Business
Optex Systems Holdings, Inc. Announces Twelve Months Ended October 2, 2022 Financial Highlights
RICHARDSON, TX / ACCESSWIRE / December 19, 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 / December 19, 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 twelve months ended October 2, 2022.Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, \"This was an exceptionally strong year for Optex, driven by outstanding fourth quarter shipments of $6.7M in Revenue driving an adjusted fourth quarter EBITDA of $1.4M. Our backlog is strong and growing with new customers bringing multi year programs further broadening our product offerings. Our customers continue to design our products into their latest platforms and reward us for the value that we provide. Finally, our shareholders expressed strong support for our stock tender which we believe was an excellent use of our surplus capital. Supply chain issues will continue to cause some headwinds during the first quarter of 2023; however, our team's actions have already mitigated any long-term effects of a still strained supply chain. While 2022 was a strong and fulcrum year, we believe continued revenue growth, profitability and diversity in programs is a realistic goal for 2023.\"For the twelve months ended October 2, 2022, our total revenues increased by $4.2, or 22.8% compared to the prior year twelve months. The increase in revenue for the year was primarily driven by an increase of $6.5 million in revenue at the Applied Optics Center segment, partially offset by a decrease of $2.3 million in revenue at the Optex Richardson segment.Consolidated gross margin for the twelve months ended October 2, 2022 increased by $2.4 million, or 94.3%, compared to the prior year. The increase in gross margin is primarily attributable to a significant shift in revenue from the Optex-Richardson segment to higher margin products in the Applied Optics segment combined with higher absorption of the Applied Optics segment fixed overhead cost base associated with higher production levels.Operating income increased by $2.1 million in the year ended October 2, 2022 to an income of $1.6 million as compared to the prior year operating loss of $(0.5) million. The increase in operating income is primarily attributable to increased revenue and gross margin at the Applied Optics Center segment.As of O...