OPTICAL CABLE CORPORATION REPORTS FIRST QUARTER OF 2023 FINANCIAL RESULTS
Increases of 26.6% in
First Quarter 2023 Financial Results
Consolidated net sales for the first quarter of fiscal year 2023 increased 26.6% to
The increase in net sales reflects increased product demand and increased production throughput during the first quarter of fiscal year 2023, compared to the same period last year, as well as improved product pricing that began to take effect for new orders received during the latter half of fiscal year 2022.
Gross profit increased 61.2% to
SG&A expenses increased to
For the first quarter of fiscal year 2023, OCC recorded net income of
Management's Comments
Conference Call Information
As previously announced, OCC will host a conference call today,
Company Information
OCC® is internationally recognized for pioneering innovative fiber optic and copper communications technologies, including fiber optic cable designs for the most demanding environments and applications, copper connectivity designs to meet the highest data communication industry standards, as well as a broad product offering built on the evolution of these fundamental technologies.
OCC uses its expertise to deliver cabling and connectivity products and integrated solutions that are best suited to the performance requirements of each end-user's application. And OCC's solutions offerings cover a broad range of applications—from commercial, enterprise network, datacenter, residential and campus installations to customized products for specialty applications and harsh environments, including military, industrial, mining, petrochemical and broadcast applications, as well as for the wireless carrier market.
Founded in 1983, OCC is headquartered in
Optical Cable Corporation™, OCC®, Procyon®, Superior Modular Products™, SMP Data Communications™, Applied Optical Systems™, and associated logos are trademarks of
Further information about OCC® is available at www.occfiber.com.
FORWARD-LOOKING INFORMATION
This news release by
(Financial Tables Follow)
OPTICAL CABLE CORPORATION |
||||
Three Months Ended |
||||
2023 |
2022 |
|||
Net sales |
$ 18,284 |
$ 14,440 |
||
Cost of goods sold |
11,763 |
10,394 |
||
Gross profit |
6,521 |
4,046 |
||
SG&A expenses |
5,455 |
4,780 |
||
Royalty expense, net |
7 |
7 |
||
Amortization of intangible assets |
13 |
12 |
||
Income (loss) from operations |
1,046 |
(753) |
||
Interest expense, net |
(271) |
(158) |
||
Other, net |
67 |
(12) |
||
Other expense, net |
(204) |
(170) |
||
Income (loss) before income taxes |
842 |
(923) |
||
Income tax expense |
32 |
13 |
||
Net income (loss) |
$ 810 |
$ (936) |
||
Net income (loss) per share: |
||||
Basic and diluted |
$ 0.10 |
$ (0.12) |
||
Weighted average shares outstanding: |
||||
Basic and diluted |
7,893 |
7,511 |
OPTICAL CABLE CORPORATION |
|||
|
|
||
Cash |
$ 186 |
$ 216 |
|
Trade accounts receivable, net |
9,911 |
10,964 |
|
Inventories |
22,261 |
19,439 |
|
Other current assets |
751 |
577 |
|
Total current assets |
33,109 |
31,196 |
|
Non-current assets |
9,392 |
9,362 |
|
Total assets |
$ 42,501 |
$ 40,558 |
|
Current liabilities |
$ 7,714 |
$ 7,483 |
|
Non-current liabilities |
11,783 |
10,915 |
|
Total liabilities |
19,497 |
18,398 |
|
Total shareholders' equity |
23,004 |
22,160 |
|
Total liabilities and shareholders' equity |
$ 42,501 |
$ 40,558 |
AT THE COMPANY: |
|
Neil Wilkin |
|
Chairman, President & CEO |
Senior Vice President & CFO |
(540) 265-0690 |
(540) 265-0690 |
AT |
|
Aaron Palash |
|
(212) 355-4449 ext. 8603 |
(212) 355-4449 ext. 8928 |
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