Optical Cable Corporation today announced financial results for its fiscal first quarter ended January 31, 2014.
First Quarter 2014 Financial Results
The Company achieved consolidated net sales of $16.5 million during the first quarter of fiscal year 2014, compared to net sales of $17.3 million for the first quarter of fiscal year 2013. OCC's sales in its commercial markets increased during the first quarter of fiscal year 2014, compared to the same period last year, but this increase was offset by decreases in the Company's specialty markets.
Net sales to customers in the United States increased 5.7% in the first quarter of fiscal year 2014, compared to the same period last year, and net sales to customers outside of the United States decreased 24.2%.
Gross profit decreased to $5.4 million in the first quarter of fiscal year 2014, compared to $6.5 million in the same period last year. Gross profit margin, or gross profit as a percentage of net sales, decreased to 32.7% in the first quarter of fiscal year 2014 from 37.7% in the first quarter of fiscal year 2013.
OCC recorded a net loss attributable to the Company of $412,000, or $0.07 per basic and diluted share, for the first quarter of fiscal year 2014, compared to net income attributable to the Company of $130,000, or $0.02 per basic and diluted share, for the first quarter of fiscal year 2013.
Neil Wilkin, President and Chief Executive Officer of OCC, said, "OCC's financial results in the first quarter reflect timing of larger projects, the seasonality typically experienced in the first quarter and overall macroeconomic weakness. After the end of our first quarter, we saw our backlog or forward load of sales orders increase to $8.1 million, approximately $3 million above our average month-end levels last year. We believe these orders will positively impact net sales during the second quarter of 2014.
"We anticipate a number of new product launches during the coming year that will complement OCC's comprehensive suite of products and solutions to meet the needs of our customers. These new product launches will mark a culmination of efforts to maintain and build on OCC's role as a market leader and to position the Company to take advantage of growth opportunities."
Mr. Wilkin added, "OCC has a strong balance sheet and plans to continue returning capital to shareholders in the form of a quarterly dividend. OCC's team is working hard to create value for shareholders and our interests are aligned with OCC shareholders, with the leadership team and Board of OCC owning approximately one-third of the Company's outstanding shares. We are confident that the Company is well positioned for growth opportunities."