Business
Clearfield Reports Record Fiscal Fourth Quarter and Full Year 2021 Results
Company Achieves Record Annual Net Sales of $140.8 Million, Driven by 66% Year-over-Year Growth in Community Broadband RevenueRevenue for the year grew 51% to
About this update from Clearfield, Inc.
[{"type":"text","content":"Company Achieves Record Annual Net Sales of $140.8 Million, Driven by 66% Year-over-Year Growth in Community Broadband RevenueRevenue for the year grew 51% to $140.8 Million. Backlog Increased 522% to $66.4 Million at Year End compared to $10.7 Million at End of Fiscal 2020Continued Execution on Operational Effectiveness Initiatives and Favorable Product Mix Produces 43.6% Quarterly Gross Profit Margin and Quarterly Record Gross Profit DollarsFiscal 2021 Net Income Totaled $20.3 Million, or $1.47 per diluted share, an Improvement of 179% from $7.3 Million, or $0.53 per diluted share, in Fiscal 2020Company Increases FY22 Net Sales Guidance to $162 Million to $169 Million, Representing Growth of 15% to 20% Compared to Fiscal 2021 Net Sales MINNEAPOLIS, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), the specialist in fiber management and connectivity platforms for communication service providers, reported results for the fiscal fourth quarter and fiscal year ended September 30, 2021. Fiscal Q4 2021 Financial Summary (in millions except per share data and percentages)Q4 2021vs. Q4 2020Change Change (%)Net Sales$ 45.2 $27.3 $17.9 66% Gross Profit ($)$ 19.7 $11.2 $8.5 75%Gross Profit (%) 43.6% 41.2% 2.5%6% Income from Operations$ 9.4 $3.7 $5.7 155%Income Tax Expense$ 2.1 $0.8 $1.3 162% Net Income$ 7.4 $3.0 $4.4 144%Net Income per Diluted Share$ 0.53 $0.22 $0.31 141% Fiscal 2021 Financial Summary (in millions except per share data and percentages)2021vs. 2020 Change Change (%)Net Sales$ 140.8 $93.1 $47.7 51% Gross Profit ($)$ 61.2 $37.9 $23.3 61%Gross Profit (%) 43.5% 40.7% 2.7%7% Income from Operations$ 25.2 $8.4 $16.9 201%Income Tax Expense$ 5.4 $1.9 $3.5 190% Net Income$ 20.3 $7.3 $13.0 179%Net Income per Diluted Share$ 1.47 $0.53 $0.94 177% Management Commentary“Clearfield delivered record-setting financial performance in the fourth quarter and for the full fiscal year 2021 in a market that is changing dramatically,” said Company President and CEO Cheri Beranek. “We are in the middle of a historic investment cycle. Due to our consistent focus on customer service, quality product, and our ability to nimbly respond to customers’ changing needs, Clearfield has built an advantageous position in the broadband market and continues to benefit from the rising demand for fiber.” “Our record topline results in fiscal Q4 2...