Optical Cable Corp. today announced financial results for its fiscal second quarter ended April 30, 2011, in which the company increased its net sales and gross profit.
Total revenues for the second quarter of fiscal year 2011 increased 12.6 percent to $17.2 million compared to total revenues of $15.3 million for the comparable quarter of 2010.
Second quarter 2011 gross profit increased 38.7 percent to $5.9 million as compared to $4.3 million in the second quarter of fiscal 2010. Gross profit margin, or gross profit as a percentage of net sales, increased to 34.6 percent for the second quarter of 2011, up from 28.1 percent reported in the second quarter of fiscal year 2010.
OCC recorded a net loss for the quarter at $90,000 or $(0.02) per basic and diluted share, compared to a net loss of $7.5 million, or $(1.27) per basic and diluted share, for the same period last year.
Neil Wilkin, president and CEO of OCC, noted that the company refinanced its $8.3 million in long-term debt during the second quarter of fiscal year 2011.
“We also strengthened OCC’s financial position during the second quarter by refinancing our long-term debt — extending the maturity date to April 2018 and reducing the fixed interest rate. OCC continues to return capital to shareholders through a quarterly dividend, and we look forward to creating further value for shareholders as we execute our growth strategy, and OCC and our customers benefit from the expansion of our product offerings,” Wilkin stated in the press release.
For the first half of 2011, the company reported total revenues of $34.9 million, a 15.3 percent increase compared to total revenues of $30.3 million for the same period last year.
OCC achieved consolidated net sales growth both in international markets and within the United States during the first half of fiscal year 2011. Net sales to U.S. customers increased 17.9 percent in the first half of fiscal 2011 compared to the same period last year; net sales to international customers increased 8.3 percent compared to the same period last year.
Gross profit increased 26.4 percent to $12.4 million for the first half of fiscal year 2011 as compared to $9.8 million for the same period in fiscal 2010. Gross profit margin for the first half of fiscal year 2011 increased to 35.4 percent compared to 32.3 percent for the first half of fiscal year 2010.
For the first half of fiscal year 2011, OCC recorded net income of $312,000, or $0.05 per basic and diluted share, compared to a net loss of $7.8 million, or $(1.32) per basic and diluted share, for the first half of fiscal year 2010.
“During the first half of fiscal 2011, we significantly improved our performance over the first half of 2010 as demand for our comprehensive suite of products drove sales growth in the U.S. and internationally. … As we move forward into the second half of the year, we intend to build on our positive momentum to further grow sales, and use our demonstrated operating leverage to improve bottom line results,” Wilkin stated.
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