Business
Optex Systems Holdings, Inc. Announces Three and Six Months Ended April 2, 2023 Financial Highlights
RICHARDSON, TX / ACCESSWIRE / May 16, 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 / May 16, 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 three and six months ended April 2, 2023.Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, \"We are extremely pleased with the quarter. Our backlog has grown significantly and the actions that we have taken to improve our supplier performance have taken hold. These actions have enabled us to execute on the backlog and meet our customer's growing demand.\"For the three and six months ended April 2, 2023, our total revenues increased by $1.2 million, and $0.9 million, or 24.0% and 9.9%, respectively, compared to the three and six months ended April 3, 2022. The increase in revenue was primarily driven by increased deliveries at both the Optex Systems Richardson segment of $1.0 million and $0.7 million and the Applied Optics Center segment of $0.2 million and $0.2 million for the three- and six-month periods, respectively.We have experienced significant material shortages during the three months ended October 2, 2022 and extending into the first six months of fiscal year 2023 from two significant suppliers of our periscope covers and housings. These shortages affect several of our periscope products at the Optex Richardson segment. The delays in key components, combined with labor shortages during the first half of fiscal year 2023, have negatively impacted our production levels and have pushed expected customer delivery dates into the second half of fiscal year 2023. We are aggressively seeking alternative sources and actively expediting our current suppliers for these components as well as increasing employee recruitment initiatives and overtime to attempt to mitigate any continuing risks to the periscope line. In addition, one of our major customers for the Applied Optics Center requested a significant schedule delay pushing their laser filter unit deliveries from the first half into the second half of fiscal year 2023. We are encouraged by recent improvements in supplier performance for the Optex Richardson segment periscope line which yielded increased revenue performance during the second quarter and anticipate a continuing trend of higher revenue for the segment i...