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January 28 , 2021 CLEARFIELD Clearfield Reports Fiscal First Quarter 2021 Results • 40 % Increase in Revenue , driven by 71 % Growth in Community Broadband Revenue and 30 % Growth in MSO Revenue , Compared to the Same Year - ago Quarter • Net Income Increased 531 % to $ 3.2 Million , or $ 0.23 per diluted share , an Improvement from $ 0.5 Million , or $ 0.04 per diluted share , in the Same Year - ago Quarter • Continued Execution on Operational Effectiveness Initiatives and Favorable Product Mix Produces 42.0 % Quarterly Gross Profit Margin • Company Backlog Increased 55 % to $ 8.9 Million at Quarter End Compared to the Same Year - ago Quarter End MINNEAPOLIS , Jan. 28 , 2021 ( GLOBE NEWSWIRE ) -- Clearfield , Inc. ( NASDAQ : CLFD ) , the specialist in fiber management for communication service providers , reported results for the fiscal first quarter ended December 31 , 2020 . Fiscal Q1 2021 Financial Summary ( in millions except per share data and percentages ) Net Sales Gross Profit ( $ ) Gross Profit ( % ) Income from Operations Income Tax Expense Net Income Net Income per Diluted Share Q1 2021 $ 27.1 $ vs. Q1 2020 19.4 $ Change Change ( % ) 7.7 40 % $ 11.4 $ 7.7 $ 3.6 47 % 42.0 % 39.9 % 2.1 % 5 % $ 3.7 $ 0.4 $ 3.3 826 % $ 0.7 $ 0.1 $ 0.6 456 % $ 3.2 $ 0.5 $ 2.7 531 % $ 0.23 $ 0.04 $ 0.19 475 % Management Commentary “ The first quarter of fiscal 2021 was an exceptionally strong start to our new fiscal year , " said Company President and CEO Cheri Beranek . " The $ 27.1 million we generated in revenue was a 40 % increase over last year and marked the highest revenue level for any fiscal first quarter in Clearfield history . Our growth in the period was again led by double - digit increases from our Community Broadband and Multiple - System Operator ( MSO or Cable TV ) markets , which were up 71 % and 30 % , respectively . Our extended and ongoing strong topline performance over the last several quarters also enabled us to exceed the $ 100 million revenue level on a trailing 12 - month ( TTM ) basis for the first time . Additionally , we generated solid gross profit dollars , which totaled $ 11.4 million or 42.0 % of total revenue , marking the highest gross profit margin we have achieved as a company in more than two years . " The surging demand and need for high - speed internet access , accelerated by COVID - 19 , is