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Optical Cable Corporation Q4 consolidated net sales up 3.3%

OCC
Optical Cable Corporation   Net sales sequentially increased 2.4%

Optical Cable Corporation (OCC) announced financial results for its fourth quarter and fiscal year ended October 31, 2016.


Consolidated net sales increased 3.3% to $17.3 million, compared to net sales of $16.8 million for the same period in fiscal year 2015.

Net sales sequentially increased 2.4% compared to the third quarter of fiscal year 2016—the third consecutive quarter of net sales increase this year.

Gross profit increased 23.4% to $6.2 million in the fourth quarter of fiscal year 2016, compared to $5.0 million in the fourth quarter of fiscal 2015. Gross profit margin (gross profit as a percentage of net sales) increased to 35.9% in the fourth quarter of fiscal year 2016, compared to 30.0% for the same period in fiscal year 2015.

Gross profit sequentially increased 13.7% compared to third quarter of 2016.

SG&A expenses for the fourth quarter of fiscal year 2016 decreased 9.0% to $5.2 million, compared to SG&A expenses of $5.8 million for the fourth quarter of fiscal year 2015.

he decrease was the result of targeted cost reduction efforts across all expense categories.

OCC recorded net income attributable to Optical Cable of $761,000, or $0.11 per basic and diluted share, for the fourth quarter of fiscal year 2016, compared to a net loss attributable to Optical Cable of $3.0 million, or $0.48 per basic and diluted share, for the same period last year.

The net loss attributable to Optical Cable in the fourth quarter of fiscal 2015 included a $0.39, or $2.4 million, non-cash charge related to the establishment of an allowance against OCC's net deferred tax assets.

In the fourth quarter of fiscal 2016, net income attributable to OCC increased over four times when compared to $188,000, or $0.03 per basic and diluted shares, for the third quarter of fiscal year 2016.

 

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