Today before the opening bell, Optical Cable Corp. reported its financial results for the fourth quarter and fiscal year ended October 31, 2010. The company’s consolidated net sales for the fiscal year were the highest in the company’s history.
Consolidated net sales for the fourth quarter of fiscal year 2010 totaled $18.5 million, a 31.1% increase compared to net sales of $14.1 million generated during the fourth quarter of fiscal year 2009. Gross profit margin increased to 38.8% in the fourth quarter compared to 34.4% in the same period last year.
Optical Cable reported net income attributable to the company of $1.5 million, or $0.23 per basic and diluted share, for the fourth quarter of fiscal year 2010, a substantial improvement from the previous year’s fourth quarter net loss of $90,000, or $0.01 per basic and diluted share.
Consolidated net sales for fiscal 2010 increased 15.2% to $67.5 million compared to $58.6 million in fiscal year 2009. Net sales growth during the fiscal year was achieved over a broad customer base and product mix, with notable increases in both commercial and specialty markets. The acquisition of Applied Optical Systems, Inc. (”AOS”) contributed to the net sales growth achieved by the Company in fiscal year 2010.
OCC recorded a net loss attributable to the company of $5.7 million, or $0.95 per basic and diluted share, for fiscal year 2010 compared to a net loss of $1.9 million, or $0.34 per basic and diluted share, for fiscal year 2009. Significantly contributing to the net loss for fiscal year 2010 was a non-recurring, non-cash net impairment charge of $5.6 million. Excluding this charge, the company would have reported a net loss of $153,000, or $0.03 per share, for fiscal year 2010.
Neil Wilkin, President and Chief Executive Officer of OCC, stated, “During the fiscal fourth quarter, we built on OCC’s strong momentum to finish the year with the highest net sales in our company’s history. Importantly, we generated record revenue by meeting the needs of our diverse, global customer base, which is increasingly taking advantage of OCC’s comprehensive suite of products and integrated solutions. With our strategic acquisitions now positively contributing to our bottom line results, we are focused on maintaining our operational discipline and executing on our plan to grow sales and earnings in order to create meaningful value for shareholders.”
Mr. Wilkin continued, “In addition to achieving record sales, we are pleased to have further strengthened our balance sheet and initiated a quarterly dividend to provide a regular return of capital to our shareholders. Despite challenging economic and market conditions, we demonstrated OCC’s strength in 2010 and we are confident in OCC’s strategy, market position and prospects for continued growth and value creation in the future.”
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