Tue, May 14, 1:31 PM (73 days ago)
Optex Systems Holdings, Inc. reported a robust financial performance for the quarter ended March 31, 2024, with a significant increase in revenues and operating income. The company's total revenues rose by 33.8% to $8.523 million, driven by higher customer demand across all product lines, particularly in the Optex Richardson and Applied Optics Center segments. Gross profit also improved markedly, reaching $2.557 million, reflecting a gross margin of 30.0% compared to 24.4% in the same period last year. This improvement was attributed to higher revenue, favorable product mix, and better absorption of fixed overhead costs. Operating income for the quarter was $1.356 million, a substantial increase from the previous year, primarily due to the higher gross profit, despite a rise in general and administrative expenses. Net income before taxes stood at $1.347 million, up from $607,000 in the prior year, demonstrating strong profitability and operational efficiency. The company's backlog increased by 6.3% to $44.2 million, indicating healthy future revenues. Optex Systems continues to focus on international and commercial opportunities, alongside enhancing its product offerings and manufacturing capabilities. The financial outlook remains positive, with expectations of sustained income and cash flow generation, supported by a solid backlog and strategic initiatives aimed at expanding market reach and product lines.