Optical Cable Corporation reports first quarter financial results 2022

Optical Cable Corporation (Nasdaq GM: OCC) (“OCC®” or the “Company”) today announced financial results for its first quarter ended January 31, 2022.

First quarter 2022 financial results
Consolidated net sales for the first quarter of fiscal year 2022 increased 21.6% to $14.4 million, compared to net sales of $11.9 million for the same period last year, with increased net sales in the enterprise and specialty markets, including the wireless carrier market.

The Company’s sales order backlog/forward load continues to increase due to strong product demand. While that demand continued to increase during the first quarter of fiscal year 2022, the Company’s net sales were impacted by the continuing direct and indirect effects of COVID-19—including supply chain and labor constraints in particular—that are affecting production volumes.

Gross profit increased 75.2% to $4.0 million in the first quarter of fiscal year 2022, compared to gross profit of $2.3 million for the same period last year. Gross profit margin, or gross profit as a percentage of net sales, increased to 28.0% in the first quarter of fiscal year 2022 compared to 19.4% in the first quarter of fiscal year 2021.

SG&A expenses increased to $4.8 million during the first quarter of fiscal year 2022, compared to $4.3 million for the first quarter of fiscal year 2021. The increase in SG&A expenses was primarily the result of net increases in employee and contracted sales personnel related costs. Included in employee and contracted sales personnel related costs are compensation costs, payroll taxes, commissions and share-based compensation expense.

For the first quarter of fiscal year 2022, OCC recorded a net loss of $936,000, or $0.12 per basic and diluted share, compared to a net loss of $2.1 million, or $0.29 per basic and diluted share, for the first quarter of fiscal year 2021.

As of January 31, 2022, OCC had a $2.2 million receivable for Employee Retention Tax Credit still to be refunded. PR Newswire