Optical Cable Corporation posts results for 2Q 2003

Optical Cable Corporation of Roanoke, Virginia, which produces a broad range of fiber optic cables for high bandwidth transmission of data, video, and audio communications over short to medium distanc…

Optical Cable Corporation of Roanoke, Virginia, which produces a broad range of fiber optic cables for high bandwidth transmission of data, video, and audio communications over short to medium distances, announced results for its fiscal 2003 2Q ended 30 April 2003. The company posted net sales of USD 9.8 million, slightly up sequentially from USD 9.7 million in the 1Q of 2003 but down 10.6% from the USD 10.9 million reported for the 2Q 2002. OCC posted net sales of USD 9.7 million for the 3Q of fiscal 2002, and net sales of USD 10.6 million for the 4Q of fiscal 2002. OCC posted a gross profit as a percentage of net sales of 39.5% for 2Q 2003, compared sequentially to 35.9% in the 1Q 2003, and year-on-year to 33.0% for the 2Q of 2002 (and also 33.0% and 34.8% in the 3Q and 4Q of fiscal year 2002, respectively). The company generated net income of USD 133,000 or USD 0.02 per basic and diluted share, compared to USD 108,000 or USD 0.02 per basic and diluted share for the same quarter last year. Net income includes a non-cash charge of USD 276,000 before taxes, resulting from the variable accounting treatment of warrants to purchase common shares being issued in connection with the shareholder class action settlement last year. The announcement quoted president and CFO Neil Wilkin as saying the company“s management is “optimistic regarding our progress, relative to an industry that continues to be sluggish but stable”.