Optical Cable Corporation announced financial results for its first quarter ended January 31, 2016. Consolidated net sales were $14 million.
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This compares to net sales of $17.4 million for the first quarter of fiscal year 2015. The company experienced a decrease in net sales in both its enterprise and specialty markets in the first quarter of fiscal year 2016, compared to the same period last year.
Net sales for the quarter continued to be negatively impacted by a decrease in demand in certain industry market segments, including oil & gas and mining specialty markets, as well as the wireless carrier market. The strong U.S. dollar also impacted sales outside of the U.S. during the first quarter of fiscal year 2016.
Gross profit was $3.5 million in the first quarter of fiscal year 2016, compared to $5.4 million in the first quarter of fiscal year 2015. Gross profit margin, or gross profit as a percentage of net sales, was 24.9% in the first quarter of fiscal year 2016, compared to 31.0% in the first quarter of fiscal year 2015.
Gross profit margin for the quarter was impacted primarily by lower sales volumes overall and by the sale of certain lower margin products.
SG&A expenses decreased 11.1% to $5.1 million for the first quarter of fiscal year 2016 from $5.7 million for the first quarter of fiscal year 2015.
The decrease in SG&A expenses during the first quarter of fiscal 2016 compared to the same period last year was the result of targeted cost reduction efforts across all expense categories.
OCC recorded a net loss attributable to the company of $1.7 million, or $0.28 per basic and diluted share, for the first quarter of fiscal year 2016, compared to a net loss attributable to Optical Cable Corporation of $228,000, or $0.04 per basic and diluted share, for the first quarter of fiscal year 2015. ■
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