Business
Optex Systems Holdings, Inc. Announces Period Ended June 27, 2021 Financial Highlights
RICHARDSON, TX / ACCESSWIRE / August 16, 2021 / 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 / August 16, 2021 / Optex Systems Holdings, Inc. (OTCQB:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, announced financial highlights for its three and nine-month period ended June 27, 2021.During the three and nine months ended June 27, 2021, revenue decreased from our prior year period by $1.4 million and $5.5 million, or 24.2% and 29.6%, and gross margin decreased from our prior year period by $0.7 million and $2.6 million, or 49.67% and 57.1%, respectively, Operating income for the three and nine-month period ended June 27, 2021 decreased by $0.6 million and $2.4 million, to income of $0.4 million and a loss of ($0.3) million, from income of $0.6 million and $2.1 million during the prior year period, respectively.The decrease in gross margin and operating profit during the three and nine-month periods are primarily attributable lower revenue and unfavorable manufacturing overhead on reduced production volume. Our operating segments have substantial fixed manufacturing costs that are not easily adjusted as production levels decline. While we have implemented several cost-saving initiatives during the first three quarters, including reductions in force and employee compensation combined with decreases in other discretionary spending we anticipate a net operating loss for the fiscal year ending October 3, 2021.As of June 27, 2021, the Company had working capital of $12.3 million, as compared to $11.7 million as of September 27, 2020. During the nine months, we generated operating cash flow of $1.1 million, and spent $0.8 million for the purchase of 413,533 shares against our previously announced stock repurchase plan. We ended the quarter with a strong cash balance of $4.8 million as compared to $4.7 million as of the fiscal year end 2020. As of June 27, 2021, the Company had an outstanding payable balance of $0.4 million against our working line of credit. The line of credit allows for borrowing up to a maximum of $2.25 million. As of June 27, 2021, our outstanding accounts receivable was $1.4 million.Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, \"We continue to be cautiously optimistic about returning to the 2020 run rates. The large Laser Filter bookings from the AOC Division are timely and em...