Business
Optex Systems Announces Annual Shareholder Meeting and Letter to Shareholders
RICHARDSON, TX / ACCESSWIRE / January 21, 2020 / Optex Systems Holdings, Inc. (OTCQB:OPXS), a leading manufacturer of precision optical sighting systems for
About this update from Optex Systems Holdings, Inc.
[{"type":"text","content":"RICHARDSON, TX / ACCESSWIRE / January 21, 2020 / Optex Systems Holdings, Inc. (OTCQB:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, today announced the 2020 Annual Meeting of Shareholders will be held at 10:00 AM local time on February 12, 2020, DoubleTree by Hilton Hotel Dallas - Richardson, 1981 North Central Expressway, Richardson, Texas, 75080. In addition, the company issues the following letter to shareholders of the company.TO OUR SHAREHOLDERS, CUSTOMERS, AND EMPLOYEES:Last year was an incredible year for Optex; we delivered strong financial performance, strengthened our domestic market position, and launched a more targeted international strategy. For Fiscal 2019, revenue grew 17.6% to $24.5 million while gross margins increased 38.5% to $6.25 million from 21.7% to 25.5% of revenue. Adjusted EBITDA grew 84.4% to $3.7 million while Optex was able to fund all growth through internal cash flow. The company remains debt-free on a net basis.Before describing the plans for 2020 and beyond, I'd like to quickly review the accomplishments of this team in making Optex more attractive and easier to understand for both new and existing shareholders. Optex was initially listed to the OTCQB exchange through a reverse merger in 2009 in order to meet the charter of its largest shareholder (the Longview Fund). This created a complex capitalization table with Series A and Series B preferred shares along with an intermingled company (Sileas). All of these entities served their purpose over that timeframe but brought doubt and uncertainty when attempting to explain these issues to new investors. Over the last several years, all of these structures have been eliminated, creating a clear capitalization table. Management has continued to purchase shares in the open market aligning our interests with our fellow shareholders. In addition to the capitalization table issues, Optex has also worked to resolve two active investor issues resulting in the reconstitution of a new, majority independent, Board that meets all the governance requirements of exchanges like NASDAQ and the NYSE.As Santayana said, \"To know your future you must know your past.\" This team has been able to deliver five years of increasing revenues and margins while concurrently working these be...