Clearfield, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Clearfield, Inc. has filed its Q2 2024 10-Q report, detailing its financial performance and operational updates.</b>

AI Summary

Clearfield, Inc. (CLFD) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Clearfield, Inc. filed its 10-Q for the period ending March 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's principal executive offices are located in Brooklyn Park, MN. Clearfield, Inc. was formerly known as APA Enterprises, Inc. and APA OPTICS INC /MN/. The company operates in the Telephone & Telegraph Apparatus industry.

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 insights for Clearfield, Inc. for the quarter ending March 31, 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the telecommunications infrastructure market.

Risk Assessment

Risk Level: medium — Clearfield, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a routine update on financial performance and does not contain immediately alarming information, but requires careful review of the detailed financial statements and risk factors.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-Q to understand Clearfield's performance drivers and any emerging risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• Q2 2024 — Fiscal Quarter (Indicates the period covered by the report)
• MN — State of Incorporation (State where the company is incorporated)

Key Players & Entities

• Clearfield, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• Brooklyn Park, MN (location) — Business address city and state
• 763-476-6866 (phone_number) — Business phone
• APA Enterprises, Inc. (company) — Former company name
• APA OPTICS INC /MN/ (company) — Former company name
• 3661 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Clearfield, Inc. operates within the telecommunications infrastructure sector, providing fiber optic management solutions.

Regulatory Implications

The filing is a standard SEC Form 10-Q, which is a quarterly report required by the Securities and Exchange Commission for publicly traded companies.

What Investors Should Do

1. Analyze the revenue and cost of sales figures for the reported quarter and compare them to prior periods.
2. Examine any disclosed risk factors or legal proceedings that may impact the company's future operations.
3. Review management's discussion and analysis (MD&A) for insights into business trends and strategic initiatives.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the previous filing for the period ending December 31, 2023.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value CLFD The Nasdaq Stock Mar

Filing Documents

• clfd20240331_10q.htm (10-Q) — 1425KB
• ex_665055.htm (EX-31.1) — 12KB
• ex_665056.htm (EX-31.2) — 12KB
• ex_665057.htm (EX-32.1) — 6KB
• 0001171843-24-002599.txt (&nbsp;) — 7782KB
• clfd-20240331.xsd (EX-101.SCH) — 67KB
• clfd-20240331_def.xml (EX-101.DEF) — 456KB
• clfd-20240331_lab.xml (EX-101.LAB) — 365KB
• clfd-20240331_pre.xml (EX-101.PRE) — 493KB
• clfd-20240331_cal.xml (EX-101.CAL) — 47KB
• clfd20240331_10q_htm.xml (XML) — 1447KB

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 23

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 31

OTHER INFORMATION

PART II. OTHER INFORMATION 31

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 31

RISK FACTORS

ITEM 1A. RISK FACTORS 31

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 31

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 32

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 32

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 32

EXHIBITS

ITEM 6. EXHIBITS 32

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CLEARFIELD, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) March 31, 2024 (Unaudited) September 30, 2023 Assets Current Assets Cash and cash equivalents $ 15,818 $ 37,827 Short-term investments 127,089 130,286 Accounts receivables, net 21,899 28,392 Inventories, net 83,985 98,055 Other current assets 8,641 1,695 Total current assets 257,432 296,255 Property, plant and equipment, net 22,434 21,527 Other Assets Long-term investments 6,523 6,343 Goodwill 6,568 6,528 Intangible assets, net 6,219 6,092 Right-of-use lease assets 12,394 13,861 Deferred tax asset 2,842 3,039 Other 991 1,872 Total other assets 35,537 37,735 Total Assets $ 315,403 $ 355,517 Liabilities and Shareholders ' Equity Current Liabilities Current portion of lease liability $ 3,761 $ 3,737 Current maturities of long-term debt 2,159 2,112 Accounts payable 5,914 8,891 Accrued compensation 5,871 5,571 Accrued expenses 2,740 2,404 Factoring liability 5,931 6,289 Total current liabilities 26,376 29,004 Other Liabilities Long-term portion of lease liability 9,098 10,629 Deferred tax liability 721 721 Total liabilities 36,195 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; 14,409,995 and 15,254,725 shares issued and outstanding as of March 31, 2024 and September 30, 2023, respectively 144 153 Additional paid-in capital 162,697 188,218 Accumulated other comprehensive income (loss) 130 ( 544 ) Retained earnings 116,237 127,336 Total shareholders' equity 279,208 315,163 Total Liabilities and Shareholders ' Equity $ 315,403 $ 355,517 SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4 CLEARFIELD, INC. CONSOLIDATED STATEMENTS OF EARNINGS (

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 and six months ended March 31, 2024 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 inc

View Full Filing

View this 10-Q filing on SEC EDGAR