US-based Optical Cable Corporation has reported that its gross profit increased 31.8% to $6.2 million in the third quarter of fiscal 2008, up from $4.7 million in the third quarter of fiscal 2007.
Net sales for the third quarter of fiscal 2008 increased 40.4% to $16.4 million compared to net sales of $11.7 million for the comparable period of fiscal 2007. Gross profit as a percentage of net sales (or gross profit margin) for the third quarter of fiscal 2008 decreased to 37.7% compared to 40.2% for the third quarter of fiscal 2007.
Net income decreased to $482,000, or $0.08 per basic and diluted share, for the third quarter of fiscal year 2008, as compared to net income of $538,000, or $0.09 per basic and diluted share, for the third quarter of fiscal 2007.
Net sales for the first nine months of fiscal year 2008 increased 32.6% to $42.6 million compared to net sales of $32.1 million for the first nine months of fiscal year 2007. Gross profit increased 47% to $17.3 million for the first nine months of fiscal year 2008 from $11.7 million for the same period in fiscal year 2007. Gross profit margin was 40.6% for the nine months ended July 31, 2008, compared to 36.6% for the same period in fiscal 2007.
Optical Cable Corporation increased net income to $2.2 million, or $0.37 per basic and diluted share, for the nine months ended July 31, 2008, as compared to net income of $442,000, or $0.07 per basic and diluted share, for the same period in 2007.
Neil Wilkin, president and CEO of Optical Cable Corporation, said: This marks the fifth consecutive quarter in which Optical Cable has increased net sales and gross profit compared to the same period in the prior year. The acquisition of SMP Data Communications has enabled Optical Cable to offer an integrated suite of cabling and connectivity solutions which, together with our other strategic and marketing initiatives, position Optical Cable for strong financial performance and shareholder value creation.
