Business
Clearfield Reports Fiscal First Quarter 2020 Results
National Carrier Revenue up 33% Year-over-Year, Driven by Continued Strong Adoption of FieldShield Pushable Fiber and FieldSmart Fiber Management Solutions
About this update from Clearfield, Inc.
[{"type":"text","content":"National Carrier Revenue up 33% Year-over-Year, Driven by Continued Strong Adoption of FieldShield Pushable Fiber and FieldSmart Fiber Management Solutions\nMINNEAPOLIS, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), the specialist in fiber management for communication service providers, reported results for the fiscal first quarter of 2020 ended December 31, 2019.\n Fiscal Q1 2020 Financial Summary (GAAP)(in millions except per share data and percentages)Q1 2020vs. Q1 2019ChangeChange (%)Revenue$19.4 $20.1 $(0.7) -4% Gross Profit ($)$7.7 $7.9 $(0.2) -3%Gross Profit (%) 39.9% 39.6% 0.3% 1% Income from Operations$0.4 $1.2 $(0.8) -66%Income Tax Expense$0.1 $0.3 $(0.2) -58% Net Income$0.50 $1.01 $(0.51) -50%Net Income per Diluted Share$0.04 $0.08 $(0.04) -50% Management Commentary“Bookings for the first quarter of fiscal 2020 were consistent with our expectations for the period,” said Clearfield CEO, Cheri Beranek. “From a topline perspective, we saw strong contributions from our National Carrier and MSO markets, which were up 33% and 22% year-over-year, respectively. However, our overall revenue results in the first quarter were impacted by the timing of received orders, resulting in a $1.6 million increase in backlog over the prior quarter. We remain confident with respect to reaching our previously stated financial guidance for the fiscal year.” “From an efficiency standpoint, we increased our gross profit margin to 39.9%, reflecting operating enhancements in multiple product categories. In fact, this quarter marked our best margin performance for any quarter out of the past seven.” “We are encouraged by this margin expansion, yet recognize we must continually drive down costs as we expand our presence in broader markets. To address this need and to ensure the capacity required for the growth initiatives we are pursuing, we are in the process of signing a lease for a second manufacturing facility in Mexico. This 50,000 square foot facility, which is in the same industrial park as our current Mexico facility, will double our footprint. We aim to establish enhanced lean manufacturing initiatives by dedicating one facility to connectivity and the other to splicing operations associated with our enclosures.” “As it relates to our ‘Coming of Age’ plan, we are continuing to execute within each of our three mandates...