Optical Cable net sales off 1.1% YoY

Optical Cable Corporation (NASDAQ: OCC) said its consolidated net sales for the third quarter of fiscal year 2015 were USD20.8 million, compared to net sales of USD21.0 million for the third quarter of fiscal year 2014, a decrease of 1.1 percent.

Net sales increased 11.3 percent in the third quarter of fiscal year 2015, compared to net sales of USD18.7 million for the second quarter of fiscal year 2015.

Gross profit was USD5.7 million in the third quarter of fiscal year 2015, compared to USD7.3 million in the third quarter of fiscal 2014. Gross profit margin, or gross profit as a percentage of net sales, was 27.5 percent in the third quarter of fiscal year 2015, compared to 34.9 percent in the third quarter of fiscal year 2014.

Sales, general and administrative (“SG&A”) expenses decreased 9.9 percent to USD6.1 million during the third quarter of fiscal year 2015, compared to USD6.8 million for the same period last year. SG&A expenses as a percentage of net sales were 29.3 percent in the third quarter of fiscal year 2015, compared to 32.2 percent in the third quarter of fiscal year 2014, consistent with some of the company´s cost cutting initiatives implemented near the end of fiscal year 2014.

OCC recorded a net loss attributable to the company of USD573,000, or USD0.09 per basic and diluted share, for the third quarter of fiscal year 2015, compared to net income attributable to the company of USD292,000, or USD0.04 per basic and diluted share, for the third quarter of fiscal year 2014.

Optical Cable is a leading manufacturer of a broad range of fiber optic and copper data communication cabling and connectivity solutions primarily for the enterprise market (or non-carrier market), offering an integrated suite of high quality products which operate as a system solution or seamlessly integrate with other providers´ offerings. 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.