Clearfield Inc. (CLFD)

[tr8dervic]

The majority of Q4 income was from the tax benefit. Without it the q4 net would have been 377,968 or .03 per share and the full year would have been 1,313,344 or .11 per share.

After looking at the 9 month totals vs full year I get for Q4 and Q3/09 sequentially:

.......................Q4/09.................Q3/09
Revenues..........6,618,907............7,160,309
Cost of sales ....4,264,713............4,475,573
Gross Profit......2,354,194............2,684,466

Op expenses.......1,991,493............2,142,074

Op Income...........362,701..............542,392

Interest Income......41,164...............34,764
Interest Expense.......(925)..............(1,260)

Tax Expense (Benefit)(2,471,505)..........37,119

Net Income .........2,849,533............587,020
Net W/O Benefit.......377,968

Per Share q4/09 .24 q3/09 .05
W/O Benefit .03

Vic