Clearfield, Inc. · NASDAQ:CLFD
Clearfield — Q2 2017 Earnings Presentation
13 slides from Clearfield's earnings presentation, Apr 27, 2017
Slide 1: Fiscal Second Quarter 2017 FieldReport
Hello, this is Cheri Beranek, President and CEO of Clearfield. Welcome to our fiscal second quarter 2017 FieldReport. Before we begin today, I’d like to provide some important cautions regarding forward - looking statements made during today’s presentation.
Slide 2: Important Cautions Regarding Forward-Looking Statements
Certain important factors could have a material impact on the Company's performance, including those set forth in the slide entitled “Important Cautions Regarding Forward - Looking Statements,” as well as the factors set forth in Clearfield's Annual Report on Form 10 - K for the fiscal year ended Se
Slide 3: CEO introduction: Tier 1 growth and market demand
Once again, we have proven our commitment to expanding our presence in the Tier 1 market, with more than 11% of our revenue in the quarter coming from this customer segment. Our growth in this market has been very encouraging, as reflected by the increased amount of orders, as well as the fact that
Slide 4: Financial results in more detail
Thank you, Cheri. Now, looking at our financial results in more detail…
Slide 5: Second quarter revenue increased to $17.7 million
Our revenue in the second quarter of fiscal 2017 increased 4% to $17.7 million from $16.9 million during the same year - ago period. The improvement was driven primarily by an increase in sales to our wireline customers in both domestic and international markets. Chief among these growth drivers for
Slide 6: Gross profit for fiscal second quarter 2017
Gross profit for the fiscal second quarter of 2017 increased 2% to $7.4 million, or 42.2% of total revenue. This compares to $7.3 million, or 43.0% of total revenue, in the same year - ago period. Gross profit for the quarter is consistent with Company outlook and is up sequentially over Quarter 1.
Slide 7: Operating expenses for fiscal Q2
Our operating expenses for fiscal Q2 were $6.2 million, which was up 20% from the same year - ago quarter, though consistent with our spending over the last three quarters. The increase over the year - ago quarter was mainly due to additional personnel to support our sales and operational expansion,
Slide 8: Net income for the fiscal second quarter
Our net income for the fiscal second quarter was $900,000, or $0.07 per diluted share. This compares to $1.5 million, or $0.11 per diluted share in the same year - ago quarter. Turning now to our balance sheet…
Slide 9: Cash and investments and stock repurchase program
During the fiscal second quarter, our cash and investments was $43.3 million, which was consistent with the prior quarter. We repurchased a total of 2,991 shares during the quarter under our stock repurchase program, which was authorized in November 2014. As of March 31, 2017, we have repurchased an
Slide 10: Operational Update and Outlook
Operational Update and Outlook Cheri Beranek President & CEO Thanks, Dan.
Slide 11: Tier 1 market sales ramp and certifications
Perhaps most telling of our success in the first half of 2017 has been how quickly our sales to the Tier 1 market have ramped up . Compared to a contribution of only 4 % for all of fiscal 2016 , our sales in this market have risen in both quarters this fiscal year and represent 10 % of our total rev
Slide 12: Fiscal 2017 outlook and investments
Based on the strong Tier 1 performance, and the re - establishment of our international business momentum, we are reiterating our revenue outlook for the year at 15%. However, revenue will be more concentrated in fourth quarter than what has traditionally been the norm. Moreover, based upon our succ
Slide 13: Closing remarks and investor contact
The execution of these and other initiatives should enable us to further scale our business, enhance our market position, and continue our track record of delivering profits for our shareholders. The expansion of our stock repurchase program is evidence of our confidence in this strategy. We remain