Business
Clearfield Reports Fiscal Fourth Quarter and Full Year 2020 Results
Company Achieves Record Annual Revenue of $93.1 Million, Driven by 48% Growth in MSO (Multiple System Operators) Revenue, 18% Growth in National Carrier
About this update from Clearfield, Inc.
[{"type":"text","content":"Company Achieves Record Annual Revenue of $93.1 Million, Driven by 48% Growth in MSO (Multiple System Operators) Revenue, 18% Growth in National Carrier Revenue and 10% Growth in Community Broadband Revenue. Continued Execution on Operational Effectiveness Initiatives and Favorable Product Mix Produces 41.2% Quarterly Gross Profit Margin and Quarterly Record Gross Profit Dollars.Company Backlog Increased 153% to $10.7 Million at Year End compared to End of Fiscal 2019.Net Income Totaled $7.3 Million, or $0.53 per diluted share, an Improvement from $4.6 Million, or $0.34 per diluted share, in Fiscal 2019. MINNEAPOLIS, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), the specialist in fiber management and connectivity platforms for communication service providers, reported results for the fiscal fourth quarter and fiscal year ended September 30, 2020.\n Fiscal Q4 2020 Financial Summary (in millions except per share data and percentages)Q4 2020vs. Q4 2019Change Change (%)Revenue$ 27.3 $24.0 $3.3 14% Gross Profit ($)$ 11.2 $9.3 $1.9 21%Gross Profit (%) 41.2% 38.8% 2.4%6% Income from Operations$ 3.7 $2.2 $1.5 69%Income Tax Expense$ 0.8 $0.5 $0.3 54% Net Income$ 3.0 $1.9 $1.2 62%Net Income per Diluted Share$ 0.22 $0.14 $0.08 57% Fiscal 2020 Financial Summary (in millions except per share data and percentages)2020 YTDvs. 2019 YTDChange Change (%)Revenue$ 93.1 $85.0 $8.0 9% Gross Profit ($)$ 37.9 $32.7 $5.2 16%Gross Profit (%) 40.7% 38.4% 2.3%6% Income from Operations$ 8.4 $5.2 $3.2 62%Income Tax Expense$ 1.9 $1.4 $0.5 37% Net Income$ 7.3 $4.6 $2.7 60%Net Income per Diluted Share$ 0.53 $0.34 $0.19 56% Management Commentary“The fourth quarter of fiscal 2020 capped off a record year for Clearfield,” said Company President and CEO Cheri Beranek. “The fourth quarter marked the highest quarterly revenue level in our company’s history, bringing our total revenue for the fiscal year 2020 to a record $93.1 million. Our record topline results were driven by solid contributions across our core markets, including 48% growth in our MSO (Multiple System Operators) revenue, 18% growth in our National Carrier revenue and 10% growth in our Community Broadband revenue. “As our overall performance in fiscal Q4 and fiscal 2020 indicate, we are realizing demonstrable results from our execution of our ‘Coming of Age’ Plan, which is designe...