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Optical Cable Corporation Reports Second Quarter Fiscal 2019 Financial Results
ROANOKE, Va., June 11, 2019 /PRNewswire/ -- Optical Cable Corporation (Nasdaq GM: OCC) ("OCC®" or the "Company") today announced financial results for its
About this update from Optical Cable Corporation
[{"type":"text","content":" ROANOKE, Va., June 11, 2019 /PRNewswire/ -- Optical Cable Corporation (Nasdaq GM: OCC) (\"OCC®\" or the \"Company\") today announced financial results for its second quarter ended April 30, 2019. \nOCC reported net sales growth and significant progress in the Company's efforts to enhance throughput and operational efficiency since the first quarter of fiscal year 2019. While OCC did not reach the record-breaking performance achieved in the second quarter of last year, the Company grew net sales in international markets and in many specialty markets during the second quarter of fiscal year 2019.\nSecond Quarter 2019 Financial Results\nConsolidated net sales were $19.0 million in the second quarter of fiscal year 2019, a decrease of 29.5% compared to the record net sales of $26.9 million in the second quarter of fiscal year 2018. The year-over-year decrease in net sales reflects a number of large orders from one customer in the second quarter of fiscal year 2018 that did not recur at the same levels in the second quarter of fiscal year 2019. Net sales to this customer decreased $9.1 million in the second quarter of fiscal 2019. \nOCC reported increased net sales to customers outside of the United States of 16.0% in the second quarter of fiscal year 2019 compared to the same period last year. The Company experienced a year-over-year decrease in net sales in its enterprise and wireless carrier markets in the second quarter of fiscal year 2019, partially offset by increases in other specialty markets. \nNet sales increased 13.2% in the second quarter of fiscal year 2019, compared to net sales of $16.8 million for the first quarter of fiscal year 2019, with increases in both the enterprise markets and specialty markets, including the wireless carrier market. The improvement in sequential net sales was primarily the result of significant progress in the Company's efforts to enhance throughput and operational efficiency.\nGross profit was $5.3 million in the second quarter of fiscal year 2019, compared to gross profit of $9.0 million in the same period last year. Gross profit margin, or gross profit as a percentage of net sales, was 28.0% in the second quarter of fiscal year 2019 compared to 33.3% for the same period in fiscal year 2018. \nGross profit increased 49.0% in the second quarter of fiscal year 2019, compared to the first qua...