10-Q Filing

CLEARFIELD, INC. CIK: 796505 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001171843-22-000702`
Period End Date	20211231
Filing Date	20220202
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	clfd20211231_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 26 Cash Flow Statement 48 Stockholders Equity 20

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
Preferred stock, authorized shares (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.68M	USD	Point-in-time
Preferred stock, authorized shares (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	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
Short-term investments	`ShortTermInvestments`	$10.37M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivables, net	`AccountsReceivableNetCurrent`	$19.44M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivables, net	`AccountsReceivableNetCurrent`	$16.33M	USD	Point-in-time
Inventories, net	`InventoryNet`	$27.52M	USD	Point-in-time
Inventories, net	`InventoryNet`	$43.57M	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`	$954.00K	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
Other current assets	`OtherAssetsCurrent`	$1.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$84.04M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	13.76M	shares	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
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.76M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	13.73M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$6.57M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$35.19M	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`	$4.55M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.70M	USD	Point-in-time
Right of use lease assets	`OperatingLeaseRightOfUseAsset`	$2.31M	USD	Point-in-time
Right of use lease assets	`OperatingLeaseRightOfUseAsset`	$1.76M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$365.00K	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$365.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$419.00K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$572.00K	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$47.15M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$49.41M	USD	Point-in-time
Total Assets	`Assets`	$125.91M	USD	Point-in-time
Total Assets	`Assets`	$137.76M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$915.00K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$702.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.37M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$4.14M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$8.73M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.87M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.08M	USD	Point-in-time
Long-term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$1.61M	USD	Point-in-time
Long-term portion of lease liability	`OperatingLeaseLiabilityNoncurrent`	$1.21M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$23.29M	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; 13,762,463 and 13,732,188 shares issued and outstanding as of December 31, 2021 and September 30, 2021	`CommonStockValue`	$137.00K	USD	Point-in-time
Common stock, authorized 50,000,000, $.01 par value; 13,762,463 and 13,732,188 shares issued and outstanding as of December 31, 2021 and September 30, 2021	`CommonStockValue`	$138.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$58.25M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$58.51M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$55.83M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$45.44M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$103.82M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$86.11M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$114.47M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$82.75M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$125.91M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$137.76M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$27.09M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$51.11M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$28.14M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$15.72M	USD	1 Quarter
Gross profit	`GrossProfit`	$22.97M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.37M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.92M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.66M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$13.05M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.71M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$134.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$120.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.85M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.17M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$684.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.78M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.16M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.39M	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`	$0.76	USD	1 Quarter
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.75	USD	1 Quarter
Net income per share Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.74M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.69M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.70M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.90M	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`	$10.39M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$568.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$639.00K	USD	1 Quarter
Amortization of discount on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	-	USD	1 Quarter
Amortization of discount on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$11.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$440.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$289.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-699.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.11M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-721.00K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$16.05M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$300.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-136.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.86M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.75M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.72M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-34.00K	USD	1 Quarter
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquireProductiveAssets`	$379.00K	USD	1 Quarter
Purchases of property, plant and equipment and intangible assets	`PaymentsToAcquireProductiveAssets`	$2.05M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$3.97M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$248.00K	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$1.98M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities`	$4.43M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$79.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-319.00K	USD	1 Quarter
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$179.00K	USD	1 Quarter
Proceeds from issuance of common stock under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$249.00K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$274.00K	USD	1 Quarter
Tax withholding related to vesting of restricted stock grants	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$11.00K	USD	1 Quarter
Withholding related to exercise of stock options	`PaymentsForProceedsFromTaxWithholdingStockOptionsExercised`	$156.00K	USD	1 Quarter
Withholding related to exercise of stock options	`PaymentsForProceedsFromTaxWithholdingStockOptionsExercised`	$262.00K	USD	1 Quarter
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-94.00K	USD	1 Quarter
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-181.00K	USD	1 Quarter
(Decrease) Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.70M	USD	1 Quarter
(Decrease) Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-534.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.68M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.45M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.22M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.15M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.68M	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`	$13.22M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.15M	USD	Point-in-time
Cash paid during the period for income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaidNet`	$17.00K	USD	1 Quarter
Cashless exercise of stock options	`IssuanceOfCommonStockFundedThroughSharesSoldToCompany`	$996.00K	USD	1 Quarter
Cashless exercise of stock options	`IssuanceOfCommonStockFundedThroughSharesSoldToCompany`	$93.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$103.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$86.11M	USD	Point-in-time
Balance	`StockholdersEquity`	$114.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.75M	USD	Point-in-time
Restricted stock issued	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Restricted stock issued	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$289.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$440.00K	USD	1 Quarter
Issuance of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$249.00K	USD	1 Quarter
Issuance of common stock under employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$179.00K	USD	1 Quarter
Withholding related to exercise of stock options	`StockIssuedDuringPeriodValueWithholdingRelatedToStockOptionsExercised`	$-263.00K	USD	1 Quarter
Withholding related to exercise of stock options	`StockIssuedDuringPeriodValueWithholdingRelatedToStockOptionsExercised`	$-156.00K	USD	1 Quarter
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$274.00K	USD	1 Quarter
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$11.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.16M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.39M	USD	1 Quarter
Balance	`StockholdersEquity`	$103.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$86.11M	USD	Point-in-time
Balance	`StockholdersEquity`	$114.47M	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.