Optical Cable Corporation (Nasdaq GM: OCC) has achieved increases in net sales, gross profit and net income when compared to both third quarter of fiscal year 2016 and fourth quarter of fiscal year 2015, the company said.
The fourth quarter of 2016 marked the third consecutive sequential quarterly increase in net sales, gross profit and profitability during fiscal year 2016, as a result of company initiatives as well as typical seasonality.
Consolidated net sales for the fourth quarter of fiscal year 2016 increased 3.3% to USD17.3 million, compared to net sales of USD16.8 million for the same period in fiscal year 2015. Net sales sequentially increased 2.4% compared to the third quarter of fiscal year 2016–the third consecutive quarter of net sales increase this year.
Gross profit increased 23.4% to USD6.2 million in the fourth quarter of fiscal year 2016, compared to USD5.0 million in the fourth quarter of fiscal 2015. Gross profit margin (gross profit as a percentage of net sales) increased to 35.9% in the fourth quarter of fiscal year 2016, compared to 30.0% for the same period in fiscal year 2015. Gross profit sequentially increased 13.7% compared to third quarter of 2016.
SG&A expenses for the fourth quarter of fiscal year 2016 decreased 9.0% to USD5.2 million, compared to SG&A expenses of USD5.8 million for the fourth quarter of fiscal year 2015. The decrease was the result of targeted cost reduction efforts across all expense categories.
Optical Cable makes fiber optic and copper communication cabling and connectivity products and solutions. Founded in 1983, it is headquartered in Roanoke, Virginia with offices, manufacturing and warehouse facilities located in Roanoke, Virginia, near Asheville, North Carolina and near Dallas, Texas.