Core Viewpoint - Optical Cable Corporation (OCC) reported a strong fourth quarter for fiscal year 2024, with significant increases in net sales and gross profit, despite facing challenges in the overall market environment [7][26]. Financial Performance - Consolidated net sales for Q4 FY 2024 increased by 12.4% to 17.3 million in Q4 FY 2023 [2]. - Sequentially, net sales rose by 20.1% in Q4 FY 2024 compared to Q3 FY 2024, marking a consistent increase in net sales each quarter since Q1 FY 2024 [2]. - Gross profit for Q4 FY 2024 was 3.9 million in Q4 FY 2023, attributed to production efficiencies and increased volumes [15]. - Gross profit margin for Q4 FY 2024 was 33.5%, up from 22.4% in Q4 FY 2023 [3]. - For the full fiscal year 2024, consolidated net sales were 72.2 million in FY 2023 [4]. - Gross profit for FY 2024 was 22.3 million in FY 2023, with a gross profit margin of 27.3% compared to 30.9% in FY 2023 [5]. Income and Expenses - OCC recorded a net income of 0.05 per share, in Q4 FY 2024, compared to a net loss of 0.17 per share, in Q4 FY 2023 [4]. - For FY 2024, the company reported a net loss of 0.54 per share, compared to a net income of 0.26 per share, in FY 2023 [6]. - Selling, General and Administrative (SG&A) expenses for Q4 FY 2024 were 5.1 million in Q4 FY 2023, representing 30.0% of net sales [16]. - For FY 2024, SG&A expenses increased by 1.3% to $21.5 million, accounting for 32.2% of net sales compared to 29.4% in FY 2023 [18]. Management Insights - The CEO expressed pride in the team's efforts to identify growth opportunities and emphasized the company's commitment to serving customers with mission-critical solutions [8]. - Management is optimistic about the prospects for FY 2025, noting signs of recovery in the industry after a prolonged period of market weakness [26].
OPTICAL CABLE CORPORATION REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 FINANCIAL RESULTS