Clearfield, Inc. Files 10-Q for Period Ending December 31, 2023

AI Summary

Clearfield, Inc. (CLFD) filed a Quarterly Report (10-Q) with the SEC on February 5, 2024. Clearfield, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing details financial information for the quarter and year-to-date periods. Key financial metrics and operational updates are provided. The report includes information on the company's credit facilities and loan agreements. Discussions on various operational segments and locations are present.

Why It Matters

For investors and stakeholders tracking Clearfield, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial results and operational status of Clearfield, Inc., crucial for understanding the company's performance and future outlook. The detailed financial data and segment information within the report are essential for analysts and stakeholders to assess the company's market position and strategic direction.

Risk Assessment

Risk Level: medium — Clearfield, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting. However, the absence of specific financial performance highlights or forward-looking statements in the provided snippet suggests a need for deeper analysis of the full document to assess potential risks or opportunities.

Analyst Insight

Review the full 10-Q filing to identify specific revenue trends, cost management strategies, and any new business developments or risks mentioned.

Key Numbers

• 2023-12-31 — Period End Date (End date of the reporting period for the 10-Q filing.)
• 2024-02-05 — Filing Date (Date the 10-Q report was filed with the SEC.)
• 0930 — Fiscal Year End (Clearfield, Inc.'s fiscal year end.)
• 3661 — SIC Code (Standard Industrial Classification code for Clearfield, Inc.)

Key Players & Entities

• Clearfield, Inc. (company) — Filer of the 10-Q report
• 2023-12-31 (date) — Period of report for the 10-Q
• 2024-02-05 (date) — Filing date of the 10-Q
• 763-476-6866 (phone_number) — Business phone number for Clearfield, Inc.
• APA Enterprises, Inc. (company) — Former company name of Clearfield, Inc.
• APA OPTICS INC /MN/ (company) — Former company name of Clearfield, Inc.
• Bremer Bank National Association (company) — Party to a loan and security agreement with Clearfield, Inc.
• EUR (currency) — Currency mentioned in relation to Tabasalu, Estonia operations

Forward-Looking Statements

• Clearfield's sales will continue to face headwinds in the near term due to ongoing reduced demand from major customers. (Clearfield, Inc.) — medium confidence, target: 2024-06-30

FAQ

Risk Factors

• Loan and Security Agreement [medium — financial]: The company has entered into a loan and security agreement with Bremer Bank National Association, which includes terms related to revolving credit facilities and interest rates (SOFR).

Key Dates

• 2023-12-31: Period End Date — Marks the end of the reporting quarter for the 10-Q filing.
• 2024-02-05: Filing Date — The date Clearfield, Inc. submitted its 10-Q to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during the quarter.)

Revolving Credit Facility

A type of credit facility that allows a borrower to draw down, repay, and redraw funds up to a certain limit. (Indicates the company's access to flexible financing for its operational needs.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value CLFD The Nasdaq Stock Mar
• $26.18 — the performance stock unit awards to be $26.18 as of the grant date. Compensation exp

Filing Documents

• clfd20231231_10q.htm (10-Q) — 904KB
• ex_619408.htm (EX-31.1) — 12KB
• ex_619409.htm (EX-31.2) — 12KB
• ex_619410.htm (EX-32.1) — 5KB
• 0001171843-24-000584.txt ( ) — 5821KB
• clfd-20231231.xsd (EX-101.SCH) — 59KB
• clfd-20231231_def.xml (EX-101.DEF) — 408KB
• clfd-20231231_lab.xml (EX-101.LAB) — 337KB
• clfd-20231231_pre.xml (EX-101.PRE) — 438KB
• clfd-20231231_cal.xml (EX-101.CAL) — 42KB
• clfd20231231_10q_htm.xml (XML) — 901KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4

MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 26

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 26

OTHER INFORMATION

PART II. OTHER INFORMATION 26

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 26

RISK FACTORS

ITEM 1A. RISK FACTORS 26

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 26

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 27

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 27

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 27

EXHIBITS

ITEM 6. EXHIBITS 27

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CLEARFIELD, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) December 31, 2023 (Unaudited) September 30, 2023 Assets Current Assets Cash and cash equivalents $ 34,484 $ 37,827 Short-term investments 128,352 130,286 Accounts receivables, net 17,363 28,392 Inventories, net 94,613 98,055 Other current assets 1,806 1,695 Total current assets 276,618 296,255 Property, plant and equipment, net 22,870 21,527 Other Assets Long-term investments 6,505 6,343 Goodwill 6,615 6,528 Intangible assets, net 5,982 6,092 Right-of-use lease assets 13,297 13,861 Deferred tax asset 2,754 3,039 Other 988 1,872 Total other assets 36,141 37,735 Total Assets $ 335,629 $ 355,517 Liabilities and Shareholders ' Equity Current Liabilities Current portion of lease liability $ 3,811 $ 3,737 Current maturities of long-term debt 2,214 2,112 Accounts payable 7,368 8,891 Accrued compensation 5,279 5,571 Accrued expenses 2,750 2,404 Factoring liability 3,532 6,289 Total current liabilities 24,954 29,004 Other Liabilities Long-term portion of lease liability 9,973 10,629 Deferred tax liability 607 721 Total liabilities 35,534 40,354 Shareholders' Equity Preferred stock, $ .01 par value; 500,000 shares; no shares issued or outstanding - - Common stock, authorized 50,000,000 , $. 01 par value; 14,939,671 and 15,254,725 shares issued and outstanding as of December 31, 2023 and Septembe 30, 2023, respectively 149 153 Additional paid-in capital 177,322 188,218 Accumulated other comprehensive loss 476 ( 544 ) Retained earnings 122,148 127,336 Total shareholders' equity 300,095 315,163 Total Liabilities and Shareholders ' Equity $ 335,629 $ 355,517 SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4 CLEARFIELD, INC. CONSOLIDATED STATEMENTS OF EARNINGS (IN THOUS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1. Summary of Significant Accounting Policies Unless the context otherwise requires, for purposes of this Quarterly Report on Form 10-Q, the words "we," "us," "our," the "Company," and "Clearfield," refer to Clearfield, Inc. and subsidiaries. Basis of Presentation The accompanying (a) consolidated balance sheet as of September 30, 2023, which has been derived from audited financial statements, and (b) unaudited interim consolidated financial statements as of and for the three months ended December 31, 2023 have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations, and cash flows of the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns, seasonality, and other factors. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2023. In preparation of the Company's consolidated financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Principles of Consolidation The consolidated financial statements include

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