Business
Optex Systems Holdings, Inc. Announces Financial Highlights for the Twelve Months Ended October 1, 2023
RICHARDSON, TX / ACCESSWIRE / December 18, 2023 / 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 / December 18, 2023 / 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 twelve months ended October 1, 2023.Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, \"This was another strong year for Optex. Our backlog has grown to historic highs and with this, a growing set of new customers bringing multi-year programs further broadening our product mix. Our customers continue to design our products into their latest platforms and reward us for the value that we provide. Supply chain issues continue to improve which increases our own factory efficiencies. As stated last year, 2022 was indeed strong and fulcrum year yielding continued revenue growth, profitability and product mix for 2023. Given the record backlog stated earlier, we anticipate these trends to continue in 2024.\"For the twelve months ended October 1, 2023, our total revenues increased by $3.3 million, or 14.6%, compared to the prior year period. The Optex Systems segment realized a $2.6 million, or 27.1% increase, and the Applied Optics Center segment realized an increase of $0.7 million, or 5.4%, in external revenue compared to the prior year period.Gross profit increased $1.7 million, or 17.8%, from $4.9 million in the 2022 fiscal year to $6.6 million in the 2023 fiscal year. Optex Systems gross profit increased by $1.3 million and the Applied Optics Center gross profit increased by $0.4 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 year ended October 1, 2023, we recorded operating income of $2.8 million as compared to operating income of $1.6 million during the year ended October 2, 2022. The $1.2 million, or 69.2% increase in operating income is primarily due to higher revenue and gross profit, partially offset by increased general and administrative expenses.As of October 1, 2023, Optex Systems Holdings had working capital of $13.5 million, as compared to $10.0 million as of October 2, 2022. During the twelve months ended October 1, 2023, we used operating cash of ($0.3) million, primarily driven by increase...