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Optical Cable Corporation Q1 net sales increased 5.6%

Staff writer |
Optical Cable Corporation announced financial results for its fiscal second quarter ended April 30, 2014. Consolidated net sales increased 5.6% to $20.2 million, compared to net sales of $19.1 million in Q2 2013.

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Sequentially, net sales increased 22.1% in the second quarter of fiscal year 2014, compared to net sales of $16.5 million for the first quarter of fiscal year 2014.

Gross profit for each of the second quarters of fiscal years 2014 and 2013 was $6.7 million. Gross profit margin, or gross profit as a percentage of net sales, was 33.0% in the second quarter of fiscal year 2014, compared to 34.9% in the second quarter of fiscal year 2013.

OCC recorded a net loss attributable to the company of $143,000, or $0.02 per basic and diluted share, for the second quarter of fiscal year 2014, compared to net income attributable to the company of $42,000, or $0.01 per basic and diluted share, for the second quarter of fiscal year 2013.

Consolidated net sales for the first half of fiscal year 2014 increased approximately 1.0% to $36.7 million, compared to net sales of $36.4 million for the same period in fiscal year 2013. The company experienced a year-over-year increase in net sales during the first half of fiscal year 2014 in its commercial markets; however, this increase was offset by decreases in net sales in its specialty markets.

Gross profit was $12.1 million in the first half of fiscal year 2014, compared to $13.2 million in the first half of fiscal 2013. Gross profit margin was 32.9% in the first half of fiscal year 2014, compared to 36.2% in the first half of fiscal year 2013.

OCC recorded a net loss attributable to the company of $555,000, or $0.09 per basic and diluted share, for the first half of fiscal year 2014, compared to net income attributable to the company of $172,000, or $0.03 per basic and diluted share, for the same period last year.


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