Clearfield, Inc. Continues Profitable Momentum in FY 09.Company Reports 6(th) consecutive quarter of year over year revenue growth MINNEAPOLIS -- Clearfield, Inc. (Nasdaq: CLFD CLFD Classified ): [TABLE OMITTED] Clearfield, Inc. (Nasdaq: CLFD) today announced results for the first fiscal quarter of 2009 which ended December 31, 2008. Revenue for the current quarter was $5,933,000 in comparison to $4,697,000 for 2008, an increase of 26 percent. Gross profit was $2,014,000 in comparison to $1,449,000 for the earlier period, an increase of 39 percent. The Company reported net income of $217,000 or $.02 per share. After consideration for interest income and income recognized from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. (due to a change in recognition of period costs associated with lease obligations), net income increased by 122% over the previous year. Comments on Operations "The Fiber to the Premise (Fttp) market continues to demonstrate strong acceptance of the Clearfield FieldSmart fiber management platform as is evidenced by our continued revenue growth," commented Cheri Beranek Podzimek, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Clearfield. "While we operate in a seasonal marketplace, we are pleased with our strong year-over-year performance." "In reviewing these numbers, it is crucial to note that while the company did report $395,000 in net income during this period of the previous year, only $27,000 was associated with income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the . This compares to $217,000 in net income this year of which $209K was associated with income from operations. We are exceptionally pleased with the strong increase in gross margin which continues to outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, our revenue growth. While we are carefully monitoring the poor economic conditions and their potential impact on the Company, we remain optimistic in light of this strong start." "Finally, this quarter the Company was able to reverse the previous non-cash, non-permanent charges to our Balance sheet associated with the 2008 collapse of the Auction Rate Security (ARS) Market. The result is long term assets associated with the ARS market have now been converted to cash at par value. Profit for the quarter and this reversal of previous ARS charges results in an increase of Shareholder Equity of $511,000. About Clearfield, Inc Clearfield, Inc., designs and manufactures FieldSmart - a modular fiber management platform using the patented Clearview Cassette as an "Any Application, Anywhere" multiplier to meeting the fiber management needs of the broadband service provider An ISP, telephone company, cable company or other carrier that offers high-speed communications to homes and businesses, typically for Internet access. Cable modems, DSL and T1 lines are the common technologies. See broadband, cable modem, DSL and T1. . Product lines include the latest generation Fiber Distribution System (FDS FDS Fim-De-Semana (Portugese: weekend) FDS Federated Department Stores, Inc. FDS Fiche de Données de Sécurité (Material Safety Data Sheets) FDS Famicom Disk System FDS Faculty of Dental Surgery ) for the inside plant, the Fiber Scalability Center (FSC FSC See: Foreign Sales Corporation ) for the outside plant, and Fiber Delivery Points (FDP FDP fibrin (fibrinogen) degradation product. ) for access networks. The FDS, FSC and FDP product lines support a wide range of panel configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components and a complete line of fiber and copper assemblies for indoor plant, outside plant and access environments. Clearfield is a public company, traded on Nasdaq:CLFD. www.ClearfieldConnection.com Forward-Looking Statements Forward-looking statements contained herein are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. These statements are based upon the Company's current expectations and judgments about future developments in the Company's business. Certain important factors could have a material impact on the Company's performance, including, without limitation, delays in or increased costs of production, delays in or lower than anticipated sales of the Company's new products, the Company's ability to sell such products at a profitable price, the Company's ability to fund operations, and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update such statements to reflect actual events. [TABLE OMITTED] [TABLE OMITTED] |
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