Business
Optex Systems Holdings, Inc. Announces Three and Six Months Ended April 3, 2022 Financial Highlights
RICHARDSON, TX / ACCESSWIRE / May 16, 2022 / 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 / May 16, 2022 / 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 the three and six months ended April 3, 2022.Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, \"Optex has turned the corner and demand is trending nicely as we have continued to report increases in backlog which translate directly into increased revenue and earnings. Domestic demand for optical assemblies and laser filters has increased and foreign military sales for armored vehicles is supplementing the domestic requirement through our existing supply chain. As shown in our backlog charts within the 10Q, the second half of 2022 indicates run rates are similar to those seen in 2019 and 2020.\"Specifically stated within the 10Q, \"Based on our current customer orders, we anticipate a 30-35% increase in consolidated revenue for the six months ending October 2, 2022 as compared to the six months ended April 3, 2022 and a total increase for fiscal year 2022 of 20-25% as compared to the prior year.\"For the three and six months ended April 3, 2022, our total revenues increased by $0.9 million and $0.8 million, or 21.0% and 8.7%, respectively, compared to the prior year period. The increase in revenue for the three and six month periods were primarily driven by an increase in revenue at the Applied Optics Center segment, partially offset by a decrease in revenue at the Optex Richardson, over the prior year periods. During the year ended October 3, 2021, we realized a significant increase in customer orders and backlog for the Applied Optics Center segment. For the first six months of fiscal year 2022, new orders were 22.4% higher than in the prior year periods primarily driven by increases in the Optex Systems - Richardson segment.Consolidated gross margin for the three and six months ended April 3, 2022 increased by $0.3 million, or 89.4% and 26.9%, respectively, compared to the prior year periods. The increase in margin was primarily attributable to increased revenue at the Applied Optics Center segment.Our operating loss for the three and six months ended April 3, 2022 decreased by $0.2 million, or 53.9% and 47.5%, compared to the prior year periods. The decrease in opera...