Business
Optex Systems Holdings, Inc. Announces Third Quarter of Fiscal Year 2020 Financial Highlights
RICHARDSON, TX / ACCESSWIRE / August 11, 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 / August 11, 2020 / 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 third quarter of the 2020 fiscal year, which ended June 28, 2020.Our three- and nine-month period ending June 28, 2020 revenue increased over our prior year three- and nine-month period by 9.4% and 1.9%, respectively. We anticipate higher revenue during the final quarter of the fiscal year with two first article acceptance tests approved during the current year for ICWS periscopes and CWSS sighting systems. We continue shipping against our prior year ICWS periscope contract through the fourth quarter and will begin shipments against two sighting system contracts during the next three months. Gross margin, operating income and adjusted EBITDA increased significantly during the current year three-month period as compared to the prior year period on higher revenue, changes in revenue mix and favorable adjustments on metal reclamation on our Applied Optics Center day window program. Gross margin for the current year nine-month period increased slightly on higher revenue, whereas, operating income and adjusted EBITDA decreased slightly during the nine months as compared to the prior year due to increases in current year general and administrative costs.Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, \"While some shipments moved from Q3 into Q4 due to Covid-19 supply chain issues and delayed government approvals, we're pleased with the path we're on and continue to see year over year revenue growth. Cash generation is strong which funds our current stock repurchase program and creates an extremely strong balance sheet during these unusual times. Finally, we believe that the government's procurement arm is working through the issues caused by Covid-19 in their solicitation process and we will see increased backlog in the next several months.\"Optex Systems Holdings, Inc. is defined as essential critical infrastructure as a defense contractor under the guidance of the federal, state and local authorities for both our Optex Systems (Richardson, TX), and Applied Optics Center (Dallas, TX) operating segments. As such, the Company continues to remain open during the COVID-...