Optical Cable Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended October 31, 2015
January 28, 2016 at 08:30 pm IST
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Optical Cable Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended October 31, 2015. For the quarter, net sales were $16.8 million compared to net sales of $25.2 million for the same period last year. For the fourth quarter, the company reported net loss attributable to the company of $3 million or $0.48 per basic and diluted share compared to net income attributable to the company of $0.9 million or $0.14 per basic and diluted share for the same period last year. Loss from operations was $0.7 million against income from operations of $1.7 million last year. Loss before income taxes was $0.9 million against income before income taxes of $1.5 million last year. Net sales for the fourth quarter were impacted by weakness in demand in certain industry markets, including the military, oil & gas and mining specialty markets, and in particular by a decrease in the wireless carrier market. Despite the strong U.S. dollar, sales outside of the U.S. increased by 3.5% during the fourth quarter.
For the year, the company recorded net sales of $73.6 million, a decrease of $9.4 million or 11.3% compared to net sales of $83 million in fiscal 2014. The decrease was due to weakness in various specialty markets and volatility in the wireless carrier market. The consolidated net sales increase of more than 9% to approximately $39 million, excluding Centric Solutions in the company's enterprise markets was insufficient to overcome decreases in these other markets. Net loss attributable to OCC, including the noncash valuation allowance against net deferred tax assets was $4.3 million or $0.69 per basic and diluted share compared to net income attributable to OCC of $0.7 million or $0.10 per basic and diluted share during fiscal 2014. The company generated annual positive cash flow from operating activity again this year. Net cash provided by operating activities for fiscal year 2015 was $1.2 million compared to $4.4 million during fiscal year 2014. Loss from operations was $2.4 million against income from operations of $1.3 million last year. Loss before income taxes was $2.8 million against income before income taxes of $0.9 million last year.
Optical Cable Corporation is a manufacturer of a range of fiber optic and copper data communication cabling and connectivity solutions. Its product offerings include designs for uses ranging from enterprise networks, data centers, residential, campus and passive optical LAN (POL) installations to customized products for specialty applications and other markets, including military, industrial, mining, petrochemical, renewable energy, and broadcast applications, and for the wireless carrier market. Its products include fiber optic and copper cabling, hybrid cabling (which includes fiber optic and copper elements in a single cable), fiber optic and copper connectors, specialty fiber optic, copper and hybrid connectors, fiber optic and copper patch cords. It also offers pre-terminated fiber optic and copper cable assemblies, racks, cabinets, datacom enclosures, patch panels, multimedia boxes, fiber optic reels and accessories and other cable and connectivity management accessories.