Computeruser.com
Latest News

Optical Cable Corporation Reports Fourth Quarter and Fiscal Year 2010 Financial Results

ROANOKE, Va. Jan. 24, 2011 October 31, 2010

OCC’s consolidated net sales for fiscal year 2010 were the highest in the Company’s history.

Fourth Quarter 2010 Financial Results

$18.5 million $14.1 million October 31, 2009

$7.2 million $4.8 million

$1.5 million $0.23 $90,000 $0.01

$666,000 $0.10 $808,000 $0.13

Fiscal Year 2010 Financial Results

$67.5 million $58.6 million

the United States the United States the United States

$23.8 million $19.8 million

$5.7 million $0.95 $1.9 million $0.34 $5.6 million

$5.6 million $153,000 $0.03

$27.9 million $4.44 $21.9 million $3.48 $3.70 Friday, January 21, 2011

Management’s Comments

Neil Wilkin

Mr. Wilkin added, "In addition to achieving record sales, we are pleased to have further strengthened our balance sheet and initiated a quarterly dividend to provide a regular return of capital to our shareholders.  Despite challenging economic and market conditions, we demonstrated OCC’s strength in 2010 and we are confident in OCC’s strategy, market position and prospects for continued growth and value creation in the future."

Company Information

Optical Cable Corporation ("OCC") is a leading manufacturer of a broad range of fiber optic and copper data communications cabling and connectivity solutions primarily for the enterprise market, offering an integrated suite of high quality, warranted products which operate as a system solution or seamlessly integrate with other providers’ offerings.  OCC’s product offerings include designs for uses ranging from commercial, enterprise network, datacenter, residential and campus installations to customized products for specialty applications and harsh environments, including military, industrial, mining and broadcast applications.  OCC products include fiber optic and copper cabling, fiber optic and copper connectors, specialty fiber optic and copper connectors, fiber optic and copper patch cords, pre-terminated fiber optic and copper cable assemblies, racks, cabinets, datacom enclosures, patch panels, face plates, multi-media boxes and other cable and connectivity management accessories, and are designed to meet the most demanding needs of end-users, delivering a high degree of reliability and outstanding performance characteristics. 

OCC® is internationally recognized for pioneering the design and production of fiber optic cables for the most demanding military field applications, as well as of fiber optic cables suitable for both indoor and outdoor use, and creating a broad product offering built on the evolution of these fundamental technologies.  OCC also is internationally recognized for its role in establishing copper connectivity data communications standards, through its innovative and patented technologies.

Roanoke, Virginia Roanoke, Virginia Asheville, North Carolina Dallas, Texas Roanoke Asheville Dallas

Optical Cable Corporation, OCC®, Superior Modular Products, SMP Data Communications, Applied Optical Systems, and associated logos are trademarks of Optical Cable Corporation.

www.occfiber.com

FORWARD-LOOKING INFORMATION

the United States

$6.2 million

$5.6 million October 31, 2010 $5.6 million $6.2 million $666,000

(Financial Tables Follow)

OPTICAL CABLE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(thousand s, except per share data)

(unaudited)

Three Months Ended

October 31,

Fiscal Year Ended

October 31,

2010

2009

2010

2009

Net sales

$       18,464

$      14,080

$     67,506

$     58,589

Cost of goods sold

11,298

9,233

43,746

38,748

     Gross profit

7,166

4,847

23,760

19,841

SG&A expenses

6,028

5,336

24,268

22,345

Royalty income, net

(309)

(198)

(1,233)

(878)

Amortization of intangible assets

146

199

587

825

Impairment of goodwill

(666)

5,580

Impairment of intangible assets (other than goodwill)

153

344

     Income (loss) from operations

1,967

(643)

(5,442)

(2,795)

Interest income (expense), net

(157)

653

(542)

149

Other, net

(3)

(9)

65

16

     Other income (expense), net

(160)

644

(477)

165

     Income (loss) before income taxes

1,807

1

(5,919)

(2,630)

Income tax expense (benefit)

455

91

91

(706)

     Net income (loss)

$        1,352

$          (90)

$     (6,010)

$     (1,924)

Net loss attributable to noncontrolling

    interest (2)

(122)

(277)

Net income (loss) attributable to OCC

$        1,474

$          (90)

$      (5,733)

$      (1,924)

Net income (loss) per share attributable to        

    OCC:  Basic and diluted

$            0.23

$       (0.01)

$         (0.95)

$       (0.34)

PROFORMA net income (loss) attributable to OCC, EXCLUDING impairment of goodwill (1)

$             808

$        (153)

PROFORMA net income (loss) per share attributable to OCC, EXCLUDING impairment of goodwill: Basic and diluted (1)

$            0.13    

$        (0.03)

OPTICAL CABLE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (continued)

(thousands, except per share data)

(unaudited)

Three Months Ended

October 31,

Fiscal Year Ended

October 31,

2010

2009

2010

2009

Weighted average shares outstanding:

    Basic and diluted

6,388

6,543

6,015

5,656

(1)  Proforma net income (loss) attributable to OCC and proforma net income (loss) per share attributable to OCC are calculated by excluding the non-cash, non-recurring net impairment of goodwill charge of $5.6 million associated with the acquisition of Applied Optical Systems, Inc. ("AOS") that was recorded during fiscal year 2010 from the Company’s net loss attributable to OCC as reported for the fiscal year ended October 31, 2010.  The goodwill impairment charge of $5.6 million consists of (i) a $6.2 million goodwill impairment charge recognized during the second quarter of fiscal year 2010 and (ii) a $666,000 reversal of the goodwill charge associated with a purchase accounting adjustment recognized during the fourth quarter of fiscal year 2010.   The purchase accounting adjustment made during the fourth quarter was primarily the result of the Company’s adjustment to the valuation of certain deferred tax assets acquired in the purchase of AOS, and is not a result of a re-evaluation of the goodwill impairment recorded during the second quarter of fiscal year 2010.  There is no tax benefit associated with the goodwill impairment charge, as it is considered a non-deductible permanent item for tax purposes.  Accordingly, there is no change to the tax expense as reported for fiscal year 2010 in determining the proforma net loss and net loss per share.

(2)  Accounting Standards Codification 810-10, Consolidation ("ASC 810-10 ") , was adopted by OCC effective for fiscal year 2010 as it relates to noncontrolling interests.  There are no noncontrolling interest amounts presented for fiscal year 2009 since the minority interest’s share of losses attributable to Centric Solutions LLC was charged against the Company’s majority interest in accordance with the previous accounting literature.

OPTICAL CABLE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET DATA

(thousands)

(unaudited)

October 31,

2010

October 31,

2009

Cash and cash equivalents

$           2,522

$         1,948

Trade accounts receivable, net

10,660

9,533

Inventories

14,423

Leave a comment

seks shop - izolasyon
basic theory test book basic theory test