EXHIBIT 99.2

Clearfield Reports Record Fiscal Third Quarter 2022 Results

MINNEAPOLIS, July 28, 2022 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), the specialist in fiber management and connectivity platforms for communication service providers, reported results for the fiscal third quarter ended June 30, 2022.

Fiscal Q3 2022 Financial Summary 
(in millions except per share data and percentages)Q3 2022vs. Q3 2021Change Change (%)
Net Sales$ 71.3 $38.7 $32.5 84%
     
Gross Profit ($)$ 29.3 $17.1 $12.2 71%
Gross Profit (%) 41.1% 44.2% -3.1%-7%
     
Income from Operations$ 16.6 $7.7 $8.9 115%
Income Tax Expense$ 3.9 $1.7 $2.2 125%
     
Net Income$ 12.7 $6.1 $6.6 109%
Net Income per Diluted Share$ 0.92 $0.44 $0.48 108%
     
Fiscal Q3 YTD 2022 Financial Summary 
(in millions except per share data and percentages)2022 YTDvs. 2021 YTDChangeChange (%)
Net Sales$ 175.9 $95.5 $80.3 84%
     
Gross Profit ($)$ 75.4 $41.4 $34.0 82%
Gross Profit (%) 42.9% 43.4% -0.5%-1%
     
Income from Operations$ 41.6 $15.9 $25.7 162%
Income Tax Expense $ 9.5 $3.3 $6.1 183%
     
Net Income$ 32.4 $12.9 $19.5 151%
Net Income per Diluted Share$ 2.33 $0.94 $1.39 148%
     

Management Commentary
“Our strong financial results for the third quarter reflect the continued execution of our growth strategy and the robust tailwinds in the fiber broadband industry,” said Company President and CEO Cheri Beranek. “For the second consecutive quarter, we set new records for quarterly net sales and quarter-end order backlog. We continue to make meaningful progress on our ‘Now of Age’ strategic plan to expand our capacity and rapidly scale our business to meet the significant market demand for high-speed broadband. With our third quarter performance and current visibility for the rest of this quarter, we are raising our fiscal year 2022 net sales guidance to a range of $243 million to $247 million (excluding Nestor Cables), representing 72% to 75% growth over fiscal year 2021.”

“In May 2022, we announced an agreement for the strategic acquisition of Finnish fiber optic cable manufacturer, Nestor Cables Oy, a strategic supplier of our FieldShield product line. Our synergistic relationship with Nestor spans over a decade. The acquisition, which closed July 26, 2022 enables us to vertically integrate the design and supply of FieldShield cable to meet future customer demand. Furthermore, we anticipate leveraging the deep technical expertise of the Nestor team to extend the overall supply of FieldShield cable into the North American market by expanding cable manufacturing at our Mexico facility in early 2023. Given the persistent supply chain challenges in today’s market, Nestor further strengthens our ability to meet our customers’ needs. Pending closing and standard integration costs, we expect the acquisition to be accretive to earnings in fiscal 2023.”

“Clearfield is in the middle of a long-term investment cycle for broadband deployment. The demand for high-speed broadband, especially fiber-led broadband, remains very strong. We have proactively expanded our capacity and effectively managed our supply chain to meet that customer demand. We are effectively executing on our new facility buildouts in Mexico and Minnesota which came online late in our second quarter, which allowed greater capacity and led to our record financial results. Moreover, our expertise in serving the Community Broadband market has us well-positioned to further capitalize on industry tailwinds. Based on our steadfast commitment to customers, operational effectiveness, and innovative, scalable product portfolio, we are confident that we can continue to grow the market leadership that Clearfield was built to achieve.”

Fiscal Third Quarter 2022 Financial Results
Net sales for the fiscal third quarter of 2022 increased 84% to $71.3 million from $38.7 million in the same year-ago quarter. The increase in net sales was due to higher sales across our core end markets, particularly in our Community Broadband, Multiple System Operator (“MSO” or Cable TV) and National Carrier markets, consistent with our past quarters of fiscal 2022.

As of June 30, 2022, order backlog (defined as purchase orders received but not yet fulfilled) was $157 million, an increase of 16% compared to $136 million as of March 31, 2022 and an increase of 289% from $40 million as of June 30, 2021.

Gross profit for the fiscal third quarter of 2022 increased 71% to $29.3 million (or 41.1% of net sales) from $17.1 million (or 44.2% of net sales) in the fiscal third quarter of 2021. As expected, overhead costs associated with the first full quarter of our new facilities in Minnesota and Mexico negatively impacted gross margins. Alongside real estate costs, increased shipping costs and inflationary increases in some components negatively affected margins. Our strategic investment in our growing national carrier business will negatively affect margin for the near future. We anticipate margins at these levels for the coming quarters, excluding Nestor Cables.

Operating expenses for the fiscal third quarter of 2022 increased 35% to $12.7 million (or 17.9% of net sales), from $9.4 million (or 24.4% of net sales) in the same year-ago quarter. The increase in operating expenses consisted primarily of higher compensation costs due to increased personnel and higher performance-based compensation as well as increased travel expenses and professional fees mainly associated with the acquisition of Nestor Cables.

Income from operations for the fiscal third quarter of 2022 increased 115% to $16.6 million from $7.7 million in the same year-ago quarter.

Income tax expense for the fiscal third quarter of 2022 increased 125% to $3.9 million, with an effective tax rate of 23.4%, as compared to $1.7 million, with an effective tax rate of 22.1% in the same year-ago quarter due to higher taxable income. Increase in rate is due to increased permanent addback items including nondeductible compensation and transaction costs.

Net income for the fiscal third quarter of 2022 totaled $12.7 million, or $0.92 per diluted share, compared to $6.1 million, or $0.44 per diluted share, in the same year-ago quarter.

Financial Results for the Nine Months Ended June 30, 2022
Net sales increased 84% to $175.9 million for the nine months ended June 30, 2022 from $95.5 million during the same period in fiscal 2021. The increase in net sales was due to higher sales across our core end markets, most notably our Community Broadband, MSO/Cable TV and National Carrier markets.

Gross profit was $75.4 million (or 42.9% of net sales) for the nine months ended June 30, 2022, an increase of 82% from $41.4 million (or 43.4% of net sales) in the same period in fiscal 2021. The decrease in gross profit margin was due to increased overhead costs associated with our new facilities in Minnesota and Mexico and higher freight and transportation costs, offset by favorable product mix as well as improved manufacturing efficiencies realized with higher sales volumes.

Operating expenses increased 32% to $33.9 million (or 19.3% of net sales) for the nine months ended June 30, 2022 from $25.6 million (or 26.8% of net sales) during the same period in fiscal 2021. The increase in operating expenses consisted primarily of higher compensation costs due to increased personnel and higher performance-based compensation as well as increased travel expenses and professional fees.

Income from operations increased 162% to $41.6 million for the nine months ended June 30, 2022 from $15.9 million during the same period in fiscal 2021.

Income tax expense increased 183% to $9.5 million, with an effective tax rate of 22.7%, for the nine months ended June 30, 2022 as compared to $3.3 million, with an effective tax rate of 20.6% during the same period in fiscal 2021 due to higher taxable income.

Net income totaled $32.4 million, or $2.33 per diluted share, for the nine months ended June 30, 2022, an increase of 151% from $12.9 million, or $0.94 per diluted share, during the same period in fiscal 2021.

Conference Call
Clearfield management will hold a conference call today, July 28, 2022 at 5:00 p.m. Eastern Time (4:00 p.m. Central Time) to discuss these results and provide an update on business conditions.

Clearfield’s President and CEO Cheri Beranek and CFO Dan Herzog will host the presentation, followed by a question-and-answer period.

U.S. dial-in: 1-877-407-0792
International dial-in: 1-201-689-8263
Conference ID: 13731557

The conference call will be webcast live and available for replay here.

Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.

A replay of the call will be available after 8:00 p.m. Eastern time on the same day through August 11, 2022.

U.S. replay dial-in: 1-844-512-2921
International replay dial-in: 1-412-317-6671
Replay ID: 13731557

About Clearfield, Inc.
Clearfield, Inc. (NASDAQ: CLFD) designs, manufactures, and distributes fiber optic management, protection, and delivery products for communications networks. Our “fiber to anywhere” platform serves the unique requirements of leading incumbent local exchange carriers (traditional carriers), competitive local exchange carriers (alternative carriers), and MSO/cable TV companies, while also catering to the broadband needs of the utility/municipality, enterprise, data center and military markets. Headquartered in Minneapolis, MN, Clearfield deploys more than a million fiber ports each year. For more information, visit www.SeeClearfield.com.

Cautionary Statement Regarding Forward-Looking Information
Forward-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. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “outlook,” or “continue” or comparable terminology are intended to identify forward-looking statements. Such forward looking statements include, for example, statements about the Company’s future revenue and operating performance, anticipated shipping on backlog and future lead times, future availability of components and materials from the Company’s supply chain, the impact of the Rural Digital Opportunity Fund (RDOF) or other government programs on the demand for the Company’s products or timing of customer orders, the Company’s ability to add capacity to meet expected future demand, and trends in and growth of the FTTx markets, market segments or customer purchases and other statements that are not historical facts. 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: adverse global economic conditions and geopolitical issues could have a negative effect on our business, and results of operations and financial condition; our planned growth may strain our business infrastructure, which could adversely affect our operations and financial condition; the acquisition of Nestor Cables and integration activities could adversely affect our operating results; 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; we rely on our manufacturing operations to produce product to ship to customers and manufacturing constraints and disruptions could result in decreased future revenue; 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; cyber-security incidents on our information technology systems, including ransomware, data breaches or computer viruses, could disrupt our business operations, damage our reputation, and potentially lead to litigation; 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. Risk Factors of Clearfield's Annual Report on Form 10-K for the year ended September 30, 2021 as well as other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements to reflect actual events unless required by law.

Investor Relations Contact:
Matt Glover and Sophie Pearson
Gateway Group, Inc.
1-949-574-3860
CLFD@gatewayir.com

CLEARFIELD, INC.
STATEMENTS OF EARNINGS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)

              
 (Unaudited) (Unaudited)  
 Three Months Ended Nine Months Ended  
 June 30, June 30,  
  2022  2021   2022   2021 
              
Net sales$71,250 $38,735 $ 175,854 $ 95,519  
              
Cost of sales 41,943  21,598   100,411 $ 54,071  
              
Gross profit 29,307  17,137   75,443   41,448  
              
Operating expenses             
    Selling, general and             
    administrative 12,721  9,435   33,877 $ 25,581  
Income from operations 16,586  7,702   41,566   15,867  
              
    Net investment income 43  121   284 $ 378  
Income before income taxes 16,629  7,823   41,850   16,245  
              
Income tax expense 3,884  1,725   9,480 $ 3,344  
              
Net income$12,745 $6,098 $ 32,370 $ 12,901  
              
Net income per share:             
  Basic$0.93 $0.44 $ 2.35 $ 0.94  
  Diluted$0.92 $0.44 $ 2.33 $ 0.94  
              
Weighted average shares outstanding:            
   Basic 13,772,269  13,732,913   13,760,950   13,718,394  
   Diluted 13,899,698  13,812,510   13,900,019   13,762,897  
              

CLEARFIELD, INC.
BALANCE SHEETS
(IN THOUSANDS)

       
       
  (Unaudited)    
  June 30,  September 30, 
  2022   2021 
Assets      
Current Assets      
Cash and cash equivalents$14,192   13,216 
Short-term investments 3,894   10,374 
Accounts receivable, net 31,594   19,438 
Inventories, net 69,341   27,524 
Deferred tax asset 0   0 
Other current assets 1,050   954 
Total current assets 120,071   71,506 
       
Property, plant and equipment, net 9,567   4,998 
       
Other Assets      
Long-term investments 24,994   36,913 
Goodwill 4,709   4,709 
Intangible assets, net 4,691   4,696 
Right of use lease assets 12,715   2,305 
Deferred tax asset 647   365 
Other 553   420 
Total other assets 48,309   49,408 
Total Assets$177,947  $125,912 
       
Liabilities and Shareholders' Equity      
Current Liabilities      
Current portion of lease liability$2,774   915 
Accounts payable 16,243   9,215 
Accrued compensation 8,918   8,729 
Accrued expenses 2,758   1,613 
Total current liabilities 30,693   20,472 
       
Other Liabilities      
Long-term portion of lease liability 10,480   1,615 
Total Liabilities 41,173   22,087 
       
Shareholders' Equity      
Common stock 138   137 
Additional paid-in capital 59,784   58,246 
Accumulated other comprehensive loss (960)  - 
Retained earnings 77,812   45,442 
Total Shareholders' Equity 136,774   103,825 
Total Liabilities and Shareholders' Equity$177,947  $125,912 
       

CLEARFIELD, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)

     Nine Months Ended  Nine Months Ended     
     June 30,  June 30,     
     2022   2021      
 Cash flows from operating activities            
 Net income  $32,370  $12,901      
 Adjustments to reconcile net income to cash (used in)            
 provided by operating activities:            
 Depreciation and amortization   2,174   1,725      
 Change in allowance for doubtful accounts   -   210      
 Stock-based compensation expense   1,647   966      
 Changes in operating assets and liabilities            
 Accounts receivable   (12,156)  (5,896)     
 Inventories, net   (41,816)  (6,571)     
 Other assets   (185)  (261)     
 Accounts payable and accrued expenses   8,677   5,043      
 Net cash (used in) provided by operating activities   (9,289)  8,117      
              
 Cash flows from investing activities:            
 Purchases of property, plant and equipment and            
 intangible assets   (6,764)  (1,275)     
 Purchase of investments   (248)  (11,904)     
 Proceeds from sales and maturities of investments   17,386   10,044      
 Net cash provided by (used in) investing activities   10,374   (3,135)     
              
 Cash flows from financing activities            
 Proceeds from issuance of common stock under   544   383      
 employee stock purchase plan            
 Repurchase of shares for payment of withholding taxes for vested restricted stock grants   (274)  (54)     
 Withholding related to exercise of stock options   (379)  (456)     
 Net cash used in financing activities   (109)  (127)     
 Increase in cash and cash equivalents   976   4,855      
 Cash and cash equivalents, beginning of period   13,216   16,450      
 Cash and cash equivalents, end of period  $14,192  $21,305      
              
 Supplemental disclosures for cash flow information            
 Cash paid during the year for income taxes  $9,913  $3,560      
              
 Non-cash financing activities            
 Cashless exercise of stock options  $276  $1,269