RSS   Newsletter   Contact   Advertise with us

Optical Cable Corporation consolidated net sales $16.9 million

Share on Twitter Share on LinkedIn
Staff Writer | September 14, 2016
Optical Cable Corporation announced financial results for its third quarter ended July 31, 2016.
Optical Cable Corporation
Optical Cable Corporation   Gross profit margin improved to 32.3%
Consolidated net sales were $16.9 million, compared to net sales of $20.8 million for the third quarter of fiscal year 2015, a decrease of 18.6%.

Sequentially, net sales increased in the third quarter of fiscal 2016, up 3.5% compared to net sales of $16.3 million for the second quarter of fiscal year 2016, and up 20.4% compared to $14.0 million for the first quarter of fiscal 2016.

When compared to the same period last year, net sales for the third quarter of fiscal year 2016 continued to be negatively impacted by reduced demand in certain specialty markets and downward pressure on pricing in certain markets. The strong U.S. dollar also impacted sales outside of the U.S. during the third quarter of fiscal year 2016.

Gross profit margin, or gross profit as a percentage of net sales, improved to 32.3%, compared to 27.5% in the third quarter of fiscal year 2015.

The Company achieved gross profit of $5.5 million in the third quarter of fiscal year 2016, compared to $5.7 million in the third quarter of fiscal year 2015.

Gross profit margin was positively impacted by a change in product mix including a decrease in sales of certain products that had negatively impacted gross profit margin in the third quarter of fiscal year 2015.

Sequentially, gross profit during the third quarter of fiscal 2016 increased 20.0% and 55.9%, respectively, compared to gross profit in the second and first quarters of fiscal year 2016.

The Company's gross profit margin increased to 32.3% in the third quarter of fiscal 2016, an improvement compared to 27.9% and 24.9%, respectively, in the second and first quarters of fiscal 2016.

SG&A expenses decreased 16.6% to $5.1 million for the third quarter of fiscal year 2016 from $6.1 million for the third quarter of fiscal year 2015, as a result of targeted cost reduction efforts across all expense categories.

OCC recorded net income attributable to the Company of $188,000, or $0.03 per basic and diluted share, for the third quarter of fiscal year 2016, compared to a net loss attributable to the Company of $573,000, or $0.09 per basic and diluted share, for the third quarter of fiscal year 2015.


 

MORE INSIDE POST