0001437749-22-029602.txt : 20221222 0001437749-22-029602.hdr.sgml : 20221222 20221222161537 ACCESSION NUMBER: 0001437749-22-029602 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20221222 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221222 DATE AS OF CHANGE: 20221222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPTICAL CABLE CORP CENTRAL INDEX KEY: 0001000230 STANDARD INDUSTRIAL CLASSIFICATION: DRAWING AND INSULATING NONFERROUS WIRE [3357] IRS NUMBER: 541237042 STATE OF INCORPORATION: VA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27022 FILM NUMBER: 221482134 BUSINESS ADDRESS: STREET 1: 5290 CONCOURSE DR CITY: ROANOKE STATE: VA ZIP: 24019 BUSINESS PHONE: 5402650690 MAIL ADDRESS: STREET 1: 5290 CONCOURSE DRIVE CITY: ROANOKE STATE: VA ZIP: 24019 8-K 1 occ20221222_8k.htm FORM 8-K occ20221222_8k.htm
false 0001000230 0001000230 2022-12-22 2022-12-22
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
 
Current Report
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): December 22, 2022
 
 
OPTICAL CABLE CORPORATION
(Exact name of registrant as specified in its charter)
 
 
 
 
Virginia
000-27022
54-1237042
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification Number)
   
5290 Concourse Drive
Roanoke, VA
24019
(Address of principal executive offices)
(Zip Code)
 
(540) 265-0690
(Registrant’s telephone number, including area code)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
   
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
Trading Symbol
Name of exchange on which registered
Common Stock, no par value
OCC
Nasdaq Global Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12B-2 of the Securities Exchange Act of 1934.
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
Table of Contents
 
Table of Contents
   
3
   
3
   
4
   
 
 
2
Table of Contents
 
Item 2.02 Results of Operations and Financial Condition
 
On December 22, 2022, Optical Cable Corporation issued a press release announcing its fourth quarter and fiscal year 2022 financial results. Also on December 22, 2022, Optical Cable Corporation held an earnings call. The press release is attached hereto as Exhibit 99.1 and the transcript for the earnings call is attached as Exhibit 99.2.
 
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits
 
The following are filed as Exhibits to this Report.
 
 
Exhibit No.
Description of Exhibit
   
99.1
   
99.2 Transcript of earnings call on December 22, 2022 (FILED HEREWITH)
   
104
Cover page Interactive Data File (embedded within the inline XBRL document)
 
3
Table of Contents
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
OPTICAL CABLE CORPORATION
     
 
By:
/s/ Tracy G. Smith
 
Name:
Tracy G. Smith
 
Title:
Senior Vice President and Chief
Financial Officer
 
Dated: December 22, 2022
 
4
 EX-99.1 2 ex_458662.htm EXHIBIT 99.1 ex_458662.htm

Exhibit 99.1

 

logo.jpg

OPTICAL CABLE CORPORATION

5290 Concourse Drive

Roanoke, VA 24019

(Nasdaq GM: OCC)

www.occfiber.com

 

AT THE COMPANY:          

 

Neil Wilkin Tracy Smith
Chairman, President & CEO Senior Vice President & CFO
(540) 265-0690 (540) 265-0690
investorrelations@occfiber.com investorrelations@occfiber.com

 

AT JOELE FRANK, WILKINSON BRIMMER KATCHER:

 

Andrew Siegel Aaron Palash
(212) 355-4449 ext. 8627 (212) 355-4449 ext. 8603
occ-jfwbk@joelefrank.com occ-jfwbk@joelefrank.com

 

 

FOR IMMEDIATE RELEASE

 

OPTICAL CABLE CORPORATION REPORTS

FISCAL YEAR AND FOURTH QUARTER OF 2022 FINANCIAL RESULTS

 

OCC® Achieves Increases of 26.3% in Net Sales and 31.0% in Gross Profit in Fourth Quarter

Double-Digit Growth Also Achieved for Fiscal Year 2022

 

Roanoke, Va., December 22, 2022 — Optical Cable Corporation (Nasdaq GM: OCC) (“OCC®” or the “Company”) today announced financial results for its fiscal year 2022 and its fourth quarter ended October 31, 2022.

 

Fourth Quarter 2022 Financial Results

 

Consolidated net sales for the fourth quarter of fiscal year 2022 increased 26.3% to $20.1 million, compared to net sales of $15.9 million for the same period last year, with increased net sales in both its enterprise and specialty markets, including the wireless carrier market. Net sales sequentially increased 15.4% during the fourth quarter, compared to $17.4 million during the third quarter of fiscal year 2022.

 

The increase in net sales is primarily due to both increased demand for the Company’s products and increased production throughput during the fourth quarter, as well as increases in product pricing taking effect for new orders. OCC’s sales order backlog/forward load continues to be higher than typical levels at the end of the fourth quarter of fiscal year 2022.

 

Gross profit increased 31.0% to $6.6 million in the fourth quarter of fiscal year 2022, compared to gross profit of $5.1 million for the same period last year. Gross profit margin, or gross profit as a percentage of net sales, increased to 33.0% in the fourth quarter of fiscal year 2022 compared to 31.8% in the fourth quarter of fiscal year 2021. Gross profit sequentially increased 37.8% during the fourth quarter, compared to $4.8 million during the third quarter of fiscal year 2022 as a result of production efficiencies and the positive impact of OCC’s operating leverage.

 

 
 

 

Optical Cable Corp. – Fourth Quarter 2022 Earnings Release

Page 2 of 6

 

SG&A expenses increased to $5.2 million during the fourth quarter of fiscal year 2022 and were 25.9% of consolidated net sales, compared to $4.8 million for the fourth quarter of fiscal year 2021 and 30.3% of consolidated net sales. The increase in SG&A expenses was primarily the result of net increases in employee and contracted sales personnel related costs.

 

For the fourth quarter of fiscal year 2022, OCC recorded a net income of $1.2 million, or $0.15 per basic and diluted share, compared to a net loss of $6,000, or $0.00 per basic and diluted share, for the fourth quarter of fiscal year 2021.

 

Fiscal Year-to-Date 2022 Financial Results

 

Consolidated net sales for fiscal year 2022 increased 16.8% to $69.1 million, compared to net sales of $59.1 million for fiscal year 2021. The Company increased net sales in both its enterprise and specialty markets, including the wireless carrier market.

 

The increase in net sales is primarily due to both increased demand for the Company’s products and increased fourth quarter production throughput, as well as increases in product pricing taking effect for new orders. During fiscal year 2022, the Company continued to see product demand, sales and production volume increase compared to fiscal year 2021. Sales order backlog/forward load has been approximately three-to-four times higher than typical levels throughout the fiscal year.

 

The Company believes continuing and lingering direct and indirect impacts of the COVID-19 pandemic created supply chain and labor challenges affecting production volumes and sales, despite increased demand.

 

OCC reported gross profit of $20.5 million in fiscal year 2022, an increase of 26.0% compared to gross profit of $16.3 million in fiscal year 2021. Gross profit margin increased to 29.7% in fiscal year 2022 compared to 27.5% in fiscal year 2021.

 

Gross profit margins during fiscal year 2022 were impacted by increases in production labor and material costs, partially offset by necessary prospective price increases on new sales orders for many of the Company’s products. The Company experienced improvement in production personnel recruitment during the second half of fiscal year 2022, needed to increase production capacity to meet existing product demand; however, training of new production employees impacts labor costs (and production volumes) until those employees are fully trained and operating at capacity.

 

The Company’s gross profit margins tend to be higher when it achieves higher net sales levels due to its operating leverage, as certain fixed manufacturing costs are spread over higher sales. This operating leverage positively impacted the gross profit margin during fiscal year 2022. This positive impact was partially offset by the impact of increasing costs of raw materials, created by rapidly occurring inflation, for sales orders accepted prior to raw material cost increases.

 

SG&A expenses increased 9.4% to $20.0 million during fiscal year 2022 from $18.2 million for fiscal year 2021. The increase in SG&A expenses during fiscal year 2022 compared to fiscal year 2021 was primarily the result of increases in employee and contracted sales personnel related costs, including increases in commission expense as a result of the increase in sales and increases in compensation expense due to increases in response to changing labor market conditions.

 

 
 

 

Optical Cable Corp. – Fourth Quarter 2022 Earnings Release

Page 3 of 6

 

Also contributing to the increase in SG&A expenses during fiscal year 2022 were increases in travel expenses, shipping costs and marketing expenses. Travel and marketing expenses increased due to the resumption of business travel and trade shows during fiscal year 2022, post-COVID-19 restrictions, when compared to last year. Shipping costs increased due to the increase in net sales and the increase in costs charged by shippers during fiscal year 2022.

 

OCC recorded a net loss of $347,000, or $0.05 per basic and diluted share, for fiscal year 2022, compared to net income of $6.6 million, or $0.87 per basic and diluted share, for fiscal year 2021, with gain on the extinguishment of the Company’s paycheck protection program loan and employee retention tax credits positively impacting results during fiscal year 2021.

 

Management's Comments

 

Neil, Wilkin, President and Chief Executive Officer of OCC, said, “We were pleased to achieve a strong finish to our fiscal year, as the OCC team executed well in an evolving marketplace. Over the course of the year, our sales and production volumes continued to grow, even as production continued to be impacted by ongoing challenges created by COVID-19 and certain resulting market trends. Our results this year reflect market conditions shaped by supply chain and labor constraints, as well as inflation. Through it all, we executed on our growth strategies, took steps to operate even more efficiently and were able to achieve strong sales growth across our markets. We benefited from our operating leverage and we improved gross profits—particularly in our fourth quarter. Demand for our products continues to be strong and we are poised to build on our momentum.”

 

Mr. Wilkin continued, “Looking ahead to fiscal year 2023, we are encouraged by our sales order backlog/forward load and optimistic about the opportunities ahead for OCC. We continue to be laser focused on executing our strategy to meet demand and capture additional growth opportunities. With our differentiated core strengths and capabilities, as well as our enviable market positions, we remain confident that OCC is well-positioned to capture opportunities and deliver value to shareholders.”

 

Conference Call Information

 

As previously announced, OCC will host a conference call today, December 22, 2022, at 10:00 a.m. Eastern Time. Individuals wishing to participate in the conference call should call (800) 225-9448 in the U.S. or (203) 518-9708 internationally, Conference ID: OCCQ422. For interested individuals unable to join the call, a replay will be available through Thursday, December 29, 2022 by dialing (800) 753-8831 or (402) 220-0687. The call will also be broadcast live over the internet and can be accessed by visiting the investor relations section of the Company’s website at www.occfiber.com.

 

Company Information

 

Optical Cable Corporation (“OCC®”) is a leading manufacturer of a broad range of fiber optic and copper data communication cabling and connectivity solutions primarily for the enterprise market and various harsh environment and specialty markets (collectively, the non-carrier markets) and also the wireless carrier market, offering integrated suites of high-quality products which operate as a system solution or seamlessly integrate with other components.

 

 
 

 

Optical Cable Corp. – Fourth Quarter 2022 Earnings Release

Page 4 of 6

 

OCC® is internationally recognized for pioneering innovative fiber optic and copper communications technologies, including fiber optic cable designs for the most demanding environments and applications, copper connectivity designs to meet the highest data communication industry standards, as well as a broad product offering built on the evolution of these fundamental technologies.

 

OCC uses its expertise to deliver cabling and connectivity products and integrated solutions that are best suited to the performance requirements of each end-user’s application. And OCC’s solutions offerings cover a broad range of applications—from commercial, enterprise network, datacenter, residential and campus installations to customized products for specialty applications and harsh environments, including military, industrial, mining, petrochemical and broadcast applications, as well as for the wireless carrier market.

 

Founded in 1983, OCC is headquartered in Roanoke, Virginia with offices, manufacturing and warehouse facilities located in Roanoke, Virginia, near Asheville, North Carolina and near Dallas, Texas. OCC’s facilities are ISO 9001:2015 registered and its Roanoke and Dallas facilities are MIL-STD-790G certified.

 

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

 

Further information about OCC® is available at www.occfiber.com.

 

FORWARD-LOOKING INFORMATION

 

This news release by Optical Cable Corporation and its subsidiaries (collectively, the “Company” or “OCC”) may contain certain forward-looking information within the meaning of the federal securities laws. The forward-looking information may include, among other information, (i) statements concerning our outlook for the future, (ii) statements of belief, anticipation or expectation, (iii) future plans, strategies or anticipated events, and (iv) similar information and statements concerning matters that are not historical facts. Such forward-looking information is subject to known and unknown variables, uncertainties, contingencies and risks that may cause actual events or results to differ materially from our expectations, and such known and unknown variables, uncertainties, contingencies and risks may also adversely affect Optical Cable Corporation and its subsidiaries, the Company’s future results of operations and future financial condition, and/or the future equity value of the Company. A partial list of such variables, uncertainties, contingencies and risks that could cause or contribute to such differences from our expectations or that could otherwise adversely affect Optical Cable Corporation and its subsidiaries is set forth in Optical Cable Corporation’s quarterly and annual reports filed with the Securities and Exchange Commission (“SEC”) under the heading “Forward-Looking Information.” OCC’s quarterly and annual reports are available to the public on the SEC’s website at http://www.sec.gov. In providing forward-looking information, the Company expressly disclaims any obligation to update this information, whether as a result of new information, future events or otherwise except as required by applicable laws and regulations.

 

(Financial Tables Follow)

 

 
 

 

Optical Cable Corp. – Fourth Quarter 2022 Earnings Release

Page 5 of 6

 

OPTICAL CABLE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(thousands, except per share data)

(unaudited)

 

 

 

    Three Months Ended     Year Ended  
    October 31,     October 31,  
   

2022

    

2021

    

2022

    

2021

  
                                 

Net sales

   $ 20,056     $ 15,884     $ 69,079     $ 59,136  

Cost of goods sold

     13,433       10,829       48,568       42,862  
                                 

Gross profit

     6,623       5,055       20,511       16,274  
                                 

SG&A expenses

     5,189       4,811       19,960       18,239  

Royalty (income) expense, net

     6       8       27       (37 )

Amortization of intangible assets

     14       12       51       45  
                                 

Income (loss) from operations

     1,414       224       473       (1,973 )
                                 

Interest expense, net

     (230 )     (160 )     (768 )     (690 )

Other, net

     12       (68 )     (27 )     9,254  

Other income (expense), net

     (218 )     (228 )     (795 )     8,564  
                                 

Income (loss) before income taxes

     1,196       (4 )     (322 )     6,591  
                                 

Income tax expense (benefit)

     7       2       25       (20 )
                                 

Net income (loss)

   $ 1,189     $ (6 )   $ (347 )   $ 6,611  
                                 

Net income (loss) per share:

                                

Basic and diluted

   $ 0.15     $ 0.00     $ (0.05 )   $ 0.87  
                                 

Weighted average shares outstanding:

                                

Basic and diluted

     7,893       7,416       7,523       7,588  

 

 

--MORE--

 

 
 

 

Optical Cable Corp. – Fourth Quarter 2022 Earnings Release

Page 6 of 6

 

OPTICAL CABLE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET DATA

(thousands)

(unaudited)

 

 

 

    October 31,     October 31,  
    2022     2021  

Cash

   $ 216     $ 132  

Trade accounts receivable, net

     10,964       8,376  

Inventories

     19,439       16,304  

Other current assets

     577       2,754  

Total current assets

     31,196       27,566  

Non-current assets

     9,362       10,351  

Total assets

   $ 40,558     $ 37,917  
                 

Current liabilities

   $ 7,483     $ 6,168  

Non-current liabilities

     10,915       9,543  

Total liabilities

     18,398       15,711  

Total shareholders’ equity

     22,160       22,206  

Total liabilities and shareholders’ equity

   $ 40,558     $ 37,917  

 

 

 

 

###

 

 
 EX-99.2 3 ex_458663.htm EXHIBIT 99.2 ex_458663.htm

Exhibit 99.2

 

C O R P O R A T E   P A R T I C I P A N T S

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

Tracy G. Smith Optical Cable Corporation - Senior VP, CFO & Corporate Secretary

 

Aaron Palash Joele Frank, Wilkinson Brimmer Katcher - IR

 

 

C O N F E R E N C E   C A L L   P A R T I C I P A N T S

 

Michael Jones WCM Global Wealth

 

 

P R E S E N T A T I O N

 

Operator

 

Good morning. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome you to the Optical Cable Corporation fourth quarter and fiscal year 2022 earnings conference call. (Operator Instructions) Mr. Palash, you may begin your conference.

 

 

Aaron Palash Joele Frank, Wilkinson Brimmer Katcher - IR

 

Thank you, Chelsea. Good morning, and thank you all for participating on Optical Cable Corporation's fourth quarter and fiscal year 2022 Conference Call. By this time, everyone should have a copy of the earnings press release issued earlier today. You can also visit www.occfiber.com for a copy.

 

On the call with us today are Neil Wilkin, President and Chief Executive Officer of OCC, and Tracy Smith, Senior Vice President and Chief Financial Officer.

 

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements that involve risks and uncertainties. The actual future results of Optical Cable Corporation may differ materially due to a number of factors and risks including, but not limited to, those factors referenced in the forward-looking statements section of this morning's press release. These cautionary statements apply to the contents of the internet webcast on www.occfiber.com as well as today's call. With that, I'll turn the call over to Neil Wilkin. Neil, please begin.

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

Thank you, Aaron, and good morning, everyone. I will begin the call today with a few opening remarks. Tracy will then review the fourth quarter and full year results for the three-month and twelve-month periods ended October 31, 2022, in some additional detail. After Tracy's remarks, we will answer as many of your questions as we can. As is our normal practice, we only take questions from analysts and institutional investors during the Q&A session. However, we also offer other shareholders the opportunity to submit questions in advance of our earnings call. Instructions regarding such submissions are included in our press release announcing the date and time of our call today.

 

In fiscal year 2022, our OCC team executed well in an evolving marketplace, focusing on initiatives to grow and demonstrating OCC's strength and resilience in the process. I'm pleased to report that our net sales and results from operating activities significantly improved during every quarter of fiscal year 2022, compared to the respective prior year periods.

 

Our sales and production volumes grew even as we experienced the lingering direct and indirect impacts of the COVID-19 pandemic on our supply chain (including the availability of certain materials, increased lead times and increased costs) and labor constraints, including recruitment of sufficient production personnel and increased costs.

 

We are particularly pleased with our strong finish to the fiscal year and the results we achieved during the fourth quarter of fiscal 2022. Specifically, we delivered double-digit percentage growth in net sales and gross profit, the highest gross profit margin of any quarter of fiscal 2022. And net income of $1.2 million or $0.15 a share.

 

I'm incredibly grateful for the OCC team members and their dedication and tireless efforts this past year. Their resilience, perseverance and hard work has enabled OCC to successfully navigate unique and challenging market dynamics and deliver for our customers and shareholders. I'd like to extend my sincere and continued thank you to every member of the OCC team and their families.

 

 
 

 

Our successful execution of our ongoing initiatives are reflected in OCC's financial performance this past year. We delivered strong sales growth. Net sales for fiscal year 2022 increased 16.8% compared to fiscal year 2021. We delivered net sales growth year-over-year during every quarter of fiscal year 2022 and ended fiscal year 2022 with net sales of $20.1 million during the fourth quarter, an increase of 26.3% compared to the fourth quarter of fiscal year 2021.

 

We believe that the demand of our products continues to be robust and we are poised to build on our momentum. Our sales order backlog/forward load was approximately three to four times higher than typical levels throughout fiscal year 2022.

 

We improved gross profit and gross profit margin during fiscal year 2022 as a result of increased production, improved efficiencies and strong operating leverage. The team achieved gross profit of $20.5 million for fiscal year 2022, an increase of 26% compared to the prior year. Gross profit margin increased during the year as well and we finished the year with a gross profit margin of 33% during the fourth quarter.

 

These significant improvements were achieved through increased production volumes, successful execution of efficiency initiatives and our operating leverage as fixed product costs were spread over higher production volumes.

 

We successfully added new production team members during the second half of the year, many of whom finished their training as we ended the year. As material and personnel costs increased, we were able to pass on necessary price increases on new orders to recover associated increased costs, with a greater positive impact being realized during the fourth quarter as sales backlog orders received early in the year were filled at original agreed-upon prices.

 

We continue to focus on operating as efficiently as possible and controlling expenses, including SG&A expenses during fiscal 2022. Our fixed SG&A expenses, including public company costs, are substantial, and as net sales grow, our SG&A expenses tend to increase at a slower rate than sales. SG&A expenses as a percentage of net sales were 28.9% during fiscal year 2022, down from 30.8% during fiscal year 2021 and were 25.9% during the fourth quarter of fiscal year 2022.

 

These results were possible as a result of our successful efforts to operate efficiently and control costs as well as a result of our operating leverage.

 

OCC remains uniquely positioned in the fiber optic and copper cabling and connectivity industry with differentiated core strengths and capabilities that enable OCC to offer top-tier products and application solutions and to compete successfully against larger competitors.

 

OCC's core strengths and capabilities are a competitive advantage of our Company, and I'd like to take a moment to mention them. OCC has enviable market positions, brand recognition, as well as the loyalty of our relationships with customers, decision makers and end-users across a broad range of targeted markets.

 

We benefit from our wide range of fiber optic and copper cabling and connectivity products and solutions that enable us to deliver products and solutions to meet our customers' unique needs and that are well suited for the applications in our targeted markets. The range of OCC's product offerings is extensive with OCC often successfully going up against different competitors in our varied targeted markets.

 

Additionally, we have a broad and diverse geographic footprint with OCC selling into approximately 50 countries each year. Importantly, OCC also has extensive industry experience and expertise with our engineering, sales and business development teams well respected for their product and application experience and expertise that enables OCC to create its portfolio of innovative, high performance products and associated intellectual property.

 

And, finally, OCC has impressive manufacturing knowledge and experience of our manufacturing, quality and engineering teams and the significant production capacity of our facilities.

 

Many of the costs we incur to maintain and build upon our strengths and capabilities, along with our public company costs, are fixed, whether those costs are included on the cost of goods sold line or on the SG&A line on our statement of operations. As a result, as OCC grows net sales, gross profit and profitability tend to increase at a faster rate than the rate of increase of net sales. This creates strong operating leverage for the Company as fixed production costs and fixed SG&A expenses remain relatively stable, and are spread over higher net sales levels.

 

 
 

 

We remain committed to leveraging our core strengths and capabilities, and executing our strategies and initiatives to create long-term value for our shareholders.

 

Looking ahead to fiscal year 2023, we are optimistic about OCC's opportunities, encouraged by our strong sales order backlog/forward load, and are excited to build on our momentum. We continue to be focused on executing our strategy to meet demand and capture additional growth opportunities. At the same time, we are monitoring changing macroeconomic trends and believe we are prepared to make appropriate business adjustments as necessary as 2023 unfolds.

 

We remain confident that we are well positioned to capture growth opportunities, execute on opportunities to operate more efficiently, and deliver enhanced value to shareholders in fiscal year 2023 and beyond. And with that, I'll turn the call over to Tracy who will review in additional detail our fourth quarter and fiscal year 2022 financial results.

 

 

Tracy G. Smith Optical Cable Corporation - Senior VP, CFO & Corporate Secretary

 

Thank you, Neil. Consolidated net sales for fiscal 2022 increased 16.8% to $69.1 million compared to net sales of $59.1 million for fiscal year 2021. Consolidated net sales for the fourth quarter of fiscal 2022 increased 26.3% to $20.1 million compared to net sales of $15.9 million for the same period last year.

 

We experienced an increase in net sales in both the enterprise and specialty markets, including the wireless carrier market, during the fourth quarter and fiscal year 2022, compared to the same periods last year. We believe the increase in net sales is primarily due to both increased demand for our product and increased production throughput, as well as increases in product pricing taking effect for new orders. During fiscal year 2022, we continued to see product demand and sales and production volume increase compared to fiscal year 2021. Our sales order backlog and forward load has been approximately three to four times higher than typical levels throughout the fiscal year, as product demand continues to be robust. Our sales order backlog and forward load exceeded $12 million at the end of fiscal year 2022 and is a bit higher since the end of the fiscal year, exceeding $14 million.

 

At the same time, we believe continuing and lingering direct and indirect impacts of the COVID-19 pandemic have created challenges that have affected production volumes and sales despite increased demand. Our production volumes continued to be tempered during fiscal year 2022 as we continued to experience supply chain challenges for certain raw materials as well as challenges recruiting additional personnel.

 

Turning to gross profit. Our gross profit increased 26% to $20.5 million in fiscal 2022 compared to gross profit of $16.3 million in fiscal 2021. Gross profit margin increased to 29.7% in fiscal 2022 compared to 27.5% in fiscal 2021. Gross profit increased 31% to $6.6 million in the fourth quarter of fiscal 2022 compared to gross profit of $5.1 million for the same period last year. Gross profit margin increased to 33% in the fourth quarter of fiscal 2022 compared to 31.8% in the fourth quarter of fiscal 2021.

 

Gross profit margins during fiscal year 2022 were impacted by increases in production labor and material costs, offset by necessary prospective price increases on new sales orders for many of our products. We experienced improvement in production personnel recruitment during the second half of fiscal year 2022, needed to increase production capacity to meet existing product demand. However, training of new production employees impacts labor costs and production volumes until those employees are fully trained and operating at capacity.

 

Our gross profit margins tend to be higher when we achieve higher net sales levels, as certain fixed manufacturing costs are spread over higher sales. This operating leverage, which is beneficial at higher sales levels, positively impacted our gross profit margins in both the fourth quarter and fiscal year 2022.

 

SG&A expenses increased to $20 million during fiscal 2022 compared to $18.2 million for fiscal 2021. SG&A expenses as a percentage of net sales were 28.9% in fiscal 2022 compared to 30.8% in fiscal 2021. SG&A expenses increased to $5.2 million during the fourth quarter of fiscal 2022 compared to $4.8 million for the same period last year. SG&A expenses as a percentage of net sales were 25.9% in the fourth quarter of fiscal 2022 compared to 30.3% in the fourth quarter of fiscal 2021.

 

 
 

 

The increase in SG&A expenses during the fourth quarter and fiscal year 2022 was primarily the result of increases in employee and contracted sales personnel related costs. Included in employee and contracted sales personnel related costs are commissions, which increased due to the increase in net sales, new hires, net of terminations, and increases in compensation expense, including increases in response to changing labor market conditions, all when compared to the same periods last year.

 

OCC recorded a net loss of $347,000 or $0.05 per basic and diluted share for fiscal 2022 compared to net income of $6.6 million, or $0.87 per basic and diluted share, for fiscal 2021. Our recorded net income of $1.2 million, or $0.15 per basic and diluted share, for the fourth quarter of fiscal 2022 compared to a net loss of $6,000, or $0 per basic and diluted share, for the fourth quarter of fiscal 2021.

 

As of October 31, 2022, we had outstanding borrowings of $6 million on our revolver and $5.9 million in available credit. We also had outstanding loan balances of $4.5 million under our real estate term loans. With that, I'll turn the call back over to Neil.

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

Thank you, Tracy. And now if any analysts and institutional investors have any questions, we are happy to answer them. Chelsea, if you could please indicate the instructions for our participants to call in any questions they may have, I would appreciate it. Again, we are only taking live questions from analysts and institutional investors.

 

 

Q U E S T I O N S   A N D   A N S W E R S

 

Operator

 

(Operator Instructions) Our first question will come from Michael Jones with WCM Global Wealth.

 

 

Michael Jones WCM Global Wealth

 

Can you spend some time trying to quantify or help us quantify what the price increases were or what you expect price increases to be whether it be by segment or product lines? And also how much of the revenue growth was price versus unit volume? I missed the first couple of minutes of the call. So if you can cover that, I apologize, but I would like to hear the answer.

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

Sure. I appreciate the question. We don't give specifics about our price increases other than what we announced in the industry. We made a couple of price increases sort of in midyear, but they weren't really taking effect until later in the year. Most of it mostly impacted the fourth quarter. I don't believe that, that significantly increased our sales dollar numbers. The price increases vary depending on product type and what we were seeing from a material standpoint. And we're really based on making sure we're recovering that cost. And I think that really is the best I can tell you. I don't have a percentage saying that this is what the exact impact was on sales and we didn't see it as significant during the year.

 

 

Michael Jones WCM Global Wealth

 

Are you getting much pushback on price? And do you think you're ahead or behind on price at this point, at least in general?

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

We believe we're right where we need to be, and we have not been receiving pushback on price. I think typically, in our industry, people have been able to -- have needed to and are able to increase the prices to recover the increased costs that have been occurring within the supply chain.

 

 
 

 

Michael Jones WCM Global Wealth

 

So is there still a lot of inventory that needs to be repriced as it goes out? So there will be some excess margin there?

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

Not really. I mean what happened during the year was we were seeing demand and getting backlogs. We also had some challenges in supply chain and getting materials. We did our best to try to get the materials in as we could, but not really at any continually increasing price. I mean, the prices were increasing as we were buying them, but I don't see those prices continuing to increase, at least at the moment. And so while we've increased our raw materials a bit and you'll see that in our Form 10-K in the annual report that will be filed later. That's not -- we don't have a lot of sort of built-in profit sitting or unusual profit sitting in the materials we have on hand. I would not describe it that way. We've also been focusing on trying to make sure we're keeping up with the demand we have been experiencing, which is part of the reason why our backlog has beenꟷbacklog sales orders have been higher than usual all during the year.

 

 

Michael Jones WCM Global Wealth

 

What's the current book-to-bill?

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

I'm sorry, what?

 

 

Michael Jones WCM Global Wealth

 

The book-to-bill as far as bookings over sales?

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

I don't have that precise percentage, but we've described what the dollar number is in our filing that we're making later today. So you can see that described in the MD&A.

 

 

Michael Jones WCM Global Wealth

 

Okay. Will there be any opportunity to follow up on that once it is filed, if we have further questions, your Investor Relations effort is quite poor at the least. So trying to have some contact or some insight on follow-up questions would be helpful. Any thoughts on that?

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

We work through our Investor Relations firm. I think that they've done a good job. I think we're -- we try to be as responsive as we can to shareholders. We're also very careful to make sure we're complying with Reg FD and not disclosing something to one shareholder that we're not making public to others. So we can generally...

 

 

Michael Jones WCM Global Wealth

 

That's totally understandable. But there seems to be no effort to contact shareholders. I don't know if you talked at (inaudible) or not, but getting information or responses even if you said, I can't talk to you, that would be helpful, but I get nothing from the IR firm or from you, frustrating to say the least as a shareholder. On the other side is what's the...

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

I apologize for that, and we're happy to do better to return your call. I didn't think that we had a call from you that hadn't been returned, but my apologies.

 

 
 

 

Michael Jones WCM Global Wealth

 

Okay. I appreciate that. What's the draw on the revolver currently?

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

That will be disclosed in our -- everything that we can disclose about that is disclosed in our annual report, which will be disclosed and filed later, hopefully, today.

 

 

Operator

 

(Operator Instructions) We have no more questions via the telephone. I'd like to turn it back over to Neil.

 

 

Neil D. Wilkin Optical Cable Corporation - Chairman, President & CEO

 

Thank you, Chelsea. I appreciate it. I would like to thank everyone for listening to our fourth quarter and fiscal year 2022 conference call today. As always, we appreciate your time and your interest in Optical Cable Corporation. We hope everyone has a safe and happy holiday season. Thank you.

 

 

Operator

 

Thank you, ladies and gentlemen. This does conclude today's conference, and we appreciate your participation. You may disconnect at any time.

 

 
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Document And Entity Information
Dec. 22, 2022
Document Information [Line Items]  
Entity, Registrant Name OPTICAL CABLE CORPORATION
Document, Type 8-K
Document, Period End Date Dec. 22, 2022
Entity, Incorporation, State or Country Code VA
Entity, File Number 000-27022
Entity, Tax Identification Number 54-1237042
Entity, Address, Address Line One 5290 Concourse Drive
Entity, Address, City or Town Roanoke
Entity, Address, State or Province VA
Entity, Address, Postal Zip Code 24019
City Area Code 540
Local Phone Number 265-0690
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol OCC
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001000230
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