Business
OPTICAL CABLE CORPORATION REPORTS FISCAL YEAR AND FOURTH QUARTER OF 2022 FINANCIAL RESULTS
OCC® Achieves Increases of 26.3% in Net Sales and 31.0% in Gross Profit in Fourth Quarter Double-Digit Growth Also Achieved for Fiscal Year 2022 ROANOKE, Va.,
About this update from Optical Cable Corporation
[{"type":"text","content":"OCC® Achieves Increases of 26.3% in Net Sales and 31.0% in Gross Profit in Fourth Quarter Double-Digit Growth Also Achieved for Fiscal Year 2022\nROANOKE, Va., Dec. 22, 2022 /PRNewswire/ -- Optical Cable Corporation (Nasdaq GM: OCC) (\"OCC®\" or the \"Company\") today announced financial results for its fiscal year 2022 and its fourth quarter ended October 31, 2022.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2022 Financial Results\nConsolidated net sales for the fourth quarter of fiscal year 2022 increased 26.3% to $20.1 million, compared to net sales of $15.9 million for the same period last year, with increased net sales in both its enterprise and specialty markets, including the wireless carrier market. Net sales sequentially increased 15.4% during the fourth quarter, compared to $17.4 million during the third quarter of fiscal year 2022.\nThe increase in net sales is primarily due to both increased demand for the Company's products and increased production throughput during the fourth quarter, as well as increases in product pricing taking effect for new orders. OCC's sales order backlog/forward load continues to be higher than typical levels at the end of the fourth quarter of fiscal year 2022.\nGross profit increased 31.0% to $6.6 million in the fourth quarter of fiscal year 2022, compared to gross profit of $5.1 million for the same period last year. Gross profit margin, or gross profit as a percentage of net sales, increased to 33.0% in the fourth quarter of fiscal year 2022 compared to 31.8% in the fourth quarter of fiscal year 2021. Gross profit sequentially increased 37.8% during the fourth quarter, compared to $4.8 million during the third quarter of fiscal year 2022 as a result of production efficiencies and the positive impact of OCC's operating leverage.\nSG&A expenses increased to $5.2 million during the fourth quarter of fiscal year 2022 and were 25.9% of consolidated net sales, compared to $4.8 million for the fourth quarter of fiscal year 2021 and 30.3% 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 fourth quarter of fiscal year 2022, OCC recorded a net income of $1.2 million, or $0.15 per basic and diluted share, compared to a net loss of $6,000, or $0.00 per basic and diluted share, for the fo...