clfd20210930_10k.htm UNITED STATES<br /> SECURITIES AND EXCHANGE COMMISSION<br /> Washington, D.C. 20549 . The Company undertakes no obligation to update these statements to reflect actual events unless required by law. Clearfield Capital Management L.P. is an investment fund managing more than $73.2 million ran by John Murray. A climate graph showing rainfall, temperatures and normals. 7, $1 8 . 4, OUR MISSION: Enabling the Lifestyle Better Broadband Provides NASDAQ:CLFD 5 At Clearfield, our mission is to Enable the Lifestyle Better Broadband Provides. Conference CallClearfield management will hold a conference call today, November 4, 2021 at 5:00 p.m. Eastern Standard Time (4:00 p.m. Central Standard Time) to discuss these results and provide an update on business conditions. 11, $7 . Copyright 2021 Clearfield, Inc. All Rights Reserved. We anticipate the momentum will continue into FY 2021 Q1 in that order backlog (defined as purchase orders received but not yet fulfilled) as of September 30, 2020 increased 26% to $10.7 million from $8.5 million at June 30, 2020 and increased 153% to $10.7 million from $4.2 million as of September 30, 2019. 10, $32.9 $30.3 $31.0 $32.7 $37.9 $61.2 35% 36% 38% 37% 39% 40% 41% 42% 43% 44% 45% $ - $ 1 0.0 $ 2 0.0 $ 3 0.0 $ 4 0.0 $ 5 0.0 $ 6 0.0 $ 7 0.0 F Y16 F Y17 F Y18 F Y19 F Y20 F Y21 Gross Profit ($) Gross Profit (%) 11 FINANCIAL PERFORMANCE Annual Gross Profit 61% Gross Profit increase YOY Gross profit for fiscal 2021 increased 61% to $61.2 million, or 43.5% of net sales, from $37.9 million, or 40.7% of net sales, in fiscal 2020. 9 $3 . Income tax expense increased 54% to $786,000 for the fourth quarter of fiscal 2020 from $511,000 in the same year-ago quarter due to higher taxable income. The Community Broadband market has historically been unserved, or at least under - served. Our first question today will come from Jaeson Schmidt with Lake Street. Clearfield Reports Fiscal Fourth Quarter and Full Year 2020 Results 11/04/2020 | 05:05pm EDT Company Achieves Record Annual Revenue of $93.1 Million, Driven by 48% Growth in MSO (Multiple System Operators) Revenue, 18% Growth in National Carrier Revenue and 10% Growth in Community Broadband Revenue. The increase in accounts receivableRead more, Days sales outstanding, which measuresRead more, Cash provided by operations includedRead more, The year-over-year increase in grossRead more, If the valuation allowance isRead more, In addition, stock compensation expensesRead more, During the year ended SeptemberRead more, A significant reduction in ourRead more, The new guidance is effectiveRead more, The Company generally develops theseRead more, In January 2017, the FinancialRead more, Also, changes in operating assetsRead more, An impairment loss is recognizedRead more, Determining fair values of property,Read more, No impairment of long-lived assets,Read more, Clearfield, Inc. provided additional information to their SEC Filing as exhibits, Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not, Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news, Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q, Remove data columns and navigations in order to see much more filing content and tables in one view, Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q, Export Annual and Quarterly Reports to Adobe Acrobat (PDF), Microsoft Word (DOCX), Excel (XLSX) and Comma-Delimited (CSV) files for offline viewing, annotations and analysis, Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity, See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years, Use our calculated cost dollar values to discover when and how much registered owners BUY, SELL or excercise their company stock OPTIONS aggregated from Form 4 Insider Transactions SEC Filings, View which hedge funds, pension / retirement funds, endowments, banks and insurance companies have increased or decreased their positions in a particular stock. Cedarville College. Gross profit for the fourth quarter of fiscal 2021 increased 75% to $19.7 million (or 43.6% of net sales), from $11.2 million (or 41.2% of net sales), in the fourth quarter of fiscal 2020. Bookings led shipments by $55.6 million for the 12 - month period, creating a b a c k l o g o f $ 66 . So, its the combination of our high - quality, craft - friendly product and our steadfast focus on customer service, including training, that drives the Clearfield value proposition. Income tax expense was $1.9 million for the year ended September 30, 2020 as compared to $1.4 million during the same period in fiscal 2019 due to higher taxable income. The Clearfield County Treasurer and Tax Collector's Office is part of the Clearfield County Finance Department that encompasses all financial functions of the local government. Our customer service skills and production planning provide us a competitive advantage to this new market dynamic. 25, Q & A N A S DAQ:CLFD 2 6 C h e r i B e r a n e k PRESIDENT & CEO D a n H e r z o g CHIEF FINANCIAL OFFICER J a e s o n S c h m i d t L a k e S t r e e t C a p i t a l M a r k e t s , L L C , R e s ea r c h D i v i s i o n Hey, guys. No cost to post a project to get multiple bids in hours to compare before hiring. Following their commentary, we will open the call for questions. MINNEAPOLIS, Nov. 04, 2020 (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, 2020. You need to install a PDF Viewer if you do not currently have one installed. The Company undertakes no obligation to update these statements to reflect actual events unless required by law. Our track record and reputation in the Community Broadband market has positioned us extremely well to take share and further capitalize on the expansion thats currently underway which we believe will accelerate due to pending programs including the Rural Digital Opportunity Fund, or RDOF initiative, which will finance up to $20.4 billion of gigabit speed broadband over the next ten years. As our overall performance in fiscal Q4 and fiscal 2020 indicate, we are realizing demonstrable results from our execution of our Coming of Age Plan, which is designed to strengthen our core business and position our company for disruptive growth opportunities, and from our ability to take advantage of the shifts in demand driven by COVID-19. You can change your choices at any time by visiting your privacy controls. Fiber Backhaul Amplifying Bold and Disruptive Growth Leveraging Community Broadband for One - Removing obstacles for the integration of wireline and wireless networks Bringing fiber management expertise to 5G, NG - PON, and edge computing NASDAQ:CLFD 21 21 Moving on to the second pillar, Amplifying Bold and Disruptive Growth , is our commitment to continue delivering market - changing products for current and future market requirements. C h e ri B e r a n e k Chief Executive Officer, President & Director T h a n k y o u . The Company cautions you to consider risk factors that could cause actual results to differ materially from those in the forward - looking statements contained in todays press release, FieldReport, and in this conference call. The increase in gross profit percent was due to a favorable product mix and cost reduction efforts across the Companys product lines, including increased production at its Mexico manufacturing plants, and efficiencies realized from supply chain programs and lower tariff costs. 5 $0 . Headquartered in Minneapolis, MN, Clearfield deploys more than a million fiber ports each year. T h a n k s a l o t g uy s . As a reminder, the slides in this presentation are controlled by you, the listener. Business uncertainties at one of our Tier 1 customers has resulted in a reduction in their cap/ex spend in the consumer markets for fiber to the home resulting in a slower pace of their spend with us. Report for Clearfield County began on June 13, 2018, and concluded on July 13, 2018. Phone: 814-762-2813. 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. Suppliers are seeing their fiber networks are easier to maintain and generate more revenue per subscriber; so this is truly a perfect storm of catalysts that will help drive Clearfields future growth. U.S. replay dial-in: 1-844-512-2921International replay dial-in: 1-412-317-6671Replay ID: 21971085. Its also worth noting this chart does not include the infrastructure bills currently in discussion in Congress that are reported to add additional investments into our market, effectively doubling the value of the subsidies that are shown here. Id like to share one recent case study that exemplifies how weve approached this pillar. 4 42% 43% 43% 44% 45% 44% $ 5 .0 $ 1 0.0 42% $ 1 5.0 $ 2 0.0 $ 2 5.0 $ - 40% Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Gross Profit ($) Gross Profit (%) 10 FINANCIAL PERFORMANCE Quarterly Gross Profit 75% Gross Profit increase YOY Gross profit in the fourth quarter of fiscal 2021 increased 75% to $19.7 million, or 43.6% of net sales, from $11.2 million, or 41.2% of net sales, in the same year - ago quarter. 5 $14.1 $11.9 $18 . Financial Stability. 6 $7 . This case shows that customers need suppliers who can provide product on time and equally important, can reduce their labor required so that the time to revenue can accelerate. Now, looking at our fourth quarter financial results in more detail 6, $26.0 $27.3 $27.1 $29.7 $38.7 0% 10% 20% 30% 40% 50% $ 5 .0 $ - $ 1 0.0 $ 1 5.0 $ 2 5.0 $ 2 0.0 $ 3 0.0 $ 3 5.0 $ 4 0.0 $ 5 0.0 70% $45.2 $45.0 60% Q 3 20 Q 4 20 Q1 21 Q 2 21 Q 3 21 Q4 21 Revenue in Millions Change (%) 7 FINANCIAL PERFORMANCE Quarterly Revenue 66% Q4 2021 Growth Rate $ 4 5.2 M Q4 2021 Revenue Net sales in the fourth quarter of fiscal 2021 increased 66% to a record $45.2 million from $27.3 million in the same year - ago period and up from $38.7 million in our third quarter of 2021. With that, Ill now turn the presentation over to Dan, who will walk us through our financial performance for the fourth quarter and full fiscal year 2021. Its important to note also that the Company undertakes no obligation to update such statements except as required by law. | Source: Clearfields President and CEO Cheri Beranek and CFO Dan Herzog will host the presentation, followed by a question and answer period. Included within the backlog are gains within the Tier 2 market as well as other strategic accounts that have multi - year builds. G o o d t o t a l k t o y o u J a e s o n . High speed broadband is increasingly essential to be able to participate in modern society, and fiber - fed broadband in particular is being recognized as the answer for future - proofed connectivity to the American home and business. As we have mentioned previously, our legacy sales are highly dependent upon two key customers in this segment. It's a little bit different than normal. Clearfield delivered record - setting financial performance in the fourth quarter and for the full fiscal year 2021 in a market that is changing dramatically. Bonnell Aluminum Clearfield's Annual Report & Profile shows critical firmographic facts: What is the company's size? Net income for the fourth quarter of fiscal 2021 totaled $7.4 million, or $0.53 per diluted share, compared to $3.0 million, or $0.22 per diluted share, in the same year-ago quarter. Station Data. Find Clearfield Annual Report lawyers in Utah to hire. Annual Reports. The file is in Adobe Acrobat's .PDF Format. 7 million at September 30 , 2020 . The Sewer Division operates and maintains the sewage treatment plant and 5 lift stations, along with 170,000 liner . 00% 14 . Financial Results for the Quarter Ended September 30, 2020. Dies geschieht in Ihren Datenschutzeinstellungen. Our successful execution on our operational effectiveness initiatives over the last several quarters are most evident by our increasing gross profit in fiscal Q4. Cautionary Statement Regarding Forward-Looking InformationForward-looking statements contained herein and in any related presentation or in the related FieldReport are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. 71% of the contacts were from incarcerated people themselves, 26% from their loved ones, and 3% from attorneys, facility staff, or others. 8 $11 . Financial Ratios. The increase in operating expenses consisted primarily of higher compensation costs related to performance compensation accruals. Older/Archived Annual Reports. The Company undertakes no obligation to update these statements to reflect actual events unless required by law. So in general, I think we'll see a little bit less dominance on the summer and a little bit more consistentcy quarter to quarter. As weve discussed previously, our position in the National Carrier market is related to the continuing demand for fiber - to - the - home and fiber - to - the - business applications. We are very proud of our track record of consistent profitability and positive cash flow over the last decade. Until next quarter. 9 $17 . As a result, the deployment of high - speed broadband through fiber will be extended. on the evaluation of goodwill; and other factors set forth in Clearfield's Annual Report on Form 10-K for the year ended September 30, 2010 as well . Operating expenses for the fourth quarter of fiscal 2021 totaled $10.4 million, which compares to $7.6 million in the same year-ago quarter. Home. 3 M FY 21 Net Income 14.4% FY 2021 Percent of Net Sales Net income for fiscal 2021 increased 179% to a record $20.3 million, or $1.47 per diluted share, an improvement from $7.3 million, or $0.53 per diluted share, in fiscal 2020. C h e ri B e r a n e k Chief Executive Officer, President & Director Yeah. Certain important factors could have a material impact on the Company's performance, including, without limitation: the COVID-19 pandemic has significantly impacted worldwide economic conditions and could have a material adverse effect on our business, financial condition and operating results; we rely on single-source suppliers, which could cause delays, increase costs or prevent us from completing customer orders; fluctuations in product and labor costs which may not be able to be passed on to customers that could decrease margins; we depend on the availability of sufficient supply of certain materials, such as fiber optic cable and resins for plastics, and global disruptions in the supply chain for these materials could prevent us from meeting customer demand for our products; a significant percentage of our sales in the last three fiscal years have been made to a small number of customers; further consolidation among our customers may result in the loss of some customers and may reduce sales during the pendency of business combinations and related integration activities; we may be subject to risks associated with acquisitions; product defects or the failure of our products to meet specifications could cause us to lose customers and sales or to incur unexpected expenses; we are dependent on key personnel; our business is dependent on interdependent management information systems; to compete effectively, we must continually improve existing products and introduce new products that achieve market acceptance; changes in government funding programs may cause our customers and prospective customers to delay, reduce, or accelerate purchases, leading to unpredictable and irregular purchase cycles; intense competition in our industry may result in price reductions, lower gross profits and loss of market share; our success depends upon adequate protection of our patent and intellectual property rights; if the telecommunications market does not expand as we expect, our business may not grow as fast as we expect; we face risks associated with expanding our sales outside of the United States; and other factors set forth in Part I, Item IA. November 04, 2021 16:00 ET As of September 30, 2021, order backlog (defined as purchase orders received but not yet fulfilled) was $66.4 million, an increase of 65% compared to $40.3 million at June 30, 2021 and an increase of 522% from $10.7 million at September 30, 2020. 9 Community Broadband (Tier 2 & 3, utilities, municipalities, and alternative carriers) N a ti o n al C a rri e r (Tier 1 Wireline and all W i re l ess M ar k e t s) MS O (C ab l e TV) International (Canada, Mexico, and Caribbean Markets) Looking more in detail at net sales by our markets on slide 8, in the fourth quarter of fiscal 2021 we generated net sales of $30.3 million to our core Community Broadband market, which was up 64% from the same period last year. Operator The conference has now concluded. For more information, visit www.SeeClearfield.com. Certain important factors could have a material impact on the Company's performance, including, without limitation: the as yet-unknown impact of COVID-19 and related economic uncertainty; to compete effectively, we must continually improve existing products and introduce new products that achieve market acceptance; our expected growth is based upon the expansion of the telecommunications market; our operating results may fluctuate significantly from quarter to quarter, which may make budgeting for expenses difficult and may negatively affect the market price of our common stock; our success depends upon adequate protection of our patent and intellectual property rights; intense competition in our industry may result in price reductions, lower gross profits and loss of market share; we rely on single-source suppliers, which could cause delays, increases in costs or prevent us from completing customer orders, all of which could materially harm our business; a significant percentage of our sales in the last three fiscal years have been made to a small number of customers, and the loss of these major customers or significant decline in business with these major customers would adversely affect us; further consolidation among our customers may result in the loss of some customers and may reduce sales during the pendency of business combinations and related integration activities; we may be subject to risks associated with acquisitions that could adversely affect future operating results; product defects or the failure of our products to meet specifications could cause us to lose customers and sales or to incur unexpected expenses; we are dependent upon key personnel; we face risks associated with expanding our sales outside of the United States; our business is dependent on effective management information systems and information technology infrastructure; our results of operations could be adversely affected by economic conditions and the effects of these conditions on our customers businesses; changes in government funding programs may cause our customers and prospective customers to delay or reduce purchases; and other factors set forth in Part I, Item IA. Risk Factors of Clearfield's Annual Report on Form 10-K for the year ended September 30, 2020 as well as other filings with the Securities and Exchange Commission. We will reply as soon as we can. 0 $2 . We anticipate the momentum will continue into FY 2022 Q1 in that order backlog (defined as purchase orders received but not yet fulfilled) as of September 30, 2021, increased 65% to $66.4 million from $40.3 million at June 30, 2021 and increased 522% from $10.7 million as of September 30, 2020. Our MSO business comprised 15% of our net sales in fiscal Q4. Company Achieves Record Annual Net Sales of $140.8 Million, Driven by 66% Year-over-Year Growth in Community Broadband Revenue $66.4M Backlog Increased 522% to $66.4 Million at Year End compared to $10.7 Million at End of Fiscal 2020 $20.3M Fiscal 2021 Net Income Totaled $20.3 Million, or $1.47 per diluted share $60.5M It is classified as operating in the Alumina Refining industry. 5, N A S DAQ:CLFD 6 Financial P e r f o rma n c e Thank you, Cheri, and good afternoon, everyone. The increase in gross profit dollars was due to increased sales volume. 18, Clearfield Now of Age Plan NA S DA Q : C LF D 19 Augmenting Capacity for Ongoing Growth Investing in products, m a nu f a c t ur i n g and s upply c hain t o increase competitiveness and reduce costs Building upon Asian partnerships for faster product innovation and cost reduction programs Accelerating our Operating Cadence Active investment in systems and processes to enable our agile work environment Speed of delivery in every part of our organization is paramount to our success Amplifying Bold and Disruptive Growth Leveraging Community Broadband for One - Fiber Backhaul Removing obstacles for the integration of wireline and wireless networks Bringing fiber management expertise to 5G, NG - PON, and edge computing Now, as highlighted on slide 19, wed like to share an update to our multi - year strategic plan. Operating expenses for fiscal 2021 increased 22% to $35.9 million from $29.5 million in fiscal 2020. digitGaps report on Clearfield Properties Inc delivers a detailed in-depth and comprehensive insights of the company, its history, corporate strategy, its businesses and structures, and company operations by examining its performance in local market and global economy. Operating expenses increased 7% to $29.5 million for the year ended September 30, 2020 from $27.5 million during the same period in fiscal 2019. As of September 30, 2021, cash, cash equivalents and investments totaled $60.5 million, up from $52.2 million at September 30, 2020. 7 % i n f i s c a l 202 0 . Our MSO market grew 90% and our International market grew 221% year over year as well. 4 m illi o n a s o f S e p t e m b e r 30 , 2 021 . Gross profit was $37.9 million, or 40.7% of revenue, for the year ended September 30, 2020, an increase of 16% from $32.7 million, or 38.4% of revenue, in fiscal 2019. Headquartered in Minneapolis, MN, Clearfield deploys more than a million fiber ports each year. Net income totaled $7.3 million, or $0.53 per diluted share, for the year ended September 30, 2020, an improvement from $4.6 million, or $0.34 per diluted share, in fiscal 2019. We have always been focused on delivering stellar customer service and best-in-class, craft-friendly product. In addition, with the visibility we have into our current sales backlog, we expect an unseasonably strong fiscal first quarter. 00% 16 . C h e ri ? Financial - Earnings Highlight Your message has been sent. As a result, we have evolved from being a rapid response supplier to a trusted supplier focused on meeting our customers longer term planning and larger scale deployments. annual report . The key here is our agility and the ability to adapt to our customers and their changing needs. 29, NASDAQ:CLFD 30 Contact Us COMPANY CONTACT: Cheri Beranek President & CEO Clearfield, Inc. IR@clfd.net INVESTOR RELATIONS: Matt Glover and Sophie Pearson Gateway Investor Relations (949) 574 - 3860 CLFD@gatewayir.com 30. 15, N A S DAQ:CLFD 1 6 Business Update & Outlook T h a n k s D a n . Monthly averages Clearfield Longitude: -78.4392, Latitude: 41.0273 This was made abundantly clear over the last 18 months as people were working and going to school from home. Tuesday of every month at 4:00 p.m. at the Clearfield Municipal Authori ty's office located at 107 East Market Street in Clearfield . We listen to what our customers have been saying about the changes in the market and the issues they currently face with the global supply chain. Its a pleasure to speak with you this afternoon to share Clearfields results for the fiscal fourth quarter and full year 2021. 2018 Act 13 County At Risk Bridge Dollars Early in the year Irvona Borough's Hopkins Street bridge was shut down immediately due Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. CategoriesAct 152 File Type Download7 Size40.19 KB Create DateAugust 29, 2022 Last UpdatedAugust 29, 2022 FileActionAnnual-Report-Clearfield-County-2021.pdfDownload Download Income from operations totaled $8.4 million for the year ended September 30, 2020 compared to $5.2 million in fiscal 2019. 0 $10 . Faster turn - up time for quicker revenue per subscriber NASDAQ:CLFD 17 Since it founding, Clearfield has focused its product line on fiber management and fiber connectivity solutions while providing labor savings and being craft - friendly. 12 min read Company Achieves Record Annual Net Sales of $140.8 Million, Driven by 66% Year-over-Year Growth in Community Broadband Revenue Revenue. We are growing in large accounts, certainly, but we are not dependent upon a single customer. It is classified as operating in the Automatic Vending Machine Manufacturing industry. 0 $4 . 41.63 inch: Share. Members receive a stipend for each meeting attended and a . Net income for fiscal 2021 totaled $20.3 million, or $1.47 per diluted share, an improvement from $7.3 million, or $0.53 per diluted share, in fiscal 2020. 1 $19 . The market for fiber - fed broadband is not only demand - based, but also supplier - based. However, these professionals have also said they believe that we can only grow the number of technicians by 15% a year. We are making meaningful progress towards the goals we set in our Now of Age plan. The risk factors section in Clearfields most recent Form 10 - K filing with the Securities and Exchange Commission and its subsequent filings on Form 10 - Q provides descriptions of those risks. 0 $6 . Investor Relations Contact:Matt Glover and Sophie PearsonGateway Group, Inc. 1-949-574-3860CLFD@gatewayir.com, https://viavid.webcasts.com/starthere.jsp?ei=1503634&tp_key=eac254e0a6, Total Liabilities and Shareholders Equity, Adjustments to reconcile net income to cash provided, Change in allowance for doubtful accounts, Changes in operating assets and liabilities, Net cash provided by operating activities, Purchases of property, plant and equipment and, Proceeds from issuance of common stock under, Tax withholding and proceeds related to exercise of stock options, Tax withholding related to vesting of restricted stock grants, Increase (Decrease) in cash and cash equivalents, Cash and cash equivalents, beginning of period, Supplemental disclosures for cash flow information, Cash paid during the year for income taxes. Please call the conference telephone number 10 minutes prior to the start time. November 4, 2021 Fiscal Q4 & 2021 Earnings Call FieldReport Good afternoon. Words such as may, will, expect, believe, anticipate, estimate, outlook, or continue or comparable terminology are intended to identify forward-looking statements. These statements are based upon the Company's current expectations and judgments about future developments in the Company's business. Net sales to our Tier 1 customers in the fourth quarter of fiscal 2021 increased 12% as compared to the fourth quarter of fiscal 2020 to $3.6 million as the deployment of 5G solutions into the access part of the network have begun to recover from previous COVID - related delays. 4 million on September 30 , 2021 , up from $ 40 . The increase in net sales was due to higher sales across all markets, led by the Companys Community Broadband, MSO and International markets. Inside Clearfield, Inc.'s 10-K Annual Report: Financial - Shares Highlight The Company intends on utilizing its available cash and assets primarily for its continued organic growth and potential future strategic transactions, as well as execution of the share repurchase program adopted by our Board of Directors. Or if that is even on the table this year? 13, $3.0 $3.0 $3.2 $3.6 $6.1 $7.4 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% $ - $ 1 .0 $ 2 .0 $ 3 .0 $ 4 .0 $ 5 .0 $ 6 .0 $ 7 .0 Q 3 20 Q4 20 Q1 21 Q 2 21 Q 3 21 Q 4 21 Net Income $ Net Margin (%) 14 FINANCIAL PERFORMANCE Quarterly Net Income $8.0 $ 7 .4M Q4 2021 Net Income 16.4% Q4 2021 Percent of Net Sales Net income in the fourth quarter of fiscal 2021 increased 144% to a record $7.4 million from $3.0 million in the same year - ago period and up from $6.1 million in our third quarter of 2021. 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