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Optical Cable Corporation Reports Third Quarter Fiscal 2019 Financial Results
ROANOKE, Va., Sept. 16, 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., Sept. 16, 2019 /PRNewswire/ -- Optical Cable Corporation (Nasdaq GM: OCC) (\"OCC®\" or the \"Company\") today announced financial results for its third quarter ended July 31, 2019. \nThird Quarter 2019 Financial Results\nConsolidated net sales were $17.4 million in the third quarter of fiscal year 2019, a decrease of 24.9% compared to net sales of $23.1 million in the third quarter of fiscal year 2018. The year-over-year decrease in net sales reflects a number of large orders from one customer in the third quarter of fiscal year 2018 that did not recur at the same levels in the third quarter of fiscal year 2019. Net sales to this customer decreased $7.2 million in the third quarter of fiscal 2019, as compared to the prior year period. Consolidated net sales to all other customers during the third quarter of fiscal year 2019 increased 9.5% compared to the same period last year.\nOCC reported a 3.9% increase in net sales to customers outside of the United States in the third 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 third quarter of fiscal year 2019, partially offset by increases in other specialty markets. \nGross profit was $4.5 million in the third quarter of fiscal year 2019, compared to gross profit of $7.0 million in the same period last year. Gross profit margin, or gross profit as a percentage of net sales, was 25.9% in the third quarter of fiscal year 2019 compared to 30.4% for the same period in fiscal year 2018. \nSG&A expenses decreased 14.9% to $5.4 million during the third quarter of fiscal year 2019, compared to $6.4 million for the third quarter of fiscal year 2018. The decrease in SG&A expenses was primarily the result of decreases in employee related costs including employee incentives and share-based compensation expense.\nFor the third quarter of fiscal year 2019, OCC recorded a net loss of $1.1 million, or $0.15 per basic and diluted share, compared to net income of $438,000, or $0.06 per basic and diluted share, for the third quarter of fiscal year 2018.\nFiscal Year-to-Date 2019 Financial Results\nConsolidated net sales for the first nine months of fiscal year 2019 were $53.1 million, a decrease of 21.4% compared to net sales of $67.6 million for ...