Business
OPTICAL CABLE CORPORATION REPORTS FIRST QUARTER OF 2023 FINANCIAL RESULTS
Increases of 26.6% in Net Sales and 61.2% in Gross Profit Achieved ROANOKE, Va., March 13, 2023 /PRNewswire/ -- Optical Cable Corporation (Nasdaq GM: OCC)
About this update from Optical Cable Corporation
[{"type":"text","content":"Increases of 26.6% in Net Sales and 61.2% in Gross Profit Achieved\nROANOKE, Va., March 13, 2023 /PRNewswire/ -- Optical Cable Corporation (Nasdaq GM: OCC) (\"OCC®\" or the \"Company\") today announced financial results for its first quarter ended January 31, 2023.\nFirst Quarter 2023 Financial Results\nConsolidated net sales for the first quarter of fiscal year 2023 increased 26.6% to $18.3 million, compared to net sales of $14.4 million for the same period last year, with increased net sales in the Company's enterprise and specialty markets, as well as the wireless carrier market. \nThe increase in net sales reflects increased product demand and increased production throughput during the first quarter of fiscal year 2023, compared to the same period last year, as well as improved product pricing that began to take effect for new orders received during the latter half of fiscal year 2022. \nGross profit increased 61.2% to $6.5 million in the first quarter of fiscal year 2023, compared to gross profit of $4.0 million for the same period last year. Gross profit margin, or gross profit as a percentage of net sales, increased to 35.7% in the first quarter of fiscal year 2023 compared to 28.0% in the first quarter of fiscal year 2022.\nSG&A expenses increased to $5.5 million during the first quarter of fiscal year 2023 and were 29.8% of consolidated net sales, compared to $4.8 million for the first quarter of fiscal year 2022 and 33.1% of consolidated net sales. The increase in SG&A expenses was primarily the result of net increases in employee and contracted sales personnel related costs.\nFor the first quarter of fiscal year 2023, OCC recorded net income of $810,000, or $0.10 per basic and diluted share, compared to a net loss of $936,000, or $0.12 per basic and diluted share, for the first quarter of fiscal year 2022.\nManagement's Comments \nNeil Wilkin, President and Chief Executive Officer of OCC, said, \"We are pleased to report a strong start to fiscal year 2023, as the OCC team continues to build on our momentum and successfully execute our growth strategies. During the first quarter of fiscal year 2023, we achieved significant growth in net sales, gross profit, gross profit margin, and bottom line results, while our sales order backlog/forward load continued to be higher than typical levels. Our results reflect our success...