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Optical Cable reports 1Q loss

Fiber-optic cable manufacturer Optical Cable of Roanoke, Virginia, previously a top performer in the fiber-optics market, went into the red during its fiscal 1Q as a result of one-time charges. For t…

Fiber-optic cable manufacturer Optical Cable of Roanoke, Virginia, previously a top performer in the fiber-optics market, went into the red during its fiscal 1Q as a result of one-time charges. For the quarter, ended in January 2003, the company reported a loss of USD 152,000 (USD 0.0 2per share), compared with a profit of USD 604,000 (USD 0.09 per share) in the same period 2002. Revenue dropped 14 %, to USD 9.7 million. In the past year, Optical Cable, cut 15% of its staff and carried out a reverse stock split to avoid being delisted from the Nasdaq Stock Market. “Management is not satisfied with maintaining our relative market position with hopes of an industry-wide recovery,” Neil D. Wilkin Jr., president and chief financial officer, said in a statement. “We continue to take the affirmative steps we believe will poise the company for future growth.”

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