OCC Q2 net sales up 14% to $19.6M; net income $2.4M vs year-ago loss

OPTICAL CABLE CORP

Q2 net sales $19.6M (+14.1% YoY); gross profit $6.8M (+34.8%), margin 34.6% vs 29.3%.
Net income $2.4M ($0.31/diluted share) vs net loss $228K ($0.03 loss) in Q2 2022.
First half net sales $37.9M (+19.8%); net income $3.2M vs loss $1.2M in prior year.
Includes $1.7M gain on insurance proceeds from Asheville water damage (non-recurring other income).
Backlog decreased to ~$8.0M from >$12.0M at end of fiscal 2022; SG&A % sales improved.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OPTICAL CABLE CORP reported second quarter of fiscal year 2023 results: revenue $19.6 million, net income $2.4 million, EPS $0.31 per basic and diluted share.

Period: second quarter of fiscal year 2023
Revenue: $19.6 million
Net income: $2.4 million
EPS: $0.31 per basic and diluted share
Result: reported results

Exact text from the filing

Consolidated net sales for the second quarter of fiscal year 2023 increased 14.1% to $19.6 million, compared to net sales of $17.2 million for the same period last year, with increased net sales in the Company’s specialty markets partially offset by decreased net sales in its enterprise market. Gross profit increased 34.8% to $6.8 million in the second quarter of fiscal year 2023, compared to gross profit of $5.0 million for the same period last year. Gross profit margin, or gross profit as a percentage of net sales, increased to 34.6% in the second quarter of fiscal year 2023 compared to 29.3% in the second quarter of fiscal year 2022. OCC’s increased gross profit margin reflects the Company’s strong operating leverage, as higher net sales levels are achieved and fixed manufacturing costs are spread over higher sales. This operating leverage positively impacted the Company’s gross profit margin during both the second quarter and first half of fiscal year 2023, when compared to the sam

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OPTICAL CABLE CORP reported first half of fiscal year 2023 results: revenue $37.9 million, net income $3.2 million, EPS $0.41 per basic and diluted share.

Period: first half of fiscal year 2023
Revenue: $37.9 million
Net income: $3.2 million
EPS: $0.41 per basic and diluted share
Result: reported results

Exact text from the filing

Consolidated net sales for the first half of fiscal year 2023 increased 19.8% to $37.9 million, compared to net sales of $31.6 million for the first half of fiscal year 2022. The Company achieved increases in net sales in its specialty markets in the first half of fiscal year 2023, compared to the same period last year, but the increases were partially offset by decreases in its enterprise market. The Company’s sales order backlog/forward load continues to remain at higher than typical levels, while decreasing to approximately $8.0 million at the end of the second quarter of fiscal year 2023, compared to more than $12.0 million at the end of the fourth quarter of fiscal year 2022. OCC reported gross profit of $13.3 million in the first half of fiscal year 2023, an increase of 46.5% compared to gross profit of $9.1 million in the first half of fiscal year 2022. Gross profit margin increased to 35.1% in the first half of fiscal year 2023 compared to 28.7% for the same period in fiscal ye

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Source: SEC EDGAR

accession 0001437749-23-017259

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