Optical Cable Corporation Reports First Quarter 2021 Financial Results

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[{"type":"text","content":"ROANOKE, Va., March 15, 2021 /PRNewswire/ -- Optical Cable Corporation (Nasdaq GM: OCC) (\"OCC®\" or the \"Company\") today announced financial results for its first quarter ended January 31, 2021. \nFirst Quarter 2021 Financial Results\nConsolidated net sales were $11.9 million in the first quarter of fiscal year 2021, a decrease of 7.8% compared to net sales of $12.9 million for the same period last year, reflecting the continued economic effects of the COVID-19 pandemic. The Company experienced a decrease in net sales in both its enterprise and specialty markets, including the wireless carrier market, in the first quarter of fiscal year 2021, compared to the same period last year. \nGross profit was $2.3 million in the first quarter of fiscal year 2021 compared to gross profit of $2.4 million in the same period last year, a decrease of 3.9%. Gross profit margin increased to 19.4% in the first quarter of fiscal year 2021 compared to 18.7% for the same period in fiscal year 2020. \nSG&A expenses decreased 10.7% to $4.3 million during the first quarter of fiscal year 2021, compared to $4.8 million for the first quarter of fiscal year 2020. The decrease in SG&A expenses was primarily the result of decreases in employee-related costs and certain other costs impacted by the COVID-19 pandemic, such as travel expenses, as well as other initiatives to control costs. \nFor the first quarter of fiscal year 2021, OCC recorded a net loss of $2.1 million, or $0.29 per basic and diluted share, compared to a net loss of $2.6 million, or $0.35 per basic and diluted share, for the first quarter of fiscal year 2020.\nManagement's Comments\nNeil Wilkin, President and Chief Executive Officer of OCC, said, \"Our first quarter results reflect the hard work of the OCC team to control what we can in a market environment that is still significantly affected by the ongoing COVID-19 pandemic. We continued our strategic efforts to capture growth opportunities in our targeted markets, while operating efficiently and implementing cost control initiatives. The team remains focused on providing our customers with the mission-critical products and solutions for which they rely on OCC. At the same time, we will continue to protect the business and build on our strong market position as we move forward.\" \nMr. Wilkin continued, \"We appreciate the perseverance...

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