Business
Optex Systems Holdings, Inc. Announces Financial Highlights for the Three Months Ended December 31, 2023
RICHARDSON, TX / ACCESSWIRE / February 12, 2024 / Optex Systems Holdings, Inc. (Nasdaq:OPXS), a leading manufacturer of precision optical sighting systems for
About this update from Optex Systems Holdings, Inc.
[{"type":"text","content":"RICHARDSON, TX / ACCESSWIRE / February 12, 2024 / Optex Systems Holdings, Inc. (Nasdaq:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, announced financial results for the three months ended December 31, 2023.Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, \"We are off to a great start in 2024. Our results clearly show that the supply chain is strengthening and we are successfully executing on the historically high backlog. Demand remains high as Optex and our customers continue to achieve wins in the marketplace. The future is very exciting.\"For the three months ended December 31, 2023, our total revenues increased by $2.9 million, or 72.5%, compared to the prior year three-month period. The Optex Systems segment realized a $1.8 million, or 109.6% increase, and the Applied Optics Center segment realized an increase of $1.2 million, or 47.6%, in external revenue compared to the prior year three-month period.Gross profit increased $1.0 million, or 134.9%, from $0.7 million for the three months ended January 1, 2023 to $1.7 million in the three months ended December 31, 2024. Optex Systems gross profit increased by $0.4 million and the Applied Optics Center gross profit increased by $0.6 million. The increase is primarily due to higher revenue combined with higher fixed cost absorption at both the Applied Optics Center and Optex Richardson segments related to increased production volume.For the three months ended December 31, 2023, we recorded operating income of $0.6 million as compared to an operating loss of $0.3 million during the three months ended January 1, 2023. The $0.8 million increase in operating income is primarily due to higher revenue and gross profit, partially offset by increased general and administrative expenses.As of December 31, 2023, Optex Systems Holdings had working capital of $13.0 million, as compared to $13.5 million as of October 1, 2023. During the three months ended December 31, 2023, we generated operating cash of $2.3 million, paid $1.0 million against our line of credit and spent $0.1 million on acquisitions of property and equipment. During the period, our inventory increased $0.5 million in support of new program awards and increasing revenues anticipated over the next nine months.At December 31...