Orders in Backlog and Select Balance Sheet Highlights
Orders in backlog as of
"A strong backlog coming into the quarter, coupled with a significant increase in domestic and international fiber-to-the-x business, pushed the company's revenue and operating income to new record levels. Revenue growth was achieved across all major products categories and markets. We are seeing an increasing confidence from broadband service providers as take-rates for fiber builds continue to climb. To ensure ease of access as well as consolidated shipment of materials, we have experienced an increasing number of purchase orders with longer term delivery dates. The resulting backlog at the end of the third quarter reflects a number of large orders from a single customer, as well as an increase in fiber builds generally. We have expanded our manufacturing and warehouse operations to allow us to continue to provide nimble response and industry-leading lead-times of two weeks or less as required by our customers, while also responding to these project-based opportunities."
"Backlog reflects purchase order commitments for our products received from customers that have yet to be fulfilled. Consistent with previous quarters, backlog orders are generally shipped within three months. Clearfield's customers purchase product on an individual purchase order basis with no long-term supply agreements established. As a result, Clearfield is not in position to give guidance on future revenue levels or other results for future periods."
"We are exceptionally pleased with the early market acceptance of FieldShield, a new fiber delivery and protection method. FieldShield extends Clearfield's product mix to include our own line of fiber optical cable, connectors and microduct that allow us to not only reduce the cost of broadband deployment but to also deliver fiber into environments not previously believed viable. More than 100 broadband service providers have evaluated the product and nearly 80 have begun deployment of the technology in some fashion."
"Customers outside of our core markets of the tier 3 independent telephone community are becoming an increasing percentage of our revenue base. Business development activities to enter markets associated with multiple service operators, municipal government, military applications and other non-traditional broadband providers are bearing fruit."
"I am especially proud of the work done by our operating groups to expand Clearfield's manufacturing capabilities to meet this emerging demand. We have built a manufacturing platform that is highly scalable leveraging a supply chain that we believe is a core competitive advantage to our ongoing future growth potential."
"Consistent with previous quarters, the majority of operating expense increases were the results of variable costs associated with compensation initiatives designed to drive our performance. Approximately
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