Clearfield, Inc. Reports Third Consecutive Profitable Quarter.* Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight : $5.4M, up 40% from same quarter of last year * Gross Profit: $1.8M , up 77% from same quarter of last year * Net Income: $115K, improved from a loss of $1.2M for same quarter of last year MINNEAPOLIS -- Clearfield, Inc. (Nasdaq:CLFD CLFD Classified ) today announced results for the second quarter ending March 31, 2008. The Company reported net income of $115,000 compared to a loss of $1,205,000 in the same period of the previous year. This is the third consecutive profitable quarter for the Company. Key to the continuing positive results is ongoing revenue through existing customers and significant wins in the Fiber To The Home (FTTH (Fiber To The Home) See FTTP. ) marketplace as well as gross profit growth within 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 . Revenue for the quarter was $5,442,000 in comparison to $3,896,000 for the similar period in 2007, an increase of 40 percent. Gross profit was $1,765,000 in comparison to $1,000,000 for the earlier period, an increase of 77 percent. The backlog for future sales as of March 31, 2008 was $1,777,000, a slight decline from our December 31, 2007 amount of $1,973,000. The decrease in backlog is the result of increased throughput, reduction in lead times and greater efficiencies in our production and sourcing programs. During the quarter we have been able to work through our backlog while continuing to experience strong customer bookings. Comments on Operations "We are pleased to see strong revenue and gross profit return on the SG&A investments we are making in targeted product development, sourcing, sales, employee productivity and IT initiatives," 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. "This quarter saw early stage market acceptance of our new FieldSmart product platform, which brings a new approach to the way fiber management is designed into central office and OSP (Online Service Provider) See online service. OSP - Optical Signal Processor fiber networks." "The Company continues to have a very strong balance sheet, however, the uncertainties that hit the Auction Rate Securities (ARS) market earlier this year did have an adverse affect on the liquidity of our investments," explains Podzimek. "While our advisors report that our investments have retained a high credit rating, it was necessary to re-assign these funds from short-term to long-term assets Long-Term Assets 1. Reported on the balance sheet, it's the value of a company's property, equipment and other capital assets, less depreciation. 2. A stock, bond or other asset that you plan on holding in your portfolio for a lengthy period of time. . In addition, it was necessary to incur a non-cash unrealized loss of $164,000 to reflect current market conditions. We will continue to monitor these conditions and re-act accordingly." About Clearfield, Inc. Clearfield, Inc., formerly APA (All Points Addressable) Refers to an array (bitmapped screen, matrix, etc.) in which all bits or cells can be individually manipulated. APA - Application Portability Architecture Enterprises, designs and manufactures the FieldSmart fiber management platform, which includes its 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 ) and Fiber Scalability Center (FSC FSC See: Foreign Sales Corporation ). The FDS and FSC product-lines support a wide range of panel configurations, densities, connectors and adapter options and is offered alongside an assortment of passive optical components. Clearfield also provides a complete line of fiber and copper assemblies for controlled and outside plant 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 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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