Clearfield Inc. (CLFD)

[10 bagger]

CLEARFIELD, INC.
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED

Three Months Ended June 30 Nine months Ended June 30
2011 2010 2011 2010

Revenues $ 10,124,665 $ 6,778,193 $ 24,490,898 $ 16,445,626

Cost of sales 5,805,914 4,174,998 14,312,455 10,407,347

Gross profit 4,318,751 2,603,195 10,178,443 6,038,279

Operating expenses
Selling, general and administrative 3,076,388 1,992,576 7,904,006 5,746,913
Gain on disposal of assets (44,352 ) - (44,352 ) -
3,032,036 1,992,576 7,859,654 5,746,913
Income from operations 1,286,715 610,619 2,318,789 291,366

Other income (expense)
Interest income 26,604 36,491 83,065 112,125
Interest expense - - - (820 )
Other income 10,000 11,498 25,500 35,850
36,604 47,989 108,565 147,155
Income before income taxes 1,323,319 658,608 2,427,354 438,521

Income tax expense 45,489 29,595 115,879 77,559

Net income $ 1,277,830 $ 629,013 $ 2,311,475 $ 360,962

Net income per share:
Basic $ 0.11 $ 0.05 $ 0.19 $ 0.03
Diluted $ 0.10 $ 0.05 $ 0.18 $ 0.03

Weighted average shares outstanding:
Basic 12,097,670 11,995,331 12,054,868 11,987,793
Diluted 12,829,497 12,437,853 12,738,794 12,460,069