Business
Clearfield Reports Fiscal Third Quarter 2020 Results
Record Revenue Driven by 48% Increase in Multiple System Operator (“MSO”) Revenue, 22% Increase in Community Broadband Revenue and 19% Increase in Tier 1
About this update from Clearfield, Inc.
[{"type":"text","content":"Record Revenue Driven by 48% Increase in Multiple System Operator (“MSO”) Revenue, 22% Increase in Community Broadband Revenue and 19% Increase in Tier 1 Revenue over Prior Year Quarter, Offset by Lower International Sales Continued Execution on Operational Effectiveness Initiatives and Favorable Product Mix Produces 41.5% Gross Profit Margin and Quarterly Record Gross Profit Dollars MINNEAPOLIS, July 23, 2020 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), the specialist in fiber management for communication service providers, reported results for the fiscal third quarter ended June 30, 2020.\n Fiscal Q3 2020 Financial Summary(in millions except per share data and percentages)Q3 2020vs. Q3 2019ChangeChange (%)Revenues$26.0$21.9$4.119% Gross Profit ($)$10.8$8.4$2.428%Gross Profit (%)41.5%38.4%3.1%8% Income from Operations$3.6$1.5$2.0132%Income Tax Expense$0.8$0.5$0.368% Net Income$3.0$1.3$1.7130%Net Income per Diluted Share$0.22$0.10$0.12120% Fiscal Q3 YTD 2020 Financial Summary (in millions except per share data and percentages)2020 YTDvs. 2019 YTDChangeChange (%)Revenues$65.8$61.1$4.78% Gross Profit ($)$26.7$23.4$3.314%Gross Profit (%)40.6%38.3%2.3%6% Income from Operations$4.7$3.0$1.756%Income Tax Expense $1.1$0.8$0.227% Net Income$4.2$2.7$1.5758%Net Income per Diluted Share$0.31$0.20$0.1155% Management Commentary“The third quarter of fiscal 2020 was a strong quarterly performance for Clearfield, as we achieved the highest level of revenue for any quarter in our history,” said Company President and CEO Cheri Beranek. “The $26.0 million we recorded in fiscal Q3 was up 27% sequentially as well as 19% year-over-year and was driven by strong growth in our MSO and Community Broadband markets, which were up 48% and 22% over the prior year quarter, respectively. We saw customers in these particular markets push forward with their purchasing decisions and deployments in response to COVID-19, which has highlighted the need for high-speed broadband front and center for both consumers and businesses alike.” “In March 2020, Clearfield’s operations were classified as ‘critical sector work’ due to the vital role our solutions play in supporting the overall communications infrastructure. Since that time, we have continued to be fully operational in both our U.S. and Mexico manufacturing facilities and have established multiple continge...