Optical Cable Corporation (OCC) saw its loss narrow to $0.62 million, or $0.09 a share for the quarter ended Jan. 31, 2017. In the previous year period, the company reported a loss of $1.74 million, or $0.28 a share.
Revenue during the quarter grew 3.97 percent to $14.61 million from $14.05 million in the previous year period. Gross margin for the quarter expanded 800 basis points over the previous year period to 32.93 percent. Operating margin for the quarter stood at negative 2.87 percent as compared to a negative 11.41 percent for the previous year period.
Operating loss for the quarter was $0.42 million, compared with an operating loss of $1.60 million in the previous year period.
Neil Wilkin, president and chief executive officer of OCC, said, "Our results in the first quarter reflect our continued efforts to operate efficiently and drive growth through sales and marketing initiatives as well as product innovation. Despite expected seasonality and currency exchange rates that impacted our international sales, in the first quarter, we delivered year-over-year improvements in net sales, gross profit and gross profit margin, as well as improvements to the bottom line. As we move forward, we will continue providing customers and end users with OCC's integrated product offerings and solutions. Through the continued successful execution of our plan, we are confident we will create value for shareholders."
Working capital remains almost stable
Working capital of Optical Cable Corporation remained almost stable for the quarter at $21.74 million, when compared with the previous year period. Current ratio was at 5.75 as on Jan. 31, 2017, up from 5.50 on Jan. 31, 2016.
Days sales outstanding went down to 55 days for the quarter compared with 61 days for the same period last year.
Days inventory outstanding has increased to 146 days for the quarter compared with 143 days for the previous year period.
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