<SEC-DOCUMENT>0001171843-12-004009.txt : 20121108
<SEC-HEADER>0001171843-12-004009.hdr.sgml : 20121108
<ACCEPTANCE-DATETIME>20121108080018
ACCESSION NUMBER:		0001171843-12-004009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121108
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121108
DATE AS OF CHANGE:		20121108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clearfield, Inc.
		CENTRAL INDEX KEY:			0000796505
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		IRS NUMBER:				411347235
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16106
		FILM NUMBER:		121188466

	BUSINESS ADDRESS:	
		STREET 1:		5480 NATHAN LANE NORTH
		STREET 2:		SUITE 120
		CITY:			PLYMOUTH
		STATE:			MN
		ZIP:			55442
		BUSINESS PHONE:		763-476-6866

	MAIL ADDRESS:	
		STREET 1:		5480 NATHAN LANE NORTH
		STREET 2:		SUITE 120
		CITY:			PLYMOUTH
		STATE:			MN
		ZIP:			55442

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	APA Enterprises, Inc.
		DATE OF NAME CHANGE:	20041116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	APA OPTICS INC /MN/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>document.htm
<DESCRIPTION>FORM 8-K FILING DOCUMENT
<TEXT>
<!DOCTYPE html
	PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"
	"http://www.w3.org/TR/html4/loose.dtd">
<html lang="en-US">
<head>
  <title>Form 8-K Filing</title>
</head>

<body>

<p align="center">
  <font size="5">
    <b>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br></b>
  </font>
</p>

<p align="center">
  <font size="3">
    <b>Washington, D.C. 20549</b><br>
  </font>
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<hr noshade="1" width="150" align="center">
<p align="center">
  <font size="5">
    <b>FORM 8-K</b><br>
  </font>
</p>


<hr noshade="1" width="150" align="center">
<p align="center">
  <font size="3">
    <b>CURRENT REPORT</b><br>
  </font>
</p>


<p align="center">
  <font size="3">
    <b>Pursuant to Section&nbsp;13 OR 15(d) of<br>The Securities Exchange Act of 1934</b><br>
  </font>
</p>


<p align="center">
  <font size="3">
    Date of Report (Date of earliest event reported) <b>November 8, 2012</b> &nbsp; <br>
  </font>
</p>

<hr noshade="1" width="150" align="center">

<p align="center">
  <font size="5">
    <b>Clearfield, Inc.</b>
  </font>
   <br> <font size="2">
    (Exact name of registrant as specified in its charter)
  </font>
</p>




<!-- Registrant's State of Inc, File and IRS Number -->
<table cellpadding="0" border="0" width="100%" cellspacing="0">

   <tr valign="top">
    <td width="32%" align="center">
      <br> <font size="2">
        <b>Minnesota</b>
      </font>
    </td>
     <td width="3%">
      &nbsp;
    </td>
     <td width="32%" align="center">
      <br> <font size="2">
        <b>0-16106</b>
      </font>
    </td>
     <td width="3%">
      &nbsp;
    </td>
     <td width="32%" align="center">
      <br> <font size="2">
        <b>41-1347235</b>
      </font>
    </td>
  </tr>

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    <td width="32%" align="center">
      <font size="2">
        (State or other jurisdiction<br>of incorporation)
      </font>
    </td>
     <td width="3%">
      &nbsp;
    </td>
     <td width="32%" align="center">
      <font size="2">
        (Commission File Number)
      </font>
    </td>
     <td width="3%">
      &nbsp;
    </td>
     <td width="32%" align="center">
      <font size="2">
        (IRS Employer Identification No.)
      </font>
    </td>
  </tr>

</table>


<!-- Registrant's Postal Addess and Zip Code -->
<br><br><table cellpadding="0" border="0" width="100%" cellspacing="0">

   <tr valign="top">
    <td width="19%">
      &nbsp;
    </td>
     <td width="47%" align="center">
      <br> <font size="2">
        <b>5480 Nathan Lane North, Suite 120, Plymouth, MN</b>
      </font>
    </td>
     <td width="2%">
      &nbsp;
    </td>
     <td width="13%" align="center">
      <br> <font size="2">
        <b>55442</b>
      </font>
    </td>
     <td width="19%">
      &nbsp;
    </td>
  </tr>

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      &nbsp;
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        (Address of principal executive offices)
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      &nbsp;
    </td>
     <td width="13%" align="center">
      <font size="2">
        (Zip Code)
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    </td>
     <td width="19%">
      &nbsp;
    </td>
  </tr>

</table>
<p align="center">
  <font size="2">
    Registrant's telephone number, including area code: &nbsp;
    <b>(763) 476-6866</b>
  </font>
</p>

<p align="center">
  <font size="2">
  	<br /><br />
    Not Applicable<br />
	(Former name or former address, if changed since last report)
  </font>
</p>

<!-- Simultaneous filing obligation checkboxes -->
<br><br><table cellpadding="0" border="0" width="100%" cellspacing="0">
	<tr valign="top">
	<td colspan=3>
	<font size="2">Check the appropriate box below if the Form 8-K
	filing is intended to simultaneously satisfy the filing obligation
	of the registrant under any of the following provisions:</font>
	</td>
	</tr>
	<tr valign="top">
		<td>&nbsp; &nbsp;</td>
		<td nowrap="1"><font size="2">[ &nbsp;&nbsp; ]</font></td>
		<td><font size="2">
			Written communications pursuant to Rule 425
			under the Securities Act (17 CFR 230.425)
		</font></td>
	</tr>
	<tr valign="top">
		<td>&nbsp; &nbsp;</td>
		<td nowrap="1"><font size="2">[ &nbsp;&nbsp; ]</font></td>
		<td><font size="2">
			Soliciting material pursuant to Rule 14a-12 under
			the Exchange Act (17 CFR 240.14a-12)
		</font></td>
	</tr>
	<tr valign="top">
		<td>&nbsp; &nbsp;</td>
		<td nowrap="1"><font size="2">[ &nbsp;&nbsp; ]</font></td>
		<td><font size="2">
			Pre-commencement communications pursuant to Rule 14d-2(b)
			under the Exchange Act (17 CFR 240.14d-2(b))
		</font></td>
	</tr>
	<tr valign="top">
		<td>&nbsp; &nbsp;</td>
		<td nowrap="1"><font size="2">[ &nbsp;&nbsp; ]</font></td>
		<td><font size="2">
			Pre-commencement communications pursuant to Rule 13e-4(c)
			under the Exchange Act (17 CFR 240.13e-4(c))
		</font></td>
	</tr>
</table>

<hr noshade="1">
<p>
  <font size="3">
<b>Items under Sections 1, 3, 4 and 6 through 8 are not applicable and therefore omitted.</b>  </font>
</p>


<p>
  <font size="3">
    <b><p><font size="3"><b>Item 2.02. Results of Operations and Financial Condition.</b></font></p></b>
  </font>
</p>

<p>
  <font size="2">
    <p>
	 </p>
<P >
	On November 8, 2012, Clearfield, Inc. (the &#034;Company&#034;) issued a press release announcing the results of its fourth quarter and fiscal year ended September 30, 2012.  A copy of that press release is furnished hereto as Exhibit 99.1 and is hereby incorporated by reference. </P>

  </font>
</p>



<p>
<font size="3">
<b>Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b>
</font>
</p>

<p>
<font size="2">
<p>
	 </p>
<P >
	<b>FY 2012 Cash Bonus Program</b></P>
<P >
	 </P>
<P >
	On November 6, 2011, the Compensation Committee (the &#034;Committee&#034;) of the Board of Directors of the Company approved a cash bonus program for fiscal year 2012 (the &#034;2012 Bonus Program&#034;). The current executive officers (the &#034;Executives&#034;) that participated in the 2012 Bonus Program are: Cheryl P. Beranek, Chief Executive Officer; John P. Hill, Chief Operating Officer; and Daniel R. Herzog, Chief Financial Officer.</P>
<P >
	 </P>
<P >
	The performance goal under the 2012 Bonus Program for the Executives consisted of the Company&#39;s net income for fiscal year 2012 from continuing operations, excluding taxes, interest income or expense, and any bonus amounts (&#034;FY12 ICO&#034;).</P>
<P >
	 </P>
<P >
	On November 6, 2012, the Compensation Committee determined the bonus pool amounts available under the 2012 Bonus Program based upon FY2012 ICO, which met the amount set by the Compensation Committee. Amounts from the bonus pool created by the 2012 Bonus Program were allocated by the Company&#39;s management among eligible non-executive officer employees. On November 6, 2012, the Compensation Committee approved the following payouts to the Executives from the amounts remaining in the bonus pool: Ms. Beranek, $200,000; Mr. Hill, $185,000 and Mr. Herzog $40,000. </P>

</font>
</p>



<p>
  <font size="3">
    <b><p><font size="3"><b>Item 9.01. Financial Statements and Exhibits.</b></font></p></b>
  </font>
</p>

<p>
  <font size="2">
    <p>
	 </p>
<P  align="left">
	(c)     The following exhibit is being furnished herewith:</P>
<P  align="left">
	 </P>
<P  align="left">
	99.1  Press release dated November 8, 2012</P>

  </font>
</p>

<hr noshade="1">

<!-- Registrant's Signature -->
<p align="center">
  <font size="3">
	<b>SIGNATURE</b>
  </font>
</p>

<p>
  <font size="2">
    &nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities
	Exchange Act of 1934, as amended, the Registrant has duly caused this report to be
	signed on its behalf by the undersigned hereunto duly authorized.
  </font>
</p>

<table cellpadding="0" border="0" width="100%" cellspacing="0">
   <tr valign="top">
    <td width="47%">
      &nbsp;
    </td>
     <td width="5%">
      &nbsp;
    </td>
     <td width="47%" align="center">
      <font size="2">
        <b>Clearfield, Inc.</b>
      </font>
       <hr noshade="1"> <font size="2">
        (Registrant)<br><br>
      </font>
    </td>
  </tr>

   <tr valign="top">
    <td width="47%" align="center">
      <font size="2">
        <b>November 8, 2012</b>
      </font>
       <hr noshade="1"> <font size="2">
        (Date)
      </font>
    </td>
     <td width="5%">
      &nbsp;
    </td>
     <td width="47%" align="center">
      <font size="2">
        <b>/s/ &nbsp; CHERYL P. BERANEK</b>
      </font>
       <hr noshade="1"> <font size="2">
        Cheryl P. Beranek
      </font>
       <br> <font size="2">
        <i>Chief Executive  Officer</i>
      </font>
    </td>
  </tr>

</table>



</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html><head><title>Clearfield, Inc. Reports Fiscal Year 2012 Year-End and 4th Quarter Results</title></head><body><p align="right">EXHIBIT 99.1</p><h3 align="center">Clearfield, Inc. Reports Fiscal Year 2012 Year-End and 4th Quarter Results</h3><h4 align="center">Company Sets Records for Annual Revenues and Operating Income</h4><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				FY 2012 Revenues:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				$37,474,000, up 6% from fiscal year 2011</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				FY 2012 Gross Profit:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				$15,286,000, up 4% from fiscal year 2011</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				FY 2012 Operating Income:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				$4,275,000, up 15% from fiscal year 2011</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				FY 2012&#160;Net Income:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				$7,701,000, up 25 % from fiscal year 2011</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				FY 2012&#160;Net Income per Share:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				$0.60 per diluted share</td>
		</tr>

</table><p>
	Balance Sheet: $19,357,000 in cash and investments at September 30, 2012 and no debt.</p><p>
	MINNEAPOLIS, Nov. 8, 2012 (GLOBE NEWSWIRE) -- Clearfield, Inc. (Nasdaq:CLFD), the specialist in fiber management and connectivity platforms for communications providers, today announced results for its fiscal year 2012 and the fourth quarter of fiscal year 2012, which ended September 30, 2012.</p><p>
	<strong>Year to Date Performance</strong></p><p>
	Revenue for fiscal year 2012 was $37,474,000 in comparison to $35,193,000 for fiscal 2011, an increase of 6%. Gross profit was $15,286,000 for fiscal 2012, in comparison to $14,658,000 for fiscal 2011, an increase of 4%. Gross margin for fiscal 2012 was 40.8% in comparison to 41.7% in fiscal 2011. Operating expenses were $11,011,000 for fiscal 2012, in comparison to $10,942,000 in fiscal 2011, relatively unchanged between periods. Operating income was $4,275,000, up $559,000, or approximately 15%, from fiscal year 2011 in which $3,716,000 was recorded. Net income was $7,701,000 or $0.60 per diluted share for fiscal 2012, compared to $6,167,000 or $0.48 per diluted share in fiscal year 2011, an increase of 25%. The reversal of a portion of the valuation allowance associated with the Company's deferred tax assets, consisting primarily of net operating loss carry forwards, added approximately $3,518,000 in non-cash income tax benefit to net income for fiscal 2012, as compared to a non-cash benefit of $2,482,000 for a similar reversal of a portion of the valuation allowance in fiscal 2011. Earnings per share before taxes were $0.33 per diluted share for fiscal year 2012, compared to $0.29 per diluted share for fiscal 2011.</p><p>
	<strong>4<sup>th</sup> Quarter Performance</strong></p><p>
	Revenue for the fourth quarter 2012 was $10,403,000 in comparison to revenue of $10,702,000 for the fourth quarter 2011, a decrease of 3%. Gross profit was $4,215,000 for the fourth quarter of 2012, in comparison to $4,480,000 for the fourth quarter of 2011, a decrease of approximately 6%. Gross margin for the fourth quarter 2012 was 40.5%, versus 41.9% in the fourth quarter of fiscal 2011. Operating expenses were $2,891,000 for the fourth quarter 2012, in comparison to $3,082,000 for the fourth quarter of 2011, a decrease of approximately 6%. Operating income was $1,324,000, a decrease of $73,000, or 5%, from $1,397,000 recorded in the fourth quarter of 2011. Net income was $4,828,000 for the fourth quarter 2012, compared to net income of $3,856,000 in the fourth quarter 2011, an increase of 25%. The reversal of a portion of the valuation allowance associated with the Company's deferred tax assets mentioned above added approximately $3,518,000 in non-cash income tax benefit to net income for the fourth quarter of fiscal 2012, as compared to a non-cash benefit of $2,482,000 for a similar reversal of a portion of the valuation allowance in the fourth quarter of fiscal 2011. Earnings per share before taxes were $0.10 per diluted share for fiscal year 2012, compared to $0.11 per diluted share for fiscal 2011.</p><p>
	<strong>Orders in Backlog and Select Balance Sheet Highlights</strong></p><p>
	Orders in backlog as of September 30, 2012 totaled $2,647,000 in comparison to $2,806,000 as of June 30, 2012, reflecting a decrease of $159,000, or 6%. Cash and investments at September 30, 2012 totaled $19,357,000. &#160;The Company has no long-term debt.</p><p>
	<strong>Reversal of Deferred Tax Valuation Allowance</strong></p><p>
	During the fourth quarter of fiscal year 2012, Clearfield reversed a substantial portion of the remaining valuation allowance of the deferred tax assets in the amount of $3,518,000, which contributed $0.28 per diluted share. &#160;The reduction in the valuation allowance resulted in the recognition of a non-cash income tax benefit that was $3,479,000 in the fourth quarter of 2012. The reversal of the valuation allowance followed an evaluation of our historical net operating losses and our more recent history of consecutive quarters of profitability.</p><p>
	<strong><i>Commentary- Cheryl Beranek, President &amp; CEO of Clearfield</i></strong></p><p>
	"Fiscal year 2012 represents our fifth consecutive year of profitability at Clearfield. This year's record revenue and operating income performance reflects the Company's ongoing commitment to establishing a strong foundation upon which to build our continued growth," comments Cheryl Beranek, president and CEO of Clearfield. "While many in the industry are reporting reductions in sales revenues during the past year due to economic uncertainty and Federal regulatory changes, Clearfield continues to expand its base of clientele, markets and product mix.</p><p>
	"It is with great pride that we are able to record the near-full reversal of the valuation allowance against our deferred tax assets. Clearfield's demonstrated profitability in the past five years is a direct result of the successful execution of our strategic operating plan.&#160;Our confidence in the sustainability of our future profitability is reflected in this decision. Shareholders should note that the company will continue to benefit from our deferred tax asset and will not incur a use of cash for a substantial portion of our tax expense. Moving forward, in addition to revenue, a comparison of operating income and earnings per share before tax will provide the best measure to review quarter-over-quarter and year-over-year results.</p><p>
	"We are continuing to significantly invest in ongoing market and product development. Over the past six months, the Company has booked more than $500,000 in revenue in markets outside of the United States. Much of this revenue is associated with pilot FTTH projects in the Caribbean and Latin American markets that are expected to mature into larger scale deployments in upcoming quarters. Recent announcements of Clearview Blue and the FieldSmart FxHD are introducing the company to an emerging requirement for even higher density in data centers and central offices. Moreover, the Company continues to evaluate its supply chain and is investing in products and programs that will further enhance the strength of our core supply partner community."</p><p>
	<strong><i>About Clearfield, Inc </i></strong></p><p>
	<i>Clearfield, Inc. </i>(Nasdaq:CLFD)<i> designs, manufactures and distributes fiber optic management products for the communications networks of leading ILECS, CLECs, MSO/cable TV companies and mobile broadband providers. We help service providers solve the Fiber Puzzle, which is how to reduce high costs associated with deploying, managing, protecting and scaling a fiber optic network to deliver the mobile, residential and business services customers want. </i><i>Based on the patented Clearview&#8482; Cassette, our</i><i> unique single-architected, modular fiber management platform </i><i>is designed to lower</i><i> the cost of broadband deployment and maintenance by consolidating, protecting and distributing incoming and outgoing fiber circuits and enable our customers to scale their operations as their subscriber revenues increase. Headquartered in Plymouth, MN, Clearfield deploys more than a million fiber ports each year.<strong><br>
	</strong></i></p><p>
	<strong><i>Forward-Looking Statements</i></strong></p><p>
	<i>Forward-looking statements contained herein are made pursuant to the safe harbor provisions of the Private 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 the effect of the significant downturn in the U.S. economy on Clearfield's customers; the impact of the American Recovery and Reinvestment Act or any other legislation on customer demand and purchasing patterns; cyclical selling cycles; need to introduce new products and effectively compete against competitive products; dependence on third-party manufacturers and the availability of raw materials, particularly fiber; reliance on key customers; rapid changes in technology; the negative effect of product defects; the need to protect its intellectual property; the impact on its financial results or stock price of its ability to use its deferred tax asset, consisting primarily of net operating loss carry forwards, to offset future taxable income; the valuation of its goodwill and the effect of its stock price, among other factors, 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, 2011 as well as other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements to reflect actual events.</i></p><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="5" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>CLEARFIELD, INC.</strong></td>
		</tr>
		<tr>
			<td colspan="5" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>CONDENSED STATEMENTS OF OPERATIONS</strong></td>
		</tr>
		<tr>
			<td colspan="5" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				UNAUDITED</td>
		</tr>
		<tr>
			<td colspan="5" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				&#160;Three Months Ended</td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				Twelve Months Ended</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				&#160;September 30</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				September 30</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				&#160;2012</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				&#160;2011</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				&#160;2012</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				&#160;2011</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Revenues</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 10,402,913</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 10,701,634</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 37,473,966</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 35,192,532</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cost of sales</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				6,187,674</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				6,221,719</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				22,188,245</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				20,534,174</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Gross profit</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				4,215,239</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				4,479,915</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				15,285,721</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				14,658,358</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Operating expenses</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				&#160;Selling, general and administrative</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				2,891,098</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				3,082,495</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				11,010,840</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				10,942,149</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Income from operations</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,324,141</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,397,420</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				4,274,881</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3,716,209</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other income</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Interest income</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				24,591</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				26,530</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				102,014</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				109,595</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Other income</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				--</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				--</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				--</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				25,500</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				24,591</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				26,530</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				102,014</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				135,095</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Income before income taxes</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,348,732</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,423,950</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				4,376,895</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3,851,304</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Income tax benefit</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(3,478,976)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(2,432,021)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(3,324,299)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(2,316,142)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net income</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 4,827,708</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 3,855,971</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 7,701,194</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 6,167,446</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net income per share:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				&#160;Basic</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$0.39</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$0.32</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$0.62</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$0.51</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				&#160;Diluted</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$0.37</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$0.30</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$0.60</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$0.48</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Weighted average shares outstanding:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				&#160;Basic</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				12,465,774</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				12,181,093</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				12,371,371</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				12,085,491</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				&#160;Diluted</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				12,978,835</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				12,787,085</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				12,790,168</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				12,749,933</td>
		</tr>

</table><p align="center">
	&#160;</p><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>CLEARFIELD, INC.</strong></td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>CONDENSED BALANCE SHEETS</strong></td>
		</tr>
		<tr>
			<td colspan="3" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				UNAUDITED</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				&#160;<br>
				September 30, 2012</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				&#160;<br>
				September 30, 2011</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Current Assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cash and cash equivalents</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 5,678,143</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ 11,281,027</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Short-term investments</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				9,107,000</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,849,000</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Accounts receivable, net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3,022,636</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3,228,864</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Inventories</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2,971,614</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2,757,151</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other current assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				1,965,204</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				1,164,243</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Total current assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				22,744,597</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				20,280,285</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Property, plant and equipment, net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,107,468</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				986,031</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other Assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Long-term investments</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				4,572,000</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2,707,000</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Goodwill</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2,570,511</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2,570,511</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Deferred taxes &#8211;long term</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				6,498,250</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3,558,797</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Other</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				247,512</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				199,467</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Total other assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				13,888,273</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				9,035,775</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Total Assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 37,740,338</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 30,302,091</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Liabilities and Shareholders' Equity</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Current Liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Accounts payable</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,492,294</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,439,611</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Accrued compensation</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1,470,232</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2,465,132</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Accrued expenses</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				54,268</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				106,383</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				&#160;Total current liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3,016,794</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				4,011,126</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Commitment and contingencies</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				--</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				--</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Deferred rent</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				37,643</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				61,794</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Total Liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3,054,437</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				4,072,920</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Shareholders' Equity</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Common stock</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				124,711</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				122,707</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Additional paid-in capital</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				54,155,670</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				53,402,138</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Accumulated deficit</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(19,594,480)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				(27,295,674)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Total Shareholders' Equity</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				34,685,901</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				26,229,171</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Total Liabilities and Shareholders' Equity</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 37,740,338</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				$ 30,302,091</td>
		</tr>

</table><pre>CONTACT: Clearfield, Inc. Contact Information:
         Cheryl P. Beranek
         Chief Executive Officer and President
         Investor-relations@clfd.net
         763-476-6866</pre></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
