Clearfield Reports Q4 Loss, Full Year Net Loss

TL;DR

Clearfield swung to a Q4 loss of $1.7M and a full-year loss of $10.1M, a big change from last year's profits.

AI Summary

On November 1, 2024, Clearfield, Inc. reported its financial results for the fiscal fourth quarter and full year ended September 30, 2024. The company announced a net loss of $1.7 million for the fourth quarter, compared to a net income of $1.1 million in the prior year's quarter. For the full fiscal year 2024, Clearfield reported a net loss of $10.1 million, a significant decrease from a net income of $10.5 million in fiscal year 2023.

Why It Matters

The company's shift from profitability to a net loss in both the fourth quarter and the full fiscal year indicates a potential downturn in financial performance, which could impact investor confidence and future strategic decisions.

Risk Assessment

Risk Level: medium — The reported net losses for both the quarter and the full year, compared to prior year profitability, suggest a material change in the company's financial health.

Key Numbers

• $1.7M — Q4 Net Loss (Represents a significant shift from the prior year's Q4 net income.)
• $10.1M — Full Year Net Loss (Indicates a substantial decline in annual profitability compared to FY2023.)
• $1.1M — Q4 Net Income (Prior Year) (Provides a benchmark for the current quarter's negative performance.)
• $10.5M — Full Year Net Income (Prior Year) (Highlights the magnitude of the financial downturn in FY2024.)

Key Players & Entities

• Clearfield, Inc. (company) — Registrant
• November 1, 2024 (date) — Earliest event reported
• September 30, 2024 (date) — Fiscal year end
• $1.7 million (dollar_amount) — Net loss for the fourth quarter
• $1.1 million (dollar_amount) — Net income for the prior year's fourth quarter
• $10.1 million (dollar_amount) — Net loss for the full fiscal year 2024
• $10.5 million (dollar_amount) — Net income for the full fiscal year 2023

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value CLFD The Nasdaq Stock Market
• $140,250 — sh bonuses are as follows: Ms. Beranek, $140,250; Mr. Herzog, $112,200; and Mr. Hill, $1
• $112,200 — ows: Ms. Beranek, $140,250; Mr. Herzog, $112,200; and Mr. Hill, $140,250. Item 9.01. Fi

Filing Documents

• f8k_110724.htm (8-K) — 17KB
• exh_991.htm (EX-99.1) — 178KB
• exh_992.htm (EX-99.2) — 5KB
• 0001171843-24-006129.txt ( ) — 413KB
• gnw-20190101.xsd (EX-101.SCH) — 3KB
• gnw-20190101_def.xml (EX-101.DEF) — 25KB
• gnw-20190101_lab.xml (EX-101.LAB) — 33KB
• gnw-20190101_pre.xml (EX-101.PRE) — 22KB
• f8k_110724_htm.xml (XML) — 3KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On November 7, 2024, Clearfield, Inc. (the "Company") issued a press release announcing the results of its fourth quarter and fiscal year ended September 30, 2024. A copy of that press release is furnished hereto as Exhibit 99.1 and is hereby incorporated by reference. The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference into any Company filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On November 5, 2024, the Board of Directors (the "Board") of the Company appointed Ms. Catherine T. Kelly and Mr. Ademir Sarcevic to serve as directors of the Company, effective December 11, 2024. Ms. Kelly has been appointed to serve on the Board's Audit Committee and Nominating and Corporate Governance Committee, effective December 11, 2024. Mr. Sarcevic has been appointed to serve on the Board's Audit Committee and Compensation Committee, effective December 11, 2024. In connection with their appointments, Ms. Kelly and Mr. Sarcevic will be receiving the standard director compensation as referenced in the Company's Proxy Statement for the 2024 Annual Meeting of Shareholders. On November 1, 2024, the Compensation Committee of the Board approved discretionary cash bonuses to the Company's named executive officers, who are Cheryl Beranek, President and Chief Executive Officer, Daniel R. Herzog, Chief Financial Officer, and John P. Hill, Chief Operating Officer. The Compensation Committee awarded the bonuses to the named executive officers in recognition of their signi

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release dated November 7, 2024 99.2 Press Release dated November 6, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CLEARFIELD, INC. Date: November 7, 2024 By: /s/ Cheryl Beranek Cheryl Beranek Chief Executive Officer

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View this 8-K filing on SEC EDGAR