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Looks like the tug o war is still ongoing... On the plus side and holding still.
In again on volatility someone came down to my 4.95 and 5.00 bids
NEWS -- as a techy kinda guy, this is a good PR
----------
Clearfield Guarantees Industry's Lowest Insertion Loss With FiberDeep Patchcords
Clearfield, Inc. (MM) (NASDAQ:CLFD)
Intraday Stock Chart
Today : Tuesday 1 March 2011
FiberDeep Sets New Standard at no More Than .2db Loss; Lower Power Consumption
New Product to be Available Without Price Premium
Clearfield, Inc. (Nasdaq:CLFD) has unveiled FiberDeep, a new class of fiber patchcords that guarantees performance at .2dB insertion loss -- fully half that of the industry standard. This metric extends the link loss budget effectively, extending the distance upon which fiber can be deployed. The company announced that FiberDeep will be available immediately, without price premium on every single-mode patchcord and every 12-fiber assembly deployed within a Clearview Cassette.
"A better performing patchcord is an obvious need for today's demanding networks," commented Larry Johnson, founder of The Light Brigade, the industry's leading fiber optic training resource. "A performance guarantee of this type will help broadband service providers to gain headroom in their optical budget for unplanned events, cut fibers, re-splices and extensions."
Improving the Environment
A 2dB improvement in optical budget reduces power consumption by 10%. The power savings, multiplied by even a small thousand home network, is a significant contribution to a community's "go-green" efforts. "As a manufacturer of optical amplifiers, such as EDFAs, we see this performance guarantee as a significant enhancement for our customers," commented Eric Liu, president of Titan Electronics. "A 2dB improvement on 10 mated pairs in an optical link, will not only reduce your carbon footprint, but will reduce the cost of the EDFA required while extending distance 10 kilometers."
Taking Fiber Seriously
"Quality performance of the fiber patchcord is perhaps the most overlooked yet critical element of a network design," explains Johnny Hill, chief operating officer of Clearfield. "FiberDeep goes beyond improving the performance and lowering the cost of network deployment and maintenance. Additionally, the end-face geometries necessary to achieve this kind of performance improves the long-term reliability."
"As specialists in fiber management, Clearfield has a long history of raising the standard on a quality fiber termination," commented Cheri Beranek, president and CEO of Clearfield. "By adhering to the highest standards for every one of the millions of terminations we have supplied to our customers, we don't have to 'cherry-pick' our assemblies to deliver the highest quality. Every assembly in this class is guaranteed at these performance levels -- taking the guess-work out of fiber deployment and giving our customers the ultimate piece of mind."
Whitepaper/Video Presentation Available
To learn more about how quality performance reduces the cost of today's broadband marketplace, a whitepaper has been posted on http://www.fiberpuzzle.com/whitepapers. To learn more about the FiberDeep program, an informational video can be viewed at http://www.clearfieldconnection.com/resource-center/demonstration-videos/.
About Clearfield, Inc.
Clearfield, Inc. designs the FieldSmart fiber management platform — the only fiber management platform designed around a single architecture – the Clearview Cassette — for the inside plant, outside plant and access network. Scaling from 12 to 1728 ports, FieldSmart supports a wide range of panel and cabinet configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company traded on NASDAQ: CLFD.
CONTACT: Gary Young 612-247-8123
garydyoung@comcast.net
Consolidation here in the high 4s - 5s ? Missed the opp this morning .. geesh I hate management meetings.
GLTA
Todays dips, and nice dips they were, coming down to get my bids were worth the short wait. Back in @ 5.40 and 5.52 for another 2500 ..
**Sigh** these swings - I hate trading, I love trading. I hate ...
Bounding back nicely now ..
And the bears have entered the building ...
**waits for re-entry point**
A fluke? Sold the rest now at the very same price.. some nice profit taking going on me thinks.
Going to watch it now again.
Not sure about what you're saying, only glad that I didnt take it too seriously ...
Ugh .. couldnt take the suspense anymore. Riding "free shares now. Sold half my position today ...2500 @ 6.21
Wow. 5.50+ .... Mes quite happy now ..
Still not sure how this generated any confusion. ... CLFD still solid ...
Nearing 5 bucks now ... Nice.
trending nicely again. If it keeps this up, I might just start posting regularily again.
trending nicely again. If it keeps this up, I might just start posting regularily again.
trending nicely again. If it keeps this up, I might just start posting regularily again.
Hank, todays trading in the 4 range .. curious as to why you bailed ...
Same question, what am I missing?
am i missing something? is there more to these little insider buys than i am seeing?
CLFD.. $3.49 OUCH is right..
I sold my position of 28,888 today at an average of $3.61.. This was not the way I wanted to start the new year.. Gone ,, out of mind and SIGHT.. hank.. I am also resigning as Mod as i have no further interest in CLFD.. hank
OUCH!
- Statement of Changes in Beneficial Ownership (4)
Date : 01/03/2011 @ 5:37PM
Source : Edgar (US Regulatory)
Stock : (CLFD)
Quote : 3.54 -0.39 (-9.92%) @ 7:22AM
- Statement of Changes in Beneficial Ownership (4)
FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
OMB APPROVAL
OMB Number: 3235-0287
Expires: February 28, 2011
Estimated average burden
hours per response... 0.5
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person *
Hill John P 2. Issuer Name and Ticker or Trading Symbol
Clearfield, Inc. [ CLFD ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
_____ Director _____ 10% Owner
__ X __ Officer (give title below) _____ Other (specify below)
Chief Operating Officer
(Last) (First) (Middle)
5480 NATHAN LANE N. SUITE 120 3. Date of Earliest Transaction (MM/DD/YYYY)
12/31/2010
(Street)
PLYMOUTH, MN 55442
(City) (State) (Zip) 4. If Amendment, Date Original Filed (MM/DD/YYYY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
COMMON STOCK (ESPP) 12/31/2010 A V 1220 A $2.13 11220 (1) D
Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 8. Price of Derivative Security
(Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
( 1) In accordance with the ESPP, these shares were purchased based on 85% of the closing price on July 1, 2010.
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Hill John P
5480 NATHAN LANE N. SUITE 120
PLYMOUTH, MN 55442
Chief Operating Officer
Signatures
John P. Hill 1/3/2011
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
Clearfield (MM) (NASDAQ:CLFD)
Historical Stock Chart
1 Year : January 2010 to January 2011
Clearfield (MM) (NASDAQ:CLFD)
Intraday Stock Chart
Today : Tuesday 4 January 2011
Impressive volume on its way through the $4 level
CLFD.. $3.96.. NEW HIGH
On its way to all time new highs.. hank
Any other table pounders pick?I already have 4.3k CLFD.
CLFD.. Added again today @$3.50..
The CLFD story is unfolding and the stock should continue to rise from this level.. I think/believe that we will soon see new highs in CLFD stock.. hank
12/08/10 3:46 PM EST Buy 1012 CLFD Executed @ $3.5 Details | Edit
12/08/10 11:41 AM EST Buy 2481 CLFD Executed @ $3.41 Details | Edit
12/08/10 11:34 AM EST Buy 2519 CLFD Executed @ $3.39 Details | Edit
12/08/10 11:33 AM EST Buy 2000 CLFD Executed @ $3.39 Details | Edit
12/08/10 11:33 AM EST Buy 2000 CLFD Executed @ $3.3899 Details | Edit
CLFD.. Added again today @$3.41..
The CLFD story is unfolding and the stock should continue to rise from this level.. I think/believe that we will soon see new highs in CLFD stock.. hank
12/08/10 11:41 AM EST Buy 2481 CLFD Executed @ $3.41 Details | Edit
12/08/10 11:34 AM EST Buy 2519 CLFD Executed @ $3.39 Details | Edit
12/08/10 11:33 AM EST Buy 2000 CLFD Executed @ $3.39 Details | Edit
12/08/10 11:33 AM EST Buy 2000 CLFD Executed @ $3.3899 Details | Edit
Agreed. CLFD looks solid, no dilution, solid balance sheet, good management, good products, nice recent PR with the CFU deployment, steady insider buys.
Management has a large stake in their company.
Took a position today. Thanks.
CLFD.. Added again today @$3.32..
The CLFD story is unfolding and the stock should continue to rise from this level.. I think/believe that we will soon see new highs in CLFD stock.. hank
CLFD.. $3.33
I have been accumulating a position in CLFD during this week.. The shares seem to be getting tighter and I have to step above $3.30 to obtain any size.. The following release along with insider purchases have made CLFD ripe for a pop..
PRESS RELEASE: Cedar Falls Utilities Deploys Major FTTp Project With Clearfield(R)
CLFD.. $3.39.. Game Changer..
Dow Jones & Company, Inc. - Nov 22 at 13:00
Company Symbols: NASDAQ-NMS:CLFD
Cedar Falls Utilities Deploys Major FTTp Project With Clearfield(R)
FieldSmart(R) Products to Facilitate Deployment to 15,000 Iowa Homes
MINNEAPOLIS, Nov. 22, 2010 (GLOBE NEWSWIRE) -- Businesses and residents in the Cedar Falls, Iowa area will soon have greater access to high speed internet and high definition television because of a major Fiber to the Premises (FTTp) deployment by Cedar Falls Utilities (CFU).
Clearfield, Inc. (Nasdaq:CLFD) will assist in the Passive Optical Network ( PON) project through its fiber management product line, which includes the FieldSmart(R) Fiber Scalability Center 288 PON Cabinets in the field, FieldSmart Fiber Crossover Distribution System (FxDS) 288 Patch and Splice Ribbon Panels used in the central office, and outside plant-rated fiber pigtails at the premises. Clearfield's custom-configured fiber management components are designed to reduce the cost of fiber deployment, while maximizing ease of use and system density.
It is expected that more than 15,000 homes will be passed in the deployment, covering approximately 30 square miles. Construction began in August and is expected to be completed at the end of 2012.
According to Communications Services Manager David Schilling, CFU is partnering with Clearfield for all the right reasons. "We picked Clearfield because they saved us on cost with the simplicity of fiber management and splicing -- without compromising on quality."
He added, "We have been using Clearfield since 2006 when we installed BPON ( Broadband PON) in some Greenfield areas in Cedar Falls. Clearfield was the only company we could find that could provide us with a PON cabinet that was acceptable to the developers. We have been very happy with the products, service and support."
About Cedar Falls Utilities
CFU became Cedar Falls' dominant provider of cable TV and internet services after building a city-wide communications plant in 1995. CFU operates four city- owned utilities, providing electricity, natural gas, water, and communications services to Cedar Falls households and businesses. The Utilities are operated for public benefit under the governance of a five-member Board of Trustees.
About Clearfield, Inc.
Clearfield, Inc. designs the FieldSmart fiber management platform -- the only fiber management platform to be designed around a single architecture for the inside plant, outside plant and access network. Scaling from 12 to 1728 ports, FieldSmart supports a wide range of panel and cabinet configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company traded on NASDAQ: CLFD.
CONTACT: Clearfield, Inc.
Gary Young
612-247-8123
garydyoung@comcast.net
10/08 11:00 CLFD PZ Clearfield Names National Channel Manager
09/13 15:45 CLFD DJ PRESS RELEASE: Clearfield(R) Announces 'SmartRoute Troughing' Enhanced Fiber Management for the Industry-Leading FieldSmart(R FxDS
09/13 15:45 CLFD PZ Clearfield(R) Announces 'SmartRoute Troughing' -Enhanced Fiber Management for the Industry-Leading FieldSmart(R)FxDS
09/13 15:17 CLFD FW Clearfield to license Miniflex products and systems
09/13 15:14 CLFD DJ PRESS RELEASE: Clearfield(R) Extends Product Offering With Licensing Agreement for Pushable Fiber
09/13 15:14 CLFD PZ Clearfield(R) Extends Product Offering With Licensing Agreement for Pushable Fiber
08/31 17:00 CLFD DJ Chmn ROTH Buys 4,360 Of CLEARFIELD INC >CLFD
08/31 16:59 CLFD ED Form 4 Clearfield, Inc. For: Aug 30 Filed by: ROTH RONALD G
08/31 10:58 CLFD ED Form 4 Clearfield, Inc. For: Aug 31 Filed by: Blackey Bruce G.
08/30 10:50 CLFD DJ Chmn ROTH Buys 6,100 Of CLEARFIELD INC >CLFD
08/30 10:49 CLFD ED Form 4 Clearfield, Inc. For: Aug 27 Filed by: ROTH RONALD G
08/25 17:21 CLFD ED Form 4 Clearfield, Inc. For: Aug 25 Filed by: Hill John P
08/25 17:11 CLFD ED Form 4 Clearfield, Inc. For: Aug 25 Filed by: Blackey Bruce G.
08/25 17:01 CLFD ED Form 8-K Clearfield, Inc. For: Aug 25
08/23 13:00 CLFD DJ PRESS RELEASE: Salisbury's New City-Driven FTTH Project to Rival Major Competitors' Offerings
08/23 13:00 CLFD PZ Salisbury's New City-Driven FTTH Project to Rival Major Competitors' Offerings
08/23 09:40 CLFD ED Form 4 Clearfield, Inc. For: Aug 19 Filed by: Hill John P
08/20 17:15 CLFD ED Form 4 Clearfield, Inc. For: Aug 19 Filed by: Blackey Bruce G.
08/20 16:33 CLFD ED Form 8-K Clearfield, Inc. For: Aug 19
08/17 12:00 CLFD DJ PRESS RELEASE: Clearfield Launches 'The Fiber Color Pages'
08/17 12:00 CLFD PZ Clearfield Launches 'The Fiber Color Pages'
08/13 14:57 CLFD DJ Chmn ROTH Buys 5,955 Of CLEARFIELD INC >CLFD
08/13 14:57 CLFD ED Form 4 Clearfield, Inc. For: Aug 12 Filed by: ROTH RONALD G
08/06 16:37 CLFD DJ Chmn ROTH Buys 5,000 Of CLEARFIELD INC >CLFD-Amended
08/06 16:36 CLFD ED Form 4/A Clearfield, Inc. For: Aug 06 Filed by: ROTH RONALD G
08/06 16:22 CLFD DJ Chmn ROTH Buys 5,000 Of CLEARFIELD INC >CLFD-Amended
08/06 16:21 CLFD ED Form 4/A Clearfield, Inc. For: Aug 06 Filed by: ROTH RONALD G
08/06 16:09 CLFD DJ Chmn ROTH Buys 5,000 Of CLEARFIELD INC >CLFD
08/06 16:08 CLFD ED Form 4 Clearfield, Inc. For: Aug 06 Filed by: ROTH RONALD G
08/06 15:52 CLFD ED Form 4 Clearfield, Inc. For: Aug 06 Filed by: REDDAN JOHN G JR
08/06 15:43 CLFD DJ Dir ZUCKERMAN Sells 5,000 Of CLEARFIELD INC >CLFD
08/06 15:43 CLFD ED Form 4 Clearfield, Inc. For: Aug 06 Filed by: ZUCKERMAN STEPHEN L
08/03 12:00 CLFD ED Form 10-Q Clearfield, Inc. For: Jun 30
07/29 11:01 CLFD DJ *Clearfield Inc 3Q Gross Margin 38.4%
07/29 11:01 CLFD ED Form 8-K Clearfield, Inc. For: Jul 29
07/29 11:00 CLFD DJ PRESS RELEASE: Clearfield, Inc. Reports Third Quarter FY2010 Performance
07/29 11:00 CLFD DJ PRESS RELEASE: Clearfield, Inc. Reports Third -2-
07/29 11:00 CLFD DJ *Clearfield Inc 3Q Rev $6.8M >CLFD
07/29 11:00 CLFD DJ *Clearfield Inc 3Q EPS 5c >CLFD
07/29 11:00 CLFD PZ Clearfield, Inc. Reports Third Quarter FY2010 Performance
06/08 12:00 CLFD DJ PRESS RELEASE: Brian Schrand Joins Clearfield as Senior Member of Technical Staff
06/08 12:00 CLFD BW Brian Schrand Joins Clearfield as Senior Member of Technical Staff
CLFD.. $3.27
Added again today.. This is why CLFD ran to $6.35 two years ago.. It's time to load up again..
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=57182536
GTC Broadband, Clearfield(R) Bring Fiber to Thousands of Southeastern Missouri Homes
GlobeNewswire - Nov 29 at 17:00
Company Symbols: NASDAQ-NMS:CLFD
GTC Reports Significant Increase in Sales With New Fiber-Based Services
MINNEAPOLIS, Nov. 29, 2010 (GLOBE NEWSWIRE) -- Granby Telephone Company (GTC) Broadband has launched a multi-phase fiber to the home (FTTH) initiative in southwestern Missouri with fiber management from Clearfield, Inc. (Nasdaq:CLFD). The first phase of the Active Ethernet deployment, affecting approximately 2,500 subscribers, is scheduled to be completed next summer; while the entire project is slated for completion in 2014.
The Granby based telecommunications company is already realizing significant increases in sales of its high speed internet, high definition television and other fiber-enhanced service offerings. According to GTC Project Manager Kevin Johnson, "People all over the world want to have this kind of fiber connectivity for broadband, IP, video, or phone service. Our customers' family and friends in other parts of the country and neighboring communities say they can't believe that a small community is getting such modern, up-to-date, world class services."
To manage the multitude of fibers in this Active Ethernet deployment, GTS opted for Clearfield's FieldSmart® Fiber Crossover Distribution System (FxDS), a custom-configured system of fiber management components that reduces the cost of fiber deployment. As part of the FxDS system, GTS availed itself of Clearview Patch and Splice Cassettes and FxDS Tie Panels loaded with multi-fiber breakout style cables.
Johnson noted that they are, in effect, future-proofing the FTTH project by going with Clearfield's state-of-the-art fiber technology. "Clearfield was a clear choice because it's big enough to get the job done, yet small enough to be adaptable and maneuverable. Its product line and pricing is what we were looking for," he said.
"The biggest selling point to our customers has probably been the value this will bring to their homes. Realtors tell us that a property's worth is much greater if they have fiber to the home. Eventually, this brings people on board. Whether customers are trying the internet for the first time or they're taking bigger and broader services packages, it has significantly increased our sales in these areas where fiber is already up."
About GTC Broadband Granby Telephone Company [GTC Broadband] is a full service telecommunications company based in Granby, Missouri. It offers telephone, broadband internet, and high definition television/video services to residences and businesses throughout southwestern Missouri. For more information, go to http://www.gtcbroadband.net.
About Clearfield, Inc. Clearfield, Inc. designs the FieldSmart fiber management platform — the only fiber management platform to be designed around a single architecture for the inside plant, outside plant and access network. Scaling from 12 to 1728 ports, FieldSmart supports a wide range of panel and cabinet configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company traded on NASDAQ: CLFD.
CONTACT: Clearfield, Inc.
Gary Young
612-247-8123
garydyoung@comcast.net
=======================================================
10 bagger Share Monday, September 21, 2009 12:01:43 PM
Re: 10 bagger post# 434 Post # of 589
CLFD..$5.65..
Just sold out my trading account position on open orders from $5.26 to $5.60.. It was quite a ride and The fall from $5.20 to $3.60 on Thursday had a lot to do with my decision.. The trading position was as high as 85,000 shares at one point and today I sold 56,000 shares.. My IRA's each have 4888 shares and will not be sold.. If CLFD backs off some I will reenter again..
hank
PRESS RELEASE: Cedar Falls Utilities Deploys Major FTTp Project With Clearfield(R)
CLFD.. $3.39.. Game Changer..
Dow Jones & Company, Inc. - Nov 22 at 13:00
Company Symbols: NASDAQ-NMS:CLFD
Cedar Falls Utilities Deploys Major FTTp Project With Clearfield(R)
FieldSmart(R) Products to Facilitate Deployment to 15,000 Iowa Homes
MINNEAPOLIS, Nov. 22, 2010 (GLOBE NEWSWIRE) -- Businesses and residents in the Cedar Falls, Iowa area will soon have greater access to high speed internet and high definition television because of a major Fiber to the Premises (FTTp) deployment by Cedar Falls Utilities (CFU).
Clearfield, Inc. (Nasdaq:CLFD) will assist in the Passive Optical Network ( PON) project through its fiber management product line, which includes the FieldSmart(R) Fiber Scalability Center 288 PON Cabinets in the field, FieldSmart Fiber Crossover Distribution System (FxDS) 288 Patch and Splice Ribbon Panels used in the central office, and outside plant-rated fiber pigtails at the premises. Clearfield's custom-configured fiber management components are designed to reduce the cost of fiber deployment, while maximizing ease of use and system density.
It is expected that more than 15,000 homes will be passed in the deployment, covering approximately 30 square miles. Construction began in August and is expected to be completed at the end of 2012.
According to Communications Services Manager David Schilling, CFU is partnering with Clearfield for all the right reasons. "We picked Clearfield because they saved us on cost with the simplicity of fiber management and splicing -- without compromising on quality."
He added, "We have been using Clearfield since 2006 when we installed BPON ( Broadband PON) in some Greenfield areas in Cedar Falls. Clearfield was the only company we could find that could provide us with a PON cabinet that was acceptable to the developers. We have been very happy with the products, service and support."
About Cedar Falls Utilities
CFU became Cedar Falls' dominant provider of cable TV and internet services after building a city-wide communications plant in 1995. CFU operates four city- owned utilities, providing electricity, natural gas, water, and communications services to Cedar Falls households and businesses. The Utilities are operated for public benefit under the governance of a five-member Board of Trustees.
About Clearfield, Inc.
Clearfield, Inc. designs the FieldSmart fiber management platform -- the only fiber management platform to be designed around a single architecture for the inside plant, outside plant and access network. Scaling from 12 to 1728 ports, FieldSmart supports a wide range of panel and cabinet configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company traded on NASDAQ: CLFD.
CONTACT: Clearfield, Inc.
Gary Young
612-247-8123
garydyoung@comcast.net
CLFD.. $3.04
Nice report but I don't see much upside to the stock from it..hank
Clearfield, Inc. Reports Fiscal 2010 4th Quarter and Year-End Results
GlobeNewswire - Nov 11 at 10:00
Company Symbols: NASDAQ-NMS:CLFD
Company Reports Record Quarterly Revenue and Operating Income
FY 2010 Net Revenues: $24.4 million
FY 2010 Gross Profit: $ 9.1 million
FY 2010 Income from Operations: $ 1.1 million
FY 2010 Net Income: $ 1.2 million, or 9 cents per share diluted
MINNEAPOLIS, Nov. 11, 2010 (GLOBE NEWSWIRE) -- Clearfield, Inc. (Nasdaq:CLFD) today announced results for the fourth quarter and fiscal year ended September 30, 2010.
Revenue for the fourth quarter of fiscal 2010 was $7,921,000 in comparison to $6,619,000 for the fourth quarter of fiscal 2009, an increase of 20%. Gross profit was $3,099,000 for the fourth quarter of fiscal 2010 in comparison to $2,354,000 for the prior year fourth quarter, an increase of 32%. Gross profit as a percentage of revenue for quarter ended September 30, 2010 was 39.0%, up 3.6% from the quarter ended September 30, 2009. Income from operations was $832,000 in the quarter ended September 30, 2010, versus $332,000 in the year ago period, an increase of $500,000, or 151%. Net income was $820,000 in the quarter ended September 30, 2010, compared to $2,849,000 in the fourth quarter of fiscal 2009. The fiscal 2009 fourth quarter net income included an income tax benefit of $2,464,000 as a result of a reduction of the valuation allowance against the Company's net deferred tax assets. Income before this income tax benefit for the fourth quarter of 2009 was $378,000. Income before income tax-expense in the fourth quarter of 2010 was 864,000.
Revenue for fiscal year 2010 was $24,367,000 in comparison to $24,945,000 for fiscal year 2009, a decrease of 2%. Gross profit was $9,138,000 for fiscal year 2010 in comparison to $8,871,000 for the prior year, an increase of 3%. Gross profit as a percentage of revenue for the year ended September 30, 2010 was 37.5%, up 1.9% from the year ended September 30, 2009. Income from operations for fiscal 2010 was $1,123,000, versus $1,211,000 in the year ago period, a decrease of 7%. Net income was $1,181,000 in the year ended September 30, 2010, compared to $3,785,000 in fiscal year 2009. Fiscal 2009 net income included the recording of an income tax benefit of $2,464,000 as a result of a reduction of the valuation allowance against the Company's net deferred tax assets. Income before this tax benefit for the fiscal year 2009 was $1,412,000. Income before income tax expense in 2010 was $1,302,000.
Orders in backlog as of September 30, 2010 totaled $2,677,000 in comparison to $1,228,000 as of September 30, 2009, an increase of $1,449,000, or 118%. Cash and investments at September 30, 2010 total $10,287,000 compared to $9,680,000 at September 30, 2009, an increase of $607,000.
"While the weak economy dragged down our efforts during the first half of the year, the Company demonstrated a strong re-bound with record revenue and net income in fourth quarter. Combining our fourth quarter success and our year-end backlog establishes a very positive trend line for the year ahead," commented Cheri Beranek, president and CEO of Clearfield. "As stated in quarterly earnings reports during the past year, the American Recovery and Reinvestment Act slowed business in the first half of our fiscal year but now represents a significant growth opportunity for Clearfield. Over the summer months, moneys have begun to flow, and Clearfield customers are beginning to deploy their networks. Among some of the early "Stimulus Award" winners are Rural Telephone, one of the largest FTTp deployments funded under the federal program and a long-standing Clearfield customer."
"The introduction of new and innovative product technologies, such as the Clearview xPAK, has launched Clearfield into new application environments, including meeting the fiber connectivity needs of cellular back-haul and business-class services among municipal/utility, wireless and cable TV providers. Technology partnerships, such as the launch of pushable fiber from Miniflex into the U.S. marketplace, expands the product suite we can provide to our current and prospective customers," continued Beranek. "Looking ahead, you can expect to see a continued focus from Clearfield to deliver next generation products that continue to reduce our customers' operating costs of delivering fiber connectivity."
About Clearfield, Inc.
Clearfield, Inc. designs and manufactures the FieldSmart Fiber Management Platform, which includes its latest generation FieldSmart Fiber Crossover Distribution System (FxDS), FieldSmart Fiber Scalability Center (FSC) and FieldSmart Fiber Delivery Point (FDP) series. The FxDS, FSC and FDP product lines support a wide range of panel configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company, traded on Nasdaq:CLFD. www.ClearfieldConnection.com
Forward-Looking Statements
Forward-looking statements contained herein are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. These statements are based upon the Company's current expectations and judgments about future developments in the Company's business. Certain important factors could have a material impact on the Company's performance, including, without limitation the effect of the significant downturn in the U.S. economy on Clearfield's customers; the impact of the American Recovery and Reinvestment Act or any other legislation on customer demand and purchasing patterns; cyclical selling cycles; need to introduce new products and effectively compete against competitive products; the Company's ability to successfully market and distribute the Miniflex product; dependence on third-party manufacturers; limited experience in manufacturing; reliance on key customers; rapid changes in technology; the negative effect of product defects; the need to protect its intellectual property; the impact on its financial results or stock price of its ability to use its deferred tax asset, consisting primarily of net operating loss carryforwards, to offset future taxable income; the valuation of its goodwill and the effect of its stock price, among other factors, on the evaluation of goodwill; and other factors set forth in Clearfield's Form 10-K for the year ended September 30, 2009 and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update such statements to reflect actual events.
Clearfield, Inc.
CONDENSED STATEMENT OF OPERATIONS (unaudited)
Three Months Ended Year Ended
September 30, September 30,
2010 2009 2010 2009
Revenues $ 7,921,129 $ 6,618,907 $ 24,366,755 $ 24,944,837
Cost of sales 4,821,875 4,264,713 15,229,222 16,073,817
Gross profit 3,099,254 2,354,194 9,137,533 8,871,020
Operating expenses
Selling, general and administrative 2,267,208 1,991,843 8,014,121 7,628,495
Gain on disposal of assets -- 30,794 -- 31,144
2,267,208 2,022,637 8,014,121 7,659,639
Income from operations 832,046 331,557 1,123,412 1,211,381
Interest income 31,344 41,164 143,469 124,922
Interest expense -- (925) (820) (5,676)
Other income 501 5,992 36,351 81,810
31,845 46,231 179,000 201,056
Income before income taxes 863,891 377,788 1,302,412 1,412,437
Income tax (expense) benefit (43,899) 2,471,565 (121,458) 2,372,472
Net income $ 819,992 $ 2,849,353 $ 1,180,954 $ 3,784,909
Net income per share Basic $0.07 $0.24 $0.10 $0.32
Net income per share Diluted $0.07 $0.23 $0.09 $0.31
Weighted average shares outstanding
Basic 12,006,266 11,950,071 11,992,449 11,941,116
Weighted average shares outstanding
Diluted 12,419,132 12,362,555 12,449,955 12,046,059
Clearfield, Inc.
CONDENSED BALANCE SHEET (unaudited -continued)
September 30,
2010 September 30,
2009
Assets
Cash and cash equivalents $ 5,285,719 $ 4,731,735
Short-term investments 1,764,868 2,108,566
Accounts receivable, net 3,244,379 2,723,414
Inventories 1,512,306 1,153,862
Other current assets 129,079 180,635
Property, plant and equipment, net 1,273,107 1,319,492
Long-term Investments 3,236,163 2,840,000
Deferred taxes-long term 2,145,362 2,231,990
Other assets 2,769,978 3,139,065
Total assets $ 21,360,961 $ 20,428,759
Liabilities
Current liabilities $ 2,036,309 $ 2,493,006
Long-term liabilities 78,585 87,942
Shareholders' equity
Common stock 120,153 119,746
Additional paid-in capital 52,589,034 52,372,139
Accumulated deficit (33,463,120) (34,644,074)
Total shareholders' equity 19,246,067 17,847,811
Total liabilities and shareholders' equity $ 21,360,961 $ 20,428,759
CONTACT: Clearfield, Inc.
Cheryl P. Beranek, Chief Executive Officer and President
763-476-6866
Investor-relations@clfd.net
CLFD.. Trading at $3.00
Great news.. Should have a respectable Qtr.. coming up..hank
CLFD.. $2.94
Clearfield Names National Channel Manager
GlobeNewswire - Oct 08 at 11:00
Company Symbols: NASDAQ-NMS:CLFD
Gordon Halloran to Lead Clearfield's Sales Expansion Program
MINNEAPOLIS, Oct. 8, 2010 (GLOBE NEWSWIRE) -- Clearfield, Inc. (Nasdaq:CLFD) has named Gordon Halloran as its National Sales Channel Manager. Halloran, who had previously managed Clearfield's sales territory in the southwestern U.S., has a vast career in distribution and national account sales. Halloran is based in Denver, Colorado.
"The establishment of this national channel program allows us to expand our service levels to the broadband service provider community," explains Clearfield CEO and President Cheri Beranek. "Our territory sales people will remain dedicated to working with broadband service providers on their optical fiber management, protection and connectivity application requirements. Gordie will work with our distributors and private label partners to enhance the logistical and administrative support that they can best provide."
Clearfield's distribution partners include Power & Tel Supply, CSC Wesco, Border States, Graybar, and KGP.
Halloran said, "In the year that I've been with Clearfield, I've seen awareness of the company, its brand and products skyrocket. This expanded distribution model is the next logical step for the company. I'm excited to lead this initiative to make Clearfield products more readily available through the country's leading telecommunications distributors."
About Clearfield, Inc. Clearfield, Inc. designs the FieldSmart fiber management product platform - the only fiber management platform to be designed around a single architecture for the inside plant, outside plant and access network. Scaling from 12 to 1728 ports, FieldSmart supports a wide range of panel and cabinet configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company traded on Nasdaq:CLFD.
CONTACT: Clearfield, Inc.
Gary Young
612-247-8123
garydyoung@comcast.net
PRESS RELEASE: Clearfield(R) Announces 'SmartRoute Troughing' Enhanced Fiber Management for the Industry-Leading FieldSmart(R FxDS
CLFD.. $ 2.69.. Announces 'SmartRoute Troughing'
-Enhanced Fiber Management for the Industry-Leading FieldSmart(R)FxDS
Already Leading the Industry in Scalability and Density, the FieldSmart
FxDS
Provides the Ultimate in Cable Route Path Flexibility and Diversity
Chosen as Deployment Platform for One of the Largest
Stimulus-Funded Broadband Projects in History
MINNEAPOLIS, Sept. 13, 2010 (GLOBE NEWSWIRE) -- Clearfield(R), Inc. (Nasdaq: CLFD), the specialist in fiber management solutions for Fiber to the Premises ( FTTp) deployments, today announced the enhancement of the FieldSmart(R) Fiber Crossover Distribution System (FxDS), a custom-configured system of fiber management components that reduces the cost of fiber deployment, while maximizing ease of use and system density. "SmartRoute Troughing" builds upon the FxDS cable management functionality with a sleek method of providing a continuous channel for bay-to-any-bay routing in a safe and efficient manner without increasing jumper lengths. This product will be on display at the FTTH Conference in Las Vegas, Monday, September 13 in Clearfield's Booth 0.
The FieldSmart FxDS is a series of modular components, centered on Clearfield's Clearview Cassette, which provides fully-integrated fiber management for the demands of inside plant deployments -- whether within the central offices of a broadband service provider, the head-ends of a cable operator, or the data center of demanding enterprise environments. Requiring only four SKUs to support hundreds of configurations, users of the FieldSmart FxDS get the ultimate in fiber protection, where it is needed, without the added cost of unnecessary components. Scalable from 12 to 1728 ports across the network, the FxDS supports any application, anywhere.
"Point-to-point networks, in which all access points in the distribution network are now mirrored in one central location, are taxing the methods the industry has conventionally used to manage fiber in the inside plant," said Johnny Hill, chief operating officer for Clearfield. "When thousands of jumpers and the route paths they travel begin to traverse several frames at a time, Clearfield's SmartRoute Troughing feature allows the service provider to carry the distance and weight of these jumpers on a horizontal plane. This spreads the pile-up, and eliminates the long-term effect that cable weight can cause -- namely micro and macro bends."
Smart-Route Troughing Provides Modularity and Flexibility
SmartRoute Troughing uses the same footprint as the existing FieldSmart FxDS frame kit. It can also be easily substituted to allow an additional route path, within the trough, to the rear of the frame where a horizontal trough provides routes in either direction. When used across multiple frames, a continuous channel is created allowing bay-to-any-bay routing in a safe and efficient manner. This does not increase jumper lengths beyond what would normally be used. A jumper leaves the frame from the front-to-the-rear of the SmartRoute and is routed horizontally across the rear channel. It enters rear-to-front of the SmartRoute on the destination frame. Complete utilization of the SmartRoute Trough throughout the FieldSmart FxDS provides for three continuous rear-routing channels across the length of the lineup regardless of the how many frames are deployed.
"We recently switched from a competitive product to the FieldSmart FxDS," explains Kevin Johnson of Granby Telephone, Granby, Missouri. "It had the density and flexibility we were looking for, and at a competitive price. I think Clearfield, itself, is very well-managed and organized. It's big enough to get the job done, yet small enough to be flexible and competitive."
Builds Upon the Fiber Protection Already in Place with the FieldSmart FxDS
The FieldSmart FxDS is dedicated to a 36" x 16" horizontal footprint. With a single part number, it provides all you need to get started. Then, it is multiplied over and over in a lineup (or a series of lineups) to align with your serving area and growth estimates. The FieldSmart FxDS single part number includes a standard 7' frame and all of the necessary components to address all vertical and horizontal cable routing management. Full length "cupboard-style" doors provide for the physical protection, thereby eliminating unnecessary costs of individual front covers and rear boxes that surround the panel. Its full- and open-access to the rear of the frame allows the area behind the interbays to be used for slack storage loops of incoming OSP buffer tubes for patch & splice scenarios. In patch-only environments, this area is used to lace pre-terminated multi-fiber distribution cables as they leave the FxDS frame and route to a fiber entrance cabinet.
Users have the option of purchasing this system fully-loaded or may utilize the grow-as-you-go approach, in which different building block elements are added as the number of homes served increases or take-rates improve. Costs are contained because only the essential protection elements are added based upon the environment served.
FieldSmart FxDS is Part of One of the Largest Stimulus Funded FTTH Projects
Rural Telephone of Lenora, Kansas, was awarded $101 million, one of the largest Broadband Stimulus awards to date, for a three-year FTTH deployment in western Kansas. Clearfield's FieldSmart FxDS will play a major role in the 4,600 square mile deployment, which will cover 23,000 households and businesses in 21 towns.
Rural Telephone Central Office Supervisor Tracer Giess said, "We chose Clearfield's FxDS because it reduced the cost of our overall build. Not having to buy the traditional splice enclosure in the central office, which is very expensive, was significant. The savings, along with the secure management of our fiber jumpers in the central offices, were major factors."
"We've chosen the FieldSmart FxDS because of its ability to grow with us as our networks become increasingly fiber rich," he continued. "We'd recommend the FxDS to any service provider who wants to ensure optimal fiber protection while reducing their cost of deployment."
In addition to the FxDS, Rural Telephone's 11-county FTTH deployment will feature Clearfield's xPAK, Patch & Splice, Active Fiber Management Trough and Vertical Fiber Management technology.
Availability
The FieldSmart FxDS is currently shipping. Please contact your Clearfield representative for more information on ordering for your specific deployment needs.
About Clearview Cassette
As an "Any Application, Anywhere Multiplier," the Clearview Cassette ensures that all the basic principles of fiber management are satisfied without exposure to environmental hazards or human interaction. Integrated cassette components fully nest into the cassette's main-housing to support any application or fiber type desired. Within the cassette, all fibers from the sub-assembly are slack- stored, bend radius protected, and secured against accidental physical damage from handling. Designed to handle the toughest operating environments, the Clearview Cassette provides flexibility and reliable performance in the access network, the central office and in the field.
The Clearview Cassette utilizes a clear outer-housing allowing for quick and easy first step troubleshooting of unacceptable light conditions. Tool-less snap-together nesting covers and a removable 12-pack adapter plate allow for easy access to terminated sub-assemblies for maintenance and cleaning.
About Clearfield, Inc.
Clearfield, Inc. designs the FieldSmart fiber management platform --- the only fiber management platform to be designed around a single architecture for the inside plant, outside plant and access network. Scaling from 12 to 1728 ports, FieldSmart supports a wide range of panel and cabinet configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company traded on NASDAQ: CLFD.
The Clearfield, Inc. logo is available at http://www.globenewswire.com/ newsroom/prs/?pkgid=7887
CONTACT: Clearfield, Inc.
Gary Young
612-247-8123
garydyoung@comcast.net
CLFD.. $2.69 References to past activities..
CLFD has been busy to be sure and all items are constructive.. Many filings are included showing Insider Activity.. All seem to suggest that CLFD is back on track to higher sales and profits.. hank
09/13 15:45 CLFD DJ PRESS RELEASE: Clearfield(R) Announces 'SmartRoute Troughing' Enhanced Fiber Management for the Industry-Leading FieldSmart(R FxDS
09/13 15:45 CLFD PZ Clearfield(R) Announces 'SmartRoute Troughing' -Enhanced Fiber Management for the Industry-Leading FieldSmart(R)FxDS
09/13 15:17 CLFD FW Clearfield to license Miniflex products and systems
09/13 15:14 CLFD DJ PRESS RELEASE: Clearfield(R) Extends Product Offering With Licensing Agreement for Pushable Fiber
09/13 15:14 CLFD PZ Clearfield(R) Extends Product Offering With Licensing Agreement for Pushable Fiber
08/31 17:00 CLFD DJ Chmn ROTH Buys 4,360 Of CLEARFIELD INC >CLFD
08/31 16:59 CLFD ED Form 4 Clearfield, Inc. For: Aug 30 Filed by: ROTH RONALD G
08/31 10:58 CLFD ED Form 4 Clearfield, Inc. For: Aug 31 Filed by: Blackey Bruce G.
08/30 10:50 CLFD DJ Chmn ROTH Buys 6,100 Of CLEARFIELD INC >CLFD
08/30 10:49 CLFD ED Form 4 Clearfield, Inc. For: Aug 27 Filed by: ROTH RONALD G
08/25 17:21 CLFD ED Form 4 Clearfield, Inc. For: Aug 25 Filed by: Hill John P
08/25 17:11 CLFD ED Form 4 Clearfield, Inc. For: Aug 25 Filed by: Blackey Bruce G.
08/25 17:01 CLFD ED Form 8-K Clearfield, Inc. For: Aug 25
08/23 13:00 CLFD DJ PRESS RELEASE: Salisbury's New City-Driven FTTH Project to Rival Major Competitors' Offerings
08/23 13:00 CLFD PZ Salisbury's New City-Driven FTTH Project to Rival Major Competitors' Offerings
08/23 09:40 CLFD ED Form 4 Clearfield, Inc. For: Aug 19 Filed by: Hill John P
08/20 17:15 CLFD ED Form 4 Clearfield, Inc. For: Aug 19 Filed by: Blackey Bruce G.
08/20 16:33 CLFD ED Form 8-K Clearfield, Inc. For: Aug 19
08/17 12:00 CLFD DJ PRESS RELEASE: Clearfield Launches 'The Fiber Color Pages'
08/17 12:00 CLFD PZ Clearfield Launches 'The Fiber Color Pages'
08/13 14:57 CLFD DJ Chmn ROTH Buys 5,955 Of CLEARFIELD INC >CLFD
08/13 14:57 CLFD ED Form 4 Clearfield, Inc. For: Aug 12 Filed by: ROTH RONALD G
08/06 16:37 CLFD DJ Chmn ROTH Buys 5,000 Of CLEARFIELD INC >CLFD-Amended
08/06 16:36 CLFD ED Form 4/A Clearfield, Inc. For: Aug 06 Filed by: ROTH RONALD G
08/06 16:22 CLFD DJ Chmn ROTH Buys 5,000 Of CLEARFIELD INC >CLFD-Amended
08/06 16:21 CLFD ED Form 4/A Clearfield, Inc. For: Aug 06 Filed by: ROTH RONALD G
08/06 16:09 CLFD DJ Chmn ROTH Buys 5,000 Of CLEARFIELD INC >CLFD
08/06 16:08 CLFD ED Form 4 Clearfield, Inc. For: Aug 06 Filed by: ROTH RONALD G
08/06 15:52 CLFD ED Form 4 Clearfield, Inc. For: Aug 06 Filed by: REDDAN JOHN G JR
08/06 15:43 CLFD DJ Dir ZUCKERMAN Sells 5,000 Of CLEARFIELD INC >CLFD
08/06 15:43 CLFD ED Form 4 Clearfield, Inc. For: Aug 06 Filed by: ZUCKERMAN STEPHEN L
08/03 12:00 CLFD ED Form 10-Q Clearfield, Inc. For: Jun 30
07/29 11:01 CLFD DJ *Clearfield Inc 3Q Gross Margin 38.4%
07/29 11:01 CLFD ED Form 8-K Clearfield, Inc. For: Jul 29
07/29 11:00 CLFD DJ PRESS RELEASE: Clearfield, Inc. Reports Third Quarter FY2010 Performance
07/29 11:00 CLFD DJ PRESS RELEASE: Clearfield, Inc. Reports Third -2-
07/29 11:00 CLFD DJ *Clearfield Inc 3Q Rev $6.8M >CLFD
07/29 11:00 CLFD DJ *Clearfield Inc 3Q EPS 5c >CLFD
07/29 11:00 CLFD PZ Clearfield, Inc. Reports Third Quarter FY2010 Performance
06/08 12:00 CLFD BW Brian Schrand Joins Clearfield as Senior Member of Technical Staff
06/08 12:00 CLFD DJ PRESS RELEASE: Brian Schrand Joins Clearfield as Senior Member of Technical Staff
06/03 16:45 CLFD BW Clearfield Launches New Fiber Management Elements Optimized for Small Count Deployments
06/03 16:45 CLFD DJ PRESS RELEASE: Clearfield Launches New Fiber Management Elements Optimized for Small Count Deployments
05/07 16:13 CLFD DJ Chmn ROTH Buys 10,800 Of CLEARFIELD INC >CLFD
05/07 16:12 CLFD ED Form 4 Clearfield, Inc. For: May 06 Filed by: ROTH RONALD G
05/06 16:20 CLFD DJ Chmn ROTH Buys 34,200 Of CLEARFIELD INC >CLFD
05/06 16:20 CLFD ED Form 4 Clearfield, Inc. For: May 05 Filed by: ROTH RONALD G
05/05 11:33 CLFD ED Form 4 Clearfield, Inc. For: May 05 Filed by: Blackey Bruce G.
05/04 11:22 CLFD ED Form S-8 Clearfield, Inc.
05/04 11:00 CLFD ED Form 10-Q Clearfield, Inc. For: Mar 31
04/30 12:00 CLFD BW Clearfield Announces Joint Development Initiatives for Broadband Equipment Providers
04/30 12:00 CLFD DJ PRESS RELEASE: Clearfield Announces Joint Development Initiatives for Broadband Equipment Providers
04/29 11:01 CLFD ED Form 8-K Clearfield, Inc. For: Apr 29
04/29 11:00 CLFD BW Clearfield, Inc. Reports Second Quarter FY2010 Performance
04/29 11:00 CLFD DJ PRESS RELEASE: Clearfield, Inc. Reports Second Quarter FY2010 Performance
04/29 11:00 CLFD DJ PRESS RELEASE: Clearfield, Inc. Reports Second -2-
04/29 11:00 CLFD DJ *Clearfield Inc 2Q Loss/Shr 1c >CLFD
04/29 11:00 CLFD DJ *Clearfield Inc 2Q Rev $4.72M >CLFD
04/16 12:00 CLFD BW Landing Small-Count Fiber Just Got Even Easier
04/16 12:00 CLFD DJ PRESS RELEASE: Landing Small-Count Fiber Just Got Even Easier
03/24 16:15 WSTL* FW Westell and Clearfield enter joint development agreement
03/24 16:02 CLFD* DJ PRESS RELEASE: Westell and Clearfield Enter Joint Development Agreement
03/24 16:02 CLFD* DJ *Westell And Clearfield Enter Joint Development Agreement
03/24 16:02 WSTL* BW Westell and Clearfield Enter Joint Development Agreement
CLFD.. $2.56 Clearfield(R) Extends Product Offering With Licensing Agreement for Pushable Fiber
Miniflex Technology From Britain Will be Welcomed by U.S. Markets Looking to Reduce Cost of Fiber Deployment
MINNEAPOLIS, Sept. 13, 2010 (GLOBE NEWSWIRE) -- Clearfield, Inc. (Nasdaq:CLFD), the specialist in fiber management solutions for Fiber to the Premises (FTTp) deployments, today announced an intent to license Britain's Miniflex products and systems. As a key development partner and supplier of the Miniflex product line for the U.S. marketplace, Clearfield will bring the cost-saving benefits of the Miniflex pushable drop-cable solution and extend its application for multi-fiber deployment. When integrated with the Clearview(R) Cassette and the Clearview xPAK, service providers can push multiple fiber assemblies directly into the entire FieldSmart(R) fiber management platform. The product will be on display at the FTTH Conference in Las Vegas, Monday, September 13 in Clearfield's Booth 0.
Reducing the Cost of Fiber Deployment
"Besides Miniflex's innovative approach to fiber drops in the last mile, the multi-fiber applications of their solution aligns perfectly with the modular and flexible capabilities of Clearfield's FieldSmart product line," says Johnny Hill, Chief Operating Officer for Clearfield. "Integrating Miniflex into the Clearview Cassettes and xPAK Cassettes opens up a range of cost and time-saving alternatives to traditional methods of addressing small-count applications of business class services, cell-backhaul, consolidation of splice points, demarcation extensions and fiber exhaust. We are excited to bring this unified solution to the market, addressing our customer challenges in building fiber networks."
"Partnering with Clearfield is an extension of Miniflex's commitment to providing clever industry-leading technology that reduces the cost of fiber deployment," explains Tony Stockman, Managing Director of U.K.-based Miniflex. "While others in the industry continue to use antiquated drop-cable technology that puts fiber at risk by pulling it through a conduit, the Miniflex solution removes the cost of expensive pulling-eyes and associated installation equipment. Now with Clearfield, this same level of cost-saving precision is extended to multi-fiber environments."
About Miniflex FTTH Last Mile and Last 100 ft Solutions
Miniflex teams a high crush resistance microduct with a bend-limiting fiber 3mm mini-duct, delivering fiber to the door while protecting it from micro or macro-bending. There are two elements to the FTTH Solution -- the Tuff Duct(TM) microduct and TuffNut QuikClik SC.
TuffDuct
The velocity-conserving lining of this 10mm microduct provides a smooth core that enables a fiber to be pushed through it with minimal resistance. Serving as an optical fiber raceway, it is constructed in both indoor and outside plant-rated materials.
TuffNut QuikClik SC
Mating a 3mm mini-duct with a Miniflex-patented QuikClik SC pushable connector, the preterminated TuffNut QuickClik cable assembly is pushed (rather than pulled) through the TuffDuct optical raceway, providing the most cost-effective means of installing optical connectivity-- without jeopardizing fiber protection. In addition, long-term reliability of the initial install is protected with minimal restoration costs in the event of a cut fiber or microduct.
The Miniflex technology will integrate seamlessly with the FieldSmart fiber management platform, which includes the FieldSmart Fiber Crossover Distribution System (FxDS) for the inside plant, the FieldSmart Fiber Scablability Center (FSC) outside plant cabinets, the FieldSmart Fiber Delivery Point (FDP) line of access products and the FieldSmart Small Count Delivery (SCD) line of panels and wall boxes.
Availability
Miniflex products are currently shipping from Clearfield through the Company's distribution partners, including Power & Tel, KGP, Border States and Graybar. Please contact your Clearfield representative for more information on ordering for your deployment needs.
About Miniflex
Miniflex designs and markets fiber protection products to an international customer community and is based in Ohio in the U.S. and Suffolk, in the UK. Technical Director Peter Jenkins was formally at BT and designed the BT Access Network. Managing Director Tony Stockman is also CEO of M2FX and Minima Design. Together, Peter and Tony bring years of design experience to the team, making Miniflex an authority on fiber protection technologies. Today, there are millions of meters of Miniflex deployed in cars, and millions more protecting valuable networks for blue chip customers across the world.
About Clearfield, Inc.
Clearfield, Inc. designs the FieldSmart fiber management platform -- the only fiber management platform to be designed around a single architecture for the inside plant, outside plant and access network. Scaling from 12 to 1728 ports, FieldSmart supports a wide range of panel and cabinet configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company traded on NASDAQ: CLFD.
The Clearfield, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7887
CONTACT: Clearfield, Inc.
Gary Young
612-247-8123
garydyoung@comcast.net
2010 GlobeNewswire, Inc.
CLFD.. $2.45.. earnings
Clearfield, Inc. Reports Third Quarter FY2010 Performance
Record Quarterly Operating Income is Fueled by Gross Margin Gains and Revenue
Stabilization
MINNEAPOLIS, Jul 29, 2010 (GlobeNewswire via COMTEX) --
* Revenue:$6.8 million, up 43.5% from last quarter; down 5.3% from
previous year's third quarter
* Gross profit:$2.6 million, up 50.2% from last quarter; down 3.0% from
previous year's third quarter
* Gross margin:38.4%, up from 37.5% in previous year's third quarter
$611,000, up $68,000 or 12.6% from previous year's third
* Operating income:quarter
$629,000, up $42,000 or 7.2% from previous year's third
* Net income:quarter
* Basic and diluted
net income per
share:$.05
Clearfield, Inc. (CLFD), the specialist in fiber management solutions for Fiber
to the Premises (FTTp) deployments, today announced results for the third fiscal
quarter of 2010 which ended June 30, 2010. Net income was $629,000 or $.05 per
basic and diluted income per share, up 7.2% from the previous year's third
quarter. Operating income rose 12.6% to $611,000, up $68,000 from the previous
year's third quarter. Gross margin improvements of nearly 1% as compared to prior
year's third quarter off-set a 5.3% reduction in revenue for the quarter as
compared to the third quarter of 2009. Revenue for the quarter ended June 30,
2010 was $6,778,000 in comparison to $7,160,000 for the quarter ended June 30,
2009. Gross profit dollars for the third quarter of fiscal 2010 were $2,603,000
in comparison to $2,684,000 for the third quarter of fiscal 2009, a decrease of
3.0%. Gross margins for the quarter improved one percent to 38.4% from the same
quarter of last fiscal year. The year-over-year improvement is the result of
product mix, material cost improvements and manufacturing efficiency. Operating
expenses were $1,993,000, a decrease of 7% from $2,142,000 in the same quarter of
fiscal 2009. While the Company continues to invest in sales, marketing and
engineering resources during this period, these increased costs were off-set by a
$300,000 reduction in incentive compensation expense.
Year to Date
Revenue for the first three quarters of fiscal 2010 was $16,446,000 in comparison
to $18,326,000 for the same period of 2009, a decrease of 10%. Gross profit for
the nine month period was $6,038,000 in comparison to $6,517,000 for the
comparable period for fiscal 2009, a decrease of 7%. Gross margins have continued
to improve year-to-date to 37% for the nine months ended June 30, 2010 compared
to 36% from the same period of last fiscal year. Operating expenses were
$5,747,000 for the nine months ended June 30, 2010 an increase of 2% from
$5,637,000 in the same period of fiscal 2009. The Company's operating income
through the first three quarters of fiscal 2010 was $291,000 compared to $880,000
in the same period of fiscal 2009 with net income for the same respective periods
of $361,000 and $936,000.
Comments on Operations
"Our market is building momentum as the economy strengthens," commented Cheri
Beranek, President and Chief Executive Officer of Clearfield. "Our continual
improvement programs focused on enhancing gross margins are fueling the
significant gains in operating income for the Company this quarter. Strong summer
fiber optic deployments and the funding associated with the broadband stimulus
programs are just now beginning to bear fruit for Clearfield."
"As our market landscape changes due to consolidation of our customers and
competitors, Clearfield's long-standing commitment to nimble product development
initiatives, aggressive sales strategies and a customer-first value system is
resonating strongly with customers and our pipeline of active quotes continues to
expand."
About Clearfield, Inc.
Clearfield, Inc. designs and manufactures the FieldSmart Fiber Management
Platform, which includes its latest generation FieldSmart Fiber Crossover
Distribution System (FxDS), FieldSmart Fiber Scalability Center (FSC) and
FieldSmart Fiber Delivery Point (FDP) series. The FxDS, FSC and FDP product lines
are based upon the patent pending technologies of the Clearview and xPAK
cassettes and support a wide range of panel configurations, densities, connectors
and adapter options, and are offered alongside an assortment of passive optical
components. Clearfield provides a complete line of fiber and copper assemblies
for inside plant, outside plant and access networks. Clearfield is a public
company, traded on Nasdaq:CLFD. http://www.ClearfieldConnection.com
Forward-Looking Statements
Forward-looking statements contained herein are made pursuant to the safe harbor
provisions of the Private Litigation Reform Act of 1995. These statements are
based upon the Company's current expectations and judgments about future
developments in the Company's business. Certain important factors could have a
material impact on the Company's performance, including, without limitation the
effect of the significant downturn in the U.S. economy on Clearfield's customers;
the impact of the American Recovery and Reinvestment Act or any other legislation
on customer demand and purchasing patterns; cyclical selling cycles; need to
introduce new products and effectively compete against competitive products;
dependence on third-party manufacturers; limited experience in manufacturing,
reliance on key customers; rapid changes in technology; the negative effect of
product defects; the need to protect its intellectual property; the impact on its
financial results or stock price of its ability to use its deferred tax asset,
consisting primarily of net operating loss carryforwards, to offset future
taxable income; the valuation of its goodwill and the effect of its stock price,
among other factors, on the evaluation of goodwill; and other factors set forth
in Clearfield's Annual Report on Form 10-K for the year ended September 30, 2009
as well as other filings with the Securities and Exchange Commission. The Company
undertakes no obligation to update such statements to reflect actual events.
CLEARFIELD, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
Three Months EndedNine Months Ended June
June 30,30,
----------------------------------------------
2010200920102009
------------------------------------------
Revenues$6,778,193$7,160,039$16,445,626$18,325,930
Cost of sales4,174,9984,475,57310,407,34711,809,104
------------------------------------------
Gross profit2,603,1952,684,4666,038,2796,516,826
Operating expenses
Selling, general and
administrative1,992,5762,142,0745,746,9135,637,002
------------------------------------------
Income from
operations610,619542,392291,366879,824
Other income
(expense)
Interest income36,49134,764112,12583,758
Interest expense--(1,260)(820)(4,751)
Other income11,49848,24335,85075,818
------------------------------------------
47,98981,747147,155154,825
------------------------------------------
Income before income
taxes658,608624,139438,5211,034,649
Income tax expense29,59537,11977,55999,093
------------------------------------------
Net income$629,013$587,020$360,962$935,556
==========================================
Net income per share:
------------------------------------------
Basic$.05$.05$.03$.08
==========================================
Diluted$.05$.05$.03$.08
==========================================
Weighted average
shares outstanding:
Basic11,995,33111,938,13111,987,79311,938,131
Diluted12,437,85311,945,41912,460,06912,945,419
CLEARFIELD, INC.
BALANCE SHEETS
UNAUDITED
June 30,September
201030, 2009
------------------------
Assets
Current Assets
Cash and cash
equivalents$4,886,316$4,731,735
Short-term investments1,345,5662,108,566
Accounts receivable, net2,473,8852,723,414
Inventories1,431,7921,153,862
Other current assets213,553180,635
------------------------
Total Current Assets10,351,11210,898,212
Property, plant and
equipment, net1,385,0621,319,492
Other Assets
Long-term investments3,760,1632,840,000
Goodwill2,570,5112,570,511
Intangibles27,649--
Deferred taxes --long
term2,168,6742,231,990
Other176,368568,554
------------------------
Total other assets8,703,3658,211,055
------------------------
Total Assets$20,439,539$20,428,759
========================
Liabilities and
Shareholders' Equity
Total current
liabilities$2,006,903$2,493,006
Deferred rent82,32087,942
------------------------
Total Liabilities2,089,2232,580,948
Shareholders' Equity
Common stock119,953119,746
Additional paid-in
capital52,513,47552,372,139
Accumulated deficit(34,283,112)(34,644,074)
------------------------
Total Shareholders'
Equity18,350,31617,847,811
------------------------
Total Liabilities and
Shareholders' Equity$20,439,539$20,428,759
========================
This news release was distributed by GlobeNewswire, http://www.globenewswire.com
SOURCE: Clearfield, Inc.
CONTACT:Clearfield, Inc.
Cheryl P. Beranek, Chief Executive Officer and President
763-476-6866
Investor-relations@clfd.net
CLFD.. $2.48
Brian Schrand Joins Clearfield as Senior Member of Technical Staff
Business Wire - Jun 08 at 12:00
Company Symbols: NASDAQ-NMS:CLFD
Former Cincinnati Bell executive to be fiber network resource for Clearfield customers
MINNEAPOLIS--(BUSINESS WIRE)-- Clearfield, Inc. (Nasdaq: CLFD) announced Brian Schrand has joined the firm as its Senior Member of Technical Staff. Schrand previously was Senior Specialist for Network Engineering, Construction and Operations at Cincinnati Bell Telephone (CBT), the 9th largest telephone company in the U.S. In his new capacity, Schrand will continue to consult with CBT on its fiber management needs, as well as advise a broad range of Clearfield customers, including telecommunications companies, manufacturers, and municipalities on how to most cost-effectively deploy FTTp networks.
Clearfield CEO Cheri Beranek said, "Because we've worked together for years, we know that Brian shares our unique vision for the future of fiber management. Together we've developed the products that shaped CBT's fiber management platform, so we quickly came to understand what a brilliant mind he has for this business. In this new position, he will be able to share his insights with a much larger universe."
Schrand said the company's fiber technology leadership factored heavily into his decision to join Clearfield. "Beyond that, I believe in this company. There's a culture at Clearfield that you won't find anywhere else. And they fiercely protect that culture."
Schrand has more than 22 years of experience in the telecommunications industry. Prior to CBT, he assisted in engineering and constructing the City of Cincinnati's first fiber network. Since joining CBT in 1995, he has held various management positions within the company, including Outside Plant Construction, Installation, Information Technology (IT), and Outside Plant Staff.
"In passing and connecting thousands of Cincinnati residents with fiber, I've learned through trial and error how to drive cost out of the FTTp equation," commented Schrand. "I'm thrilled to be able to apply my experience to other networks."
Schrand will also write a monthly column, The Fiber Color Pages, on www.fiberpuzzle.com.
About Clearfield, Inc.
Clearfield, Inc. designs the FieldSmart fiber management platform --- the only fiber management platform to be designed around a single architecture for the inside plant, outside plant and access network. Scaling from 12 to 1728 ports, FieldSmart supports a wide range of panel and cabinet configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company traded on NASDAQ: CLFD.
More information about Clearfield, Inc., its products and its people can be found at http://www.ClearfieldConnection.com.
Source: Clearfield, Inc.
Copyright Business Wire 2010
CLFD.. $2.45.. Insider buying..
Chmn ROTH Buys 34,200 Of CLEARFIELD INC >CLFD
Dow Jones & Company, Inc. - May 06 at 16:20
Company Symbols: NASDAQ-NMS:CLFD
SOURCE: Form 4
ISSUER: CLEARFIELD INC
SYMBOL: CLFD
FILER: ROTH RONALD G
TITLE: Chairman of the Board
DATE TRANSACTION SHARES PRICE VALUE
5/5/10 Purchase 34,200 $2.59 $88,708
OWNERSHIP: 823,190 (Direct) 156,760 (Indirect)
The Form 4 is filed with the Securities and Exchange Commission by insiders
to report transactions in their companies' shares. Open market purchases
and sales must be reported within two business days of the transaction.
Insider Data Source: The Washington Service
(info@washingtonservice.com or 301-913-5100)
CLFD.. $2.50..Broadband Equipment Providers
Clearfield Announces Joint Development Initiatives for Broadband Equipment Providers
Business Wire - Apr 30 at 12:00
Company Symbols: NASDAQ-NMS:CLFD
''Clearview Multiplied'' and ''Clearview Landed'' to allow electronics/enclosure companies to rapidly expand product offerings with fiber management solutions
MINNEAPOLIS--(BUSINESS WIRE)-- Clearfield, Inc. (NASDAQ: CLFD), a specialist in the delivery of fiber management solutions for the FTTp (Fiber To The Premise) marketplace, is launching two new product development and marketing initiatives in which broadband infrastructure providers can enhance their product offerings by easily integrating the Clearview Cassette and the Clearview xPAK Cassette into their own product lines.
"Clearview Multiplied" is a technology development program in which Clearfield will provide the engineering development resources to enable broadband infrastructure providers to incorporate a highly-scalable fiber management architecture that scales in increments of 12, using Clearfield's Clearview Cassette.
"Clearview Landed" is a product marketing initiative allowing electronics and enclosure companies to land small count fiber needs within their products utilizing the Clearview xPAK Cassette. Because the Clearview xPAK ships with a universal mounting bracket, the xPAK can be housed within any enclosure environment without product modification. This enables every enclosure provider to immediately provide a product offering for today's emerging fiber marketplace.
Market Leaders Respond with Strong Interest
"Westell's vision is to ensure our customers win the complex triple play of networked data, voice, and media services," said Brian Powers, Vice President and General Manager, OSPlant Systems, Westell. "Aligning our product development efforts alongside Clearfield's Clearview Cassette allows Westell to continue to offer innovative, highly engineered solutions that make it easy for carriers and service providers to give their customers more--more content, more services and more capabilities."
"As a leader in communication enclosures for more than 30 years, we're seeing our customer base begin the process of migrating from copper to fiber," said Mahmud Harji, director of sales of Primex. "The Clearview xPAK gives us the strategic opportunity to respond to our customers needs with a solution that expands our offering of fiber management products."
About the Clearview Cassette
As an "Any Application, Anywhere Multiplier," the Clearview Cassette is an integrated 12-fiber management system that can be replicated whenever and wherever it is required in the network. The Clearview Cassette ensures that all the basic principles of fiber management are satisfied without exposure to environmental hazards or human interaction. Cassette components fully nest into the cassette's main-housing to support any application or fiber type desired. Within the cassette, all fibers from the sub-assembly are slack-stored, bend radius protected, and secured against accidental physical damage from handling. Designed to handle the toughest operating environments, the Clearview Cassette provides flexibility and reliable performance in the access network, the central office and in the field.
About the Clearview xPAK Cassette
At first glance, the Clearview xPAK looks like any other LGX compatible package, but upon closer inspection, you'll see a new generation of innovation in the delivery of terminated fiber assemblies. xPAK unfolds to a flat, single-piece element in which all required components for fiber protection are integrated. Engineered to land small port count fiber terminations and optical components as conveniently and inexpensively as possible, xPAK simplifies fiber management to the level of a consumable good.
Source: Clearfield, Inc.
Copyright Business Wire 2010
CLFD.. $2.56
Clearfield Announces Joint Development Initiatives for Broadband Equipment Providers
Business Wire - Apr 30 at 12:00
Company Symbols: NASDAQ-NMS:CLFD
''Clearview Multiplied'' and ''Clearview Landed'' to allow electronics/enclosure companies to rapidly expand product offerings with fiber management solutions
MINNEAPOLIS--(BUSINESS WIRE)-- Clearfield, Inc. (NASDAQ: CLFD), a specialist in the delivery of fiber management solutions for the FTTp (Fiber To The Premise) marketplace, is launching two new product development and marketing initiatives in which broadband infrastructure providers can enhance their product offerings by easily integrating the Clearview Cassette and the Clearview xPAK Cassette into their own product lines.
"Clearview Multiplied" is a technology development program in which Clearfield will provide the engineering development resources to enable broadband infrastructure providers to incorporate a highly-scalable fiber management architecture that scales in increments of 12, using Clearfield's Clearview Cassette.
"Clearview Landed" is a product marketing initiative allowing electronics and enclosure companies to land small count fiber needs within their products utilizing the Clearview xPAK Cassette. Because the Clearview xPAK ships with a universal mounting bracket, the xPAK can be housed within any enclosure environment without product modification. This enables every enclosure provider to immediately provide a product offering for today's emerging fiber marketplace.
Market Leaders Respond with Strong Interest
"Westell's vision is to ensure our customers win the complex triple play of networked data, voice, and media services," said Brian Powers, Vice President and General Manager, OSPlant Systems, Westell. "Aligning our product development efforts alongside Clearfield's Clearview Cassette allows Westell to continue to offer innovative, highly engineered solutions that make it easy for carriers and service providers to give their customers more--more content, more services and more capabilities."
"As a leader in communication enclosures for more than 30 years, we're seeing our customer base begin the process of migrating from copper to fiber," said Mahmud Harji, director of sales of Primex. "The Clearview xPAK gives us the strategic opportunity to respond to our customers needs with a solution that expands our offering of fiber management products."
About the Clearview Cassette
As an "Any Application, Anywhere Multiplier," the Clearview Cassette is an integrated 12-fiber management system that can be replicated whenever and wherever it is required in the network. The Clearview Cassette ensures that all the basic principles of fiber management are satisfied without exposure to environmental hazards or human interaction. Cassette components fully nest into the cassette's main-housing to support any application or fiber type desired. Within the cassette, all fibers from the sub-assembly are slack-stored, bend radius protected, and secured against accidental physical damage from handling. Designed to handle the toughest operating environments, the Clearview Cassette provides flexibility and reliable performance in the access network, the central office and in the field.
About the Clearview xPAK Cassette
At first glance, the Clearview xPAK looks like any other LGX compatible package, but upon closer inspection, you'll see a new generation of innovation in the delivery of terminated fiber assemblies. xPAK unfolds to a flat, single-piece element in which all required components for fiber protection are integrated. Engineered to land small port count fiber terminations and optical components as conveniently and inexpensively as possible, xPAK simplifies fiber management to the level of a consumable good.
Source: Clearfield, Inc.
Copyright Business Wire 2010
Yep, bailed completely now for the time being... was hoping to hit that $3 target but will have to wait.
CLFD.. $2.71..
Took a quick look at the latest EPS report and doubt if there is any reason to own CLFD at present.. Will look harder this PM.. hank
Clearfield, Inc. Reports Second Quarter FY2010 Performance
Date : 04/29/2010 @ 11:00AM
Source : Business Wire
Stock : Clearfield, Inc. (CLFD)
Quote : 2.7515 -0.0085 (-0.31%) @ 7:22AM
Clearfield, Inc. Reports Second Quarter FY2010 Performance
Clearfield, Inc. (NASDAQ: CLFD):
Net Sales:
$4.7 million, down 10% from previous year
Gross Profit:
$1.7 million, down 4.7% from previous year
Gross Margin:
36.7%, up from 34.7% in previous year
Net Loss:
$108,000
Net loss per share:
$.01
Clearfield, Inc. (NASDAQ: CLFD), the specialist in fiber management solutions for Fiber to the Premises (FTTp) deployments, today announced results for the second fiscal quarter of 2010 which ended March 31, 2010. Revenue for the quarter was $4,725,000 in comparison to $5,233,000 for the quarter ended March 31, 2009, a decrease of 10%. Gross profit for the second quarter of fiscal 2010 was $1,733,000 in comparison to $1,818,000 for the second quarter of fiscal 2009, a decrease of 4.7%. The Company reported a net loss of $108,000 for the second quarter of fiscal 2010, or $.01 per share, compared to income of $131,000, or $.01 per share, for the second fiscal quarter of 2009.
Revenue in the broadband and commercial data networks market was $3.9 million for second quarter of fiscal 2010, down from $4.4 million in the previous year’s second quarter. The revenue decrease was primarily associated with decreased orders from a single distributor in the Eastern region of the U.S. Revenue from that distributor accounted for 25% of total revenue for the second quarter of fiscal year 2010 in comparison to 46% in the same period of fiscal year 2009. Revenues outside of that distributor increased from $2.4 million in the second quarter of fiscal year 2009 to $2.9 million in the second quarter of fiscal year 2010 or 21%, representing a broader base of business for the Company.
Revenue associated with contract manufacturing for OEMs outside of the telecommunications markets, principally cable assembles produced to customer design, improved modestly, as revenue to that market was $849,000 for the second quarter of fiscal 2010 up from $830,000 in the second quarter for fiscal 2009. The company sees this stabilization of revenue as a positive early indication that the economic recovery is beginning in the general manufacturing sector.
Gross margins for the quarter improved two percent to 36.7% from the same quarter of last fiscal year. The year-over-year improvement is the result of product mix, material cost improvements and manufacturing efficiency.
Operating expenses were $1.9 million, an increase of 10% from $1.7 million in the same quarter 2009. As was reported after the first quarter, the Company continues to invest for revenue growth. A key initiative has been expanding its base of senior technical engineers who provide application support to prospective clients as they design their networks. In addition, the Company is expanding its presence in industry periodicals and tradeshows.
The Company’s net loss for the second quarter of 2010 was $108,000 or $0.01 per diluted share compared to net income of $131,000 or $0.01 per diluted share for the comparable period of 2009.
Year to Date
Total revenue year-to-date for fiscal 2010 was $9,667,000 in comparison to $11,166,000 for the same period of 2009, a decrease of 13%. Gross profit for the period was $3,435,000 in comparison to $3,832,000 for the comparable period for fiscal 2009, a decrease of 10%. Gross margins have continued to improve year-to-date to 36% for the six months ended March 31, 2010 compared to 34% from the same period of last fiscal year. Operating expenses were $3.8 million for the six months ended March 31, 2010 an increase of 7% from $3.5 million in the same period of fiscal 2009. The Company’s net loss through two quarters of fiscal 2010 was $268,000 or $0.02 per diluted share compared to net income of $348,000, or $0.03 per diluted share for the comparable period of 2009.
Comments on Operations
“Traditional market seasonality on top of uncertain market conditions has softened the Company’s performance over the first two quarters of this fiscal year,” explains Cheri Beranek, President and Chief Executive Officer of Clearfield. “A recent study by Render Vanderslice reports that while the service provider community continues to invest in FTTH networks, the pace has slowed. 529,000 new homes were connected in the U.S. over the past six months, compared to 853,000 in the previous six month period – a reduction of nearly 38%.”
“As the economy recovers and the Fiber to the Premises (FTTp) marketplace along with it, the FieldSmart product line is in a unique position to reduce deployment costs for broadband service providers. We are actively engaged in product development projects and market development initiatives with a range of service providers and infrastructure equipment suppliers.”
“Further, we are expanding our investments into new markets outside of the North American FTTp marketplace,” continues Beranek. “In addition, our recent announcement of the Clearview xPAK opens the door to the cable television and wireless markets whose fiber management needs are centered upon applications that land fiber in smaller increments,” concluded Beranek.
About Clearfield, Inc.
Clearfield, Inc. designs and manufactures the FieldSmart Fiber Management Platform, which includes its latest generation FieldSmart Fiber Crossover Distribution System (FxDS), FieldSmart Fiber Scalability Center (FSC) and FieldSmart Fiber Delivery Point (FDP) series. The FxDS, FSC and FDP product lines are based upon the patent pending technologies of the Clearview and xPAK cassettes and support a wide range of panel configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company, traded on Nasdaq:CLFD. www.ClearfieldConnection.com
Forward-Looking Statements
Forward-looking statements contained herein are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. These statements are based upon the Company's current expectations and judgments about future developments in the Company's business. Certain important factors could have a material impact on the Company's performance, including, without limitation the effect of the significant downturn in the U.S. economy on Clearfield’s customers; the impact of the American Recovery and Reinvestment Act or any other legislation on customer demand and purchasing patterns; cyclical selling cycles; need to introduce new products and effectively compete against competitive products; dependence on third-party manufacturers; limited experience in manufacturing, reliance on key customers; rapid changes in technology; the negative effect of product defects; the need to protect its intellectual property; the impact on its financial results or stock price of its ability to use its deferred tax asset, consisting primarily of net operating loss carryforwards, to offset future taxable income; the valuation of its goodwill and the effect of its stock price, among other factors, on the evaluation of goodwill; and other factors set forth in Clearfield’s Annual Report on Form 10-K for the year ended September 30, 2009 as well as other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update such statements to reflect actual events.
CLEARFIELD, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
Three Months Ended March 31, Six Months Ended March 31, 2010 2009 2010 2009 Revenues $ 4,724,766 $ 5,232,604 $ 9,667,433 $ 11,165,891 Cost of sales 2,991,390 3,414,452 6,232,349 7,333,531 Gross profit 1,733,376 1,818,152 3,435,084 3,832,360 Operating expenses Selling, general and administrative 1,864,722 1,689,950 3,754,928 3,494,928 Income (loss) from operations (131,346 ) 128,202 (319,253 ) 337,432 Other income (expense) Interest income 37,578 17,244 75,634 48,994 Interest expense (236 ) (1,585 ) (820 ) (3,491 ) Other income 9,837 13,931 24,352 27,575 47,179 29,590 99,166 73,078 Income (loss) before income taxes (84,167 ) 157,792 (220,087 ) 410,510 Income tax expense 24,203 26,743 47,964 61,974 Net income (loss) $ (108,370 )
$
131,049
$
(268,051 ) $ 348,536 Net income (loss)per share: Basic ($.01 ) $.01 ($.02 ) $.03 Diluted ($.01 ) $.01 ($.02 ) $.03 Weighted average shares outstanding: Basic 11,991,544 11,938,131 11,984,238 11,938,131 Diluted 11,991,544 11,938,131 11,984,238 11,938,131
CLEARFIELD, INC. BALANCE SHEETS
UNAUDITED
March 31, 2010 September 30, 2009 Assets Current Assets Cash and cash equivalents $ 3,995,564 $ 4,731,735 Short-term investments 1,105,566 2,108,566 Accounts receivable, net 2,046,388 2,723,414 Inventories 1,323,270 1,153,862 Other current assets 313,213 180,635 Total current assets 8,874,001 10,898,212 Property, plant and equipment, net 1,317,075 1,319,492 Other Assets Long-term investments 3,924,000 2,840,000 Goodwill 2,570,511 2,570,511 Intangibles 10,811 - Deferred taxes –long term 2,187,500 2,231,990 Other 547,031 568,554 Total other assets 9,239,853 8,211,055 Total Assets $ 19,340,929 $ 20,428,759 Liabilities and Shareholders’ Equity Total current liabilities 1,573,256 2,493,006 Deferred rent 84,193 87,942 Total Liabilities 1,657,449 2,580,948 Shareholders’ Equity Common stock 119,953 119,746 Additional paid-in capital 52,475,652 52,372,139 Accumulated deficit (34,912,125 ) (34,644,074 ) Total shareholders’ equity 17,683,480 17,847,811 Total Liabilities and Shareholders’ Equity $ 19,340,929 $ 20,428,759
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Ticker:(NASDAQ)CLFD
OS:11,872,331
Clearfield, Inc. manufactures and sells telecommunications equipment and products in the United States. Its products include fiber distribution systems, optical components, outside plant cabinets, and fiber and copper cable assemblies. The fiber distribution systems are fiber distribution panels and cable management systems that are designed to reduce installation time and support a range of panel configurations, densities, connectors, and adapters that can be utilized on a stand-alone basis or integrated into the panel system. The company packages optical components for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation to seamlessly integrate with the fiber distribution products in the central office and outside plant environments. It serves communication service providers, including fiber-to-the-home, enterprise, and original equipment manufacture markets. The company was founded in 1979. It was formerly known as APA Optics, Inc. and changed its name to APA Enterprises, Inc. Further, the company changed its name to Clearfield, Inc. in January 2008. Clearfield, Inc. is headquartered in Plymouth, Minnesota.
Economic conditions slow momentum; gross margin gains and ongoing strategic investments position Company for future opportunities
MINNEAPOLIS--(BUSINESS WIRE)--Clearfield, Inc. (NASDAQ: CLFD - News):
| $4.9 million, down 17% from previous year | |
| $1.7 million, down 16% from previous year | |
| 34.4%, up from 34.0% in previous year | |
| $160,000 | |
| $.01 |
Clearfield, Inc. (NASDAQ: CLFD - News) today announced results for the first fiscal quarter of 2010 which ended December 31, 2009. Revenue for the quarter was $4,943,000 in comparison to $5,933,000 for the quarter ended December 31, 2008, a decrease of 17 percent. Gross profit for the first quarter of fiscal 2010 was $1,702,000 in comparison to $2,014,000 for the first quarter for fiscal 2009, a decrease of 16 percent. The Company reported a net loss of $160,000 for the first quarter of fiscal 2010, or $.01 per share, compared to income of $217,000, or $.02 per share, for the first fiscal quarter of 2009.
Revenue decreased in the broadband and commercial data networks market as well as the contract manufacturing market. Revenue in the broadband and commercial data networks market was $4.1 million in the first quarter of fiscal 2010, down from $4.7 million in the previous year’s first quarter. The revenue decrease was primarily associated with decreased demand from a single distributor in the Eastern region of the U.S. Revenue from that distributor accounted for 19% of total quarter revenue for the first quarter of fiscal 2010 in comparison to 25% for the first quarter for fiscal 2009. This decrease overshadowed stable revenue performance in the Midwest and revenue gains in regions of the U.S. where the Company has invested in additional sales personnel in recent quarters. Revenue associated with contract manufacturing, principally copper cable assembles produced to the design specifications of OEM’s outside of the telecommunications market, also contributed to the overall quarterly revenue decline, as revenue to that market was $814,000 for the first quarter of fiscal 2010 down from $1.1 million in the first quarter for fiscal 2009.
In the first fiscal quarter of 2010, gross margins improved nearly one half of one percent to 34.4% from the same quarter of last fiscal year. The year-over-year improvement is the result of material cost improvements and manufacturing efficiency.
Operating expenses were $1.9 million, an increase of 5% from $1.8 million in the same quarter 2009. The Company continues to invest in revenue growth, with the hiring of field sales personnel along with product and market managers.
Comments on Operations
“Our recent revenue performance is indicative of a market that is hampered by economic conditions,” explains Cheri Beranek, President and Chief Executive Officer of Clearfield. “While our largest customers continue to offer kudos to our product line and have told us they remain committed to the return on investment they expect from the FTTH marketplace, the availability of capital and funding to our customers has slowed some major initiatives in some of our historically strongest markets.”
“We are just beginning to see the initial grant and loan awards from the American Recovery and Reinvestment Act. We are actively tracking both award winners and applications that are still under review. However, grant and loan award recipients are just initiating their Requests For Vendor Quotation and we do not expect them to begin receiving funds until later this spring.”
“During this time, we are continuing to make strategic investments in sales personnel and marketing initiatives to broaden our reach within our markets. In addition, we are aggressively pursuing new products that will allow us to enter new markets and address an expanding range of customer requirements,” concluded Beranek.
About Clearfield, Inc
Clearfield, Inc. designs and manufactures the FieldSmart Fiber Management Platform, which includes its latest generation FieldSmart Fiber Crossover Distribution System (FxDS), FieldSmart Fiber Scalability Center (FSC) and FieldSmart Fiber Delivery Point (FDP) series. The FxDS, FSC and FDP product lines support a wide range of panel configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. Clearfield is a public company, traded on Nasdaq:CLFD. www.ClearfieldConnection.com
Forward-Looking Statements
Forward-looking statements contained herein are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. These statements are based upon the Company's current expectations and judgments about future developments in the Company's business. Certain important factors could have a material impact on the Company's performance, including, without limitation the effect of the significant downturn in the U.S. economy on Clearfield’s customers; the impact of the American Recovery and Reinvestment Act or any other legislation on customer demand and purchasing patterns; cyclical selling cycles; need to introduce new products and effectively compete against competitive products; dependence on third-party manufacturers; limited experience in manufacturing, reliance on key customers; rapid changes in technology; the negative effect of product defects; the need to protect its intellectual property; the impact on its financial results or stock price of its ability to use its deferred tax asset, consisting primarily of net operating loss carryforwards, to offset future taxable income; the valuation of its goodwill and the effect of its stock price, among other factors, on the evaluation of goodwill; and other factors set forth in Clearfield’s Annual Report on Form 10-K for the year ended September 30, 2009 as well as other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update such statements to reflect actual events.
CLEARFIELD, INC. | ||||||||||
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | ||||||||||
UNAUDITED | ||||||||||
Three Months Ended | ||||||||||
December 31, | ||||||||||
2009 | 2008 | |||||||||
Revenues | $ | 4,942,667 | $ | 5,933,287 | ||||||
Cost of sales | 3,240,959 | 3,919,079 | ||||||||
Gross profit | 1,701,708 | 2,014,208 | ||||||||
Operating expenses | ||||||||||
Selling, general and administrative | 1,889,615 | 1,804,978 | ||||||||
Income (loss) from operations | (187,907 | ) | 209,230 | |||||||
Other income (expense) | ||||||||||
Interest income | 38,056 | 31,750 | ||||||||
Interest expense | (584 | ) | (1,906 | ) | ||||||
Other income | 14,515 | 13,644 | ||||||||
51,987 | 43,488 | |||||||||
Income before income taxes | (135,920 | ) | 252,718 | |||||||
Income tax expense | 23,761 | 35,231 | ||||||||
Net income (loss) | $ | (159,681 | ) | $ | 217,487 | |||||
Net income (loss)per share: | ||||||||||
Basic | ($.01 | ) | $ | .02 | ||||||
Diluted | ($.01 | ) | $ | .02 | ||||||
Weighted average shares outstanding: | ||||||||||
Basic | 11,977,266 | 11,938,131 | ||||||||
Diluted | 11,977,266 | 11,938,131 | ||||||||
CLEARFIELD, INC. | ||||||||||
BALANCE SHEETS | ||||||||||
UNAUDITED | ||||||||||
December 31, 2009 | September 30, 2009 | |||||||||
Assets | ||||||||||
Current Assets | ||||||||||
Cash and cash equivalents | $ | 4,375,289 | $ | 4,731,735 | ||||||
Short-term investments | 1,153,566 | 2,108,566 | ||||||||
Accounts receivable, net | 1,739,721 | 2,723,414 | ||||||||
Inventories | 1,241,314 | 1,153,862 | ||||||||
Other current assets | 217,376 | 180,635 | ||||||||
Total current assets | 8,727,266 | 10,898,212 | ||||||||
Property, plant and equipment, net | 1,255,763 | 1,319,492 | ||||||||
Other Assets | ||||||||||
Long-term investments | 3,876,000 | 2,840,000 | ||||||||
Goodwill | 2,570,511 | 2,570,511 | ||||||||
Deferred taxes –long term | 2,209,745 | 2,231,990 | ||||||||
Other | 557,921 | 568,554 | ||||||||
Total other assets | 9,214,177 | 8,211,055 | ||||||||
Total Assets | $ | 19,197,206 | $ | 20,428,759 | ||||||
Liabilities and Shareholders’ Equity | ||||||||||
Total current liabilities | 1,376,749 | 2,493,006 | ||||||||
Deferred rent | 86,068 | 87,942 | ||||||||
Total Liabilities | 1,462,817 | 2,580,948 | ||||||||
Shareholders’ Equity | ||||||||||
Common stock | 119,788 | 119,746 | ||||||||
Additional paid-in capital | 52,418,356 | 52,372,139 | ||||||||
Accumulated deficit | (34,803,755 | ) | (34,644,074 | ) | ||||||
Total shareholders’ equity | 17,734,389 | 17,847,811 | ||||||||
Total Liabilities and Shareholders’ Equity | $ | 19,197,206 | $ | 20,428,759 |
Clearfield, Inc.
Cheryl P. Beranek, 763-476-6866
Chief Executive Officer and President
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