OCC reports FY net income of $2.1M; Q4 net loss of $1.3M on 13.6% sales decline

OPTICAL CABLE CORP

FY2023 net income $2.1M ($0.26 EPS) includes $2.2M insurance gain; sales $72.2M (+4.5% YoY).
Q4 net sales $17.3M (-13.6% YoY); net loss $1.3M ($0.17 loss) vs Q4 prior year net income.
Gross profit margin improved to 30.9% for FY but fell to 22.4% in Q4 due to lower production volumes.
Company notes softening demand in enterprise & wireless carrier markets; specialty markets growth partially offset.
Cash increased to $1.5M from $0.2M; inventories rose to $23.8M.

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 fiscal year ended October 31, 2023 results: revenue $72.2 million, net income $2.1 million, EPS $0.26 per basic and diluted share.

Period: fiscal year ended October 31, 2023
Revenue: $72.2 million
Net income: $2.1 million
EPS: $0.26 per basic and diluted share
Result: reported results

Exact text from the filing

results for its fiscal year and its fourth quarter ended October 31, 2023. Fiscal Year 2023 Financial Results Consolidated net sales for fiscal year 2023 increased 4.5% to $72.2 million, compared to net sales of $69.1 million for fiscal year 2022. The Company achieved increases in net sales in its specialty markets in fiscal year 2023, compared to the prior

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OPTICAL CABLE CORP reported fourth quarter ended October 31, 2023 results: revenue $17.3 million, net income net loss of $1.3 million, EPS $0.17 per basic and diluted share.

Period: fourth quarter ended October 31, 2023
Revenue: $17.3 million
Net income: net loss of $1.3 million
EPS: $0.17 per basic and diluted share
Result: reported results

Exact text from the filing

Company’s statement of operations during fiscal year 2023. Fourth Quarter 2023 Financial Results Consolidated net sales for the fourth quarter of fiscal year 2023 decreased to $17.3 million, or 13.6%, compared to net sales of $20.1 million for the same period in the prior year, with decreased net sales in the Company’s enterprise market partially offset by increased

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Source: SEC EDGAR

accession 0001437749-23-035097

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