Welcome!

Microsoft Cloud Authors: Stackify Blog, Liz McMillan, David H Deans, Automic Blog, Pat Romanski

News Feed Item

Optical Cable Corporation Reports Fourth Quarter and Fiscal Year 2012 Financial Results

OCC® Achieves Highest Net Sales in Company History for the Third Consecutive Year

ROANOKE, Va., Dec. 20, 2012 /PRNewswire/ -- Optical Cable Corporation (Nasdaq GM: OCC) ("OCC®" or the "Company") today announced financial results for its fourth quarter and fiscal year ended October 31, 2012.  

The Company achieved increases in net sales, gross profit and net income both during the fourth quarter of fiscal year 2012 and during fiscal year 2012, when compared to the same periods last year.

OCC's consolidated net sales for fiscal year 2012 were $83.5 million—the highest in the Company's history and exceeding the records for consolidated net sales previously set in fiscal years 2011 and 2010. 

Fourth Quarter 2012 Financial Results

OCC's consolidated net sales increased 12.5% to $22.1 million for the fourth quarter of fiscal 2012, compared to consolidated net sales of $19.7 million for the fourth quarter of fiscal year 2011.  The increase in net sales during the fourth quarter of fiscal 2012 was attributable primarily to increased sales of the Company's fiber optic cable products. 

OCC achieved increased net sales growth both in the United States and internationally during the fourth quarter of fiscal 2012, compared to the same period last year.  Net sales to customers in the United States increased 14.5% and net sales to customers outside of the United States increased 6.3% as compared to the prior year period.

Gross profit increased 4.6% to $7.8 million in the fourth quarter of fiscal 2012, compared to $7.4 million in the fourth quarter of fiscal year 2011.  Gross profit margin, or gross profit as a percentage of net sales, decreased to 35.0% in the fourth quarter of fiscal 2012 from 37.7% for the same period last year.

OCC recorded net income attributable to the Company of $435,000, or $0.07 per basic and diluted share, for the fourth quarter of fiscal 2012, compared to $236,000, or $0.04 per basic and diluted share, for the fourth quarter of fiscal 2011. 

Fiscal Year 2012 Financial Results

OCC's consolidated net sales increased 13.9% to $83.5 million for fiscal 2012, compared to net sales of $73.3 million for fiscal 2011.  The increase in net sales was primarily attributable to increased sales of the Company's fiber optic cable products.  Net sales to customers in the United States increased 11.6% and net sales to customers outside of the United States increased 21.1% as compared to the prior year period.   

Gross profit increased 20.0% to $31.6 million in fiscal 2012, compared to $26.3 million in fiscal 2011.  Gross profit margin increased to 37.8% in fiscal 2012 from 35.8% in fiscal 2011.

OCC recorded net income attributable to the Company of $2.7 million, or $0.43 per basic and diluted share, for fiscal year 2012, compared to $666,000, or $0.11 per basic and diluted share, for fiscal year 2011.

During fiscal year 2012, OCC generated positive cash flow from operating activities, with net cash provided by operating activities of $2.0 million.  OCC also purchased and retired 267,000 shares of common stock and declared regular quarterly dividends to shareholders totaling $0.06 per share during the year.

Management's Comments

Neil Wilkin, President and Chief Executive Officer of OCC, said, "We are pleased that we extended our track-record of success in fiscal year 2012, despite continued macroeconomic and market weakness.  Our record sales and earnings performance reflect the continued successful execution of our long-term strategy, which includes product line expansion, product innovation and a focus on providing comprehensive customer solutions, and also reflect the strength of OCC's operating leverage."

Mr. Wilkin added, "OCC has a solid balance sheet, which together with the Company's outstanding financial and operational performance, enabled us to increase the return of capital to shareholders through our quarterly dividend and share repurchase programs in fiscal year 2012.  Looking ahead to fiscal year 2013, we are confident that we have the right strategies in place to continue winning new business and creating shareholder value." 

Conference Call Information

As previously announced, OCC will host a conference call today, Thursday, December 20, 2012, at 10:00 a.m. Eastern Time.  Individuals wishing to participate in the conference call should call (888) 868-9083 or (973) 935-8512.  For interested individuals unable to join the call, a replay will be available through December 27, 2012, by dialing (855) 859-2056 or (404) 537-3406, pass code 80795901.  The call will also be broadcast live over the Internet and can be accessed by visiting the investor relations section of the Company's website at www.occfiber.com.

Company Information

Optical Cable Corporation ("OCC®") is a leading manufacturer of a broad range of fiber optic and copper data communication cabling and connectivity solutions primarily for the enterprise market, offering an integrated suite of high quality, warranted products which operate as a system solution or seamlessly integrate with other providers' offerings.  OCC's product offerings include designs for uses ranging from commercial, enterprise network, datacenter, residential and campus installations to customized products for specialty applications and harsh environments, including military, industrial, mining, petrochemical and broadcast applications.  OCC products include fiber optic and copper cabling, fiber optic and copper connectors, specialty fiber optic and copper connectors, fiber optic and copper patch cords, pre-terminated fiber optic and copper cable assemblies, racks, cabinets, datacom enclosures, fiber optic and copper patch panels, face plates, multi-media boxes, wireless distributed antenna systems, fiber optic reels and accessories and other cable and connectivity management accessories.  OCC products are designed to meet the most demanding needs of end-users, delivering a high degree of reliability and outstanding performance characteristics. 

OCC® is internationally recognized for pioneering the design and production of fiber optic cables for the most demanding military field applications, as well as of fiber optic cables suitable for both indoor and outdoor use, and creating a broad product offering built on the evolution of these fundamental technologies.  OCC also is internationally recognized for its role in establishing copper connectivity data communications standards, through its innovative and patented technologies.

Founded in 1983, OCC is headquartered in Roanoke, Virginia with offices, manufacturing and warehouse facilities located in each of Roanoke, Virginia, near Asheville, North Carolina and near Dallas, Texas.  OCC primarily manufactures its fiber optic cables at its Roanoke facility which is ISO 9001:2008 registered and MIL-STD-790F certified, its enterprise connectivity products at its Asheville facility which is ISO 9001:2008 registered, and its military and harsh environment connectivity products and systems at its Dallas facility which is ISO 9001:2008 registered and MIL-STD-790F certified.

Optical Cable Corporation, OCC, Procyon, Superior Modular Products, SMP Data Communications, Applied Optical Systems, and associated logos are trademarks of Optical Cable Corporation.

Further information about OCC® is available at www.occfiber.com.

FORWARD-LOOKING INFORMATION

This news release by Optical Cable Corporation and its subsidiaries (collectively, the "Company" or "OCC") may contain certain forward-looking information within the meaning of the federal securities laws. The forward-looking information may include, among other information, (i) statements concerning our outlook for the future, (ii) statements of belief, anticipation or expectation, (iii) future plans, strategies or anticipated events, and (iv) similar information and statements concerning matters that are not historical facts. Such forward-looking information is subject to known and unknown variables, uncertainties, contingencies and risks that may cause actual events or results to differ materially from our expectations, and such known and unknown variables, uncertainties, contingencies and risks may also adversely affect Optical Cable Corporation and its subsidiaries, the Company's future results of operations and future financial condition, and/or the future equity value of the Company.  A partial list of such variables, uncertainties, contingencies and risks that could cause or contribute to such differences from our expectations or that could otherwise adversely affect Optical Cable Corporation and its subsidiaries is set forth in Optical Cable Corporation's quarterly and annual reports filed with the Securities and Exchange Commission ("SEC") under the heading "Forward-Looking Information."  OCC's quarterly and annual reports are available to the public on the SEC's website at http://www.sec.gov.  In providing forward-looking information, the Company expressly disclaims any obligation to update this information, whether as a result of new information, future events or otherwise except as required by applicable laws and regulations. 

(Financial Tables Follow)

 

OPTICAL CABLE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(thousands, except per share data)

(unaudited)




Three Months Ended


Fiscal Year Ended


October 31,


October 31,










2012


2011


2012


2011









Net sales

$    22,134


$    19,667


$    83,523


$    73,339

Cost of goods sold

14,379


12,253


51,970


47,048









      Gross profit

7,755


7,414


31,553


26,291









SG&A expenses

7,027


6,880


27,300


25,169

Royalty (income) expense, net

10


(138)


(299)


(783)

Amortization of intangible assets

34


108


134


431









      Income from operations

684


564


4,418


1,474









Interest expense, net

(123)


(145)


(550)


(620)

Other, net

20


(14)


16


1

      Other expense, net

(103)


(159)


(534)


(619)









      Income before income taxes

581


405


3,884


855









Income tax expense 

193


224


1,258


398









      Net income 

$         388


$         181


$      2,626


$         457









Net loss attributable to 








     noncontrolling interest

(47)


(55)


(123)


(209)









Net income attributable to OCC

$         435


$         236


$      2,749


$         666









Net income attributable to OCC       








     per share: Basic and diluted

$        0.07


$        0.04


$         0.43


$        0.11









Weighted average shares outstanding:








     Basic and diluted

6,475


6,302


6,456


6,305









Cash dividends declared per common share

$      0.015


$         0.01


$      0.06


$        0.04

                                                                                                                                  

OPTICAL CABLE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET DATA

(thousands)

(unaudited)




 October 31,


October 31,


2012


2011

Cash

$           591


$       1,092

Trade accounts receivable, net

12,601


10,798

Inventories

18,464


16,497

Other current assets

3,109


3,136

     Total current assets

34,765


31,523

Non-current assets

12,997


13,422

     Total assets

$         47,762


$     44,945





Current liabilities

$           7,927


$       8,197

Non-current liabilities

9,800


9,025

     Total liabilities

17,727


17,222

Total shareholders' equity attributable to OCC

30,644


28,209

Noncontrolling interest

(609)


(486)

     Total shareholders' equity

30,035


27,723

     Total liabilities and shareholders' equity

$        47,762


$      44,945

 

SOURCE Optical Cable Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Judith Hurwitz is president and CEO of Hurwitz & Associates, a Needham, Mass., research and consulting firm focused on emerging technology, including big data, cognitive computing and governance. She is co-author of the book Cognitive Computing and Big Data Analytics, published in 2015. Her Cloud Expo session, "What Is the Business Imperative for Cognitive Computing?" is scheduled for Wednesday, June 8, at 8:40 a.m. In it, she puts cognitive computing into perspective with its value to the busin...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Cybersecurity is a critical component of software development in many industries including medical devices. However, code is not always written to be robust or secure from the unknown or the unexpected. This gap can make medical devices susceptible to cybersecurity attacks ranging from compromised personal health information to life-sustaining treatment. In his session at @ThingsExpo, Clark Fortney, Software Engineer at Battelle, will discuss how programming oversight using key methods can incre...