Optical Cable Corporation (OCC) saw its loss narrow to $0.24 million, or $0.04 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $0.98 million, or $0.15 a share. Revenue during the quarter dropped 3.02 percent to $15.85 million from $16.34 million in the previous year period. Gross margin for the quarter expanded 788 basis points over the previous year period to 35.74 percent. Operating margin for the quarter stood at negative 1.77 percent as compared to a negative 5.24 percent for the previous year period.
Operating loss for the quarter was $0.28 million, compared with an operating loss of $0.86 million in the previous year period.
Neil Wilkin, President and Chief Executive Officer of OCC, said, "We are pleased to have increased gross profit and improved the Company's bottom line during the second quarter and fiscal year-to-date periods. OCC is executing on product innovation and marketing initiatives in markets we identified as having attractive growth potential. We are beginning to see positive results from those efforts and are working to build on this momentum through the second half of the year. We are also focused on further improving our top and bottom lines through the continued execution of our strategic plan. We are confident that these efforts will create value for shareholders."
Working capital increases
Optical Cable Corporation has recorded an increase in the working capital over the last year. It stood at $22.27 million as at Apr. 30, 2017, up 7.16 percent or $1.49 million from $20.79 million on Apr. 30, 2016. Current ratio was at 4.62 as on Apr. 30, 2017, up from 4.36 on Apr. 30, 2016. Days sales outstanding went up to 49 days for the quarter compared with 48 days for the same period last year.
Days inventory outstanding has decreased to 77 days for the quarter compared with 130 days for the previous year period.
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