07M	USD	Annual
Cost of sales	`CostOfRevenue`	$55.16M	USD	Annual
Cost of sales	`CostOfRevenue`	$79.58M	USD	Annual
Gross profit	`GrossProfit`	$61.18M	USD	Annual
Gross profit	`GrossProfit`	$37.91M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$29.53M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$35.94M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$25.23M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$8.38M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$500.12K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$770.95K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.15M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$25.73M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$1.86M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$5.41M	USD	Annual
Net income	`NetIncomeLoss`	$7.29M	USD	Annual
Net income	`NetIncomeLoss`	$20.33M	USD	Annual
Net income per share Basic (in dollars per share)	`EarningsPerShareBasic`	$0.53	USD	Annual
Net income per share Basic (in dollars per share)	`EarningsPerShareBasic`	$1.48	USD	Annual
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.47	USD	Annual
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.53	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.72M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.64M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.64M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.78M	shares	Annual

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$7.29M	USD	Annual
Net income	`NetIncomeLoss`	$20.33M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.30M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.42M	USD	Annual
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$209.61K	USD	Annual
Amortization of discount on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$7.33K	USD	Annual
Amortization of discount on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$64.33K	USD	Annual
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$-187.35K	USD	Annual
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$-279.81K	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-5.79K	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.28M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$773.55K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.15M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.38M	USD	Annual
Inventories, net	`IncreaseDecreaseInInventories`	$13.12M	USD	Annual
Inventories, net	`IncreaseDecreaseInInventories`	$5.40M	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-127.77K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$531.20K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$9.78M	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.15M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.90M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.66M	USD	Annual
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquireProductiveAssets`	$1.81M	USD	Annual
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquireProductiveAssets`	$2.05M	USD	Annual
Purchases of investments	`PaymentsToAcquireInvestments`	$34.06M	USD	Annual
Purchases of investments	`PaymentsToAcquireInvestments`	$24.81M	USD	Annual
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$13.26M	USD	Annual
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$35.82M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.13K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.60M	USD	Annual
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$383.70K	USD	Annual
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$348.78K	USD	Annual
Tax withholding and proceeds related to exercise of stock options	`PaymentsForProceedsFromTaxWithholdingStockOptionsExercised`	$-9.56K	USD	Annual
Tax withholding and proceeds related to exercise of stock options	`PaymentsForProceedsFromTaxWithholdingStockOptionsExercised`	$458.02K	USD	Annual
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$462.12K	USD	Annual
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$176.42K	USD	Annual
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$428.65K	USD	Annual
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-246.73K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-536.43K	USD	Annual
Increase (Decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.23M	USD	Annual
Increase (Decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.37M	USD	Annual
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, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.22M	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 and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.22M	USD	Point-in-time
Cash paid during the year for income taxes	`IncomeTaxesPaidNet`	$5.50M	USD	Annual
Cash paid during the year for income taxes	`IncomeTaxesPaidNet`	$1.44M	USD	Annual
Cashless exercise of stock options	`IssuanceOfCommonStockFundedThroughSharesSoldToCompany`	$1.27M	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`	$74.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$103.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.75M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.28M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$773.55K	USD	Annual
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$428.65K	USD	Annual
Restricted stock issuance, net of forfeitures	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Restricted stock issuance, net of forfeitures	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Issuance of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$383.70K	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`	$-458.02K	USD	Annual
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$176.42K	USD	Annual
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$462.12K	USD	Annual
Net income	`NetIncomeLoss`	$7.29M	USD	Annual
Net income	`NetIncomeLoss`	$20.33M	USD	Annual
Balance	`StockholdersEquity`	$74.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$103.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.75M	USD	Point-in-time

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