Optical Cable: Q4 earnings report causes shares to rise

Shares of US based Optical Cable closed above USD 3 for the first time in more than four months on news of positive Q4 earnings from the fiber-optics company.
Optical Cable reported net income of U…

Shares of US based Optical Cable closed above USD 3 for the first time in more than four months on news of positive Q4 earnings from the fiber-optics company. Optical Cable reported net income of USD 326,000 (USD0.05 a share) for the three months ended 31 October 2002, compared with a net loss of USD 3.8 million (USD0.55 cents) for the same period in 2001. The company“s fourth-quarter revenue was USD 10.6 million, compared with USD 11.9 million in 2001. For fiscal 2002, Optical Cable reported net income of USD 284,000 (USD 0.04 cents) and revenue of USD 42.6 million, compared with a net loss of USD 6.7 million (USD 0.96 cents) and revenue of USD 60.4 million for 2001. The company also repurchased more than 21% of its common stock on 10 January 2003.