Mon, Jun 10, 4:32 PM (89 days ago)
Optical Cable Corporation (OCC) reported a 17.9% decline in net sales for Q2 FY2024 compared to the same period last year, totaling $16.1 million. This decrease is attributed to industry-wide weaknesses and macroeconomic pressures. Gross profit also fell by 40.5% to $4.0 million, with a gross profit margin of 25.1%, down from 34.6% in Q2 FY2023. SG&A expenses decreased by 6.1% to $5.3 million, representing 33.0% of net sales. The company posted a net loss of $1.6 million, or $0.21 per share, compared to a net income of $2.4 million in Q2 FY2023. For the first half of FY2024, net sales declined by 18.3% to $31.0 million, with a gross profit margin of 25.0%. Total assets decreased by $4.0 million to $39.9 million, and total liabilities decreased by $1.1 million to $18.0 million. The company has $1.1 million in cash and $8.0 million in outstanding borrowings on its Revolver, with $2.0 million in available credit. Management expects sales to grow in the second half of FY2024 despite ongoing market challenges.