Second Quarter 2012 Financial Results
OCC's consolidated net sales for the second quarter of fiscal year 2012 were the highest in OCC's history - exceeding the previous quarterly net sales record set in the fourth quarter of fiscal year 2011.
Consolidated net sales for the second quarter of fiscal 2012 increased 28.3% to $22.1 million, compared to consolidated net sales of $17.2 million for the same period last year. The increase in net sales during the second quarter of fiscal 2012 was attributable primarily to increased sales of the Company's fiber optic cable products.
Net sales to customers in the United States increased 20.5% in the second quarter of fiscal 2012, compared to the same period last year, and net sales to customers outside of the United States increased 56.3%. Additionally, the Company achieved an increase in net sales during the second quarter of fiscal 2012 in both its commercial and specialty markets, compared to the second quarter of fiscal 2011.
Gross profit increased 49.1% to $8.9 million in the second quarter of fiscal 2012, compared to $5.9 million in the second quarter of fiscal year 2011. Gross profit margin, or gross profit as a percentage of net sales, increased to 40.2% in the second quarter of fiscal 2012 from 34.6% in the second quarter of fiscal year 2011.
OCC recorded net income attributable to the Company of $949,000, or $0.15 per basic and diluted share, for the second quarter of fiscal 2012, compared to a net loss attributable to the Company of $90,000, or $0.02 per basic and diluted share, for the second quarter of fiscal 2011.
Fiscal Year-to-Date 2012 Financial Results
Consolidated net sales for the first half of fiscal 2012 increased 12.9% to $39.4 million, compared to net sales of $34.9 million for the same period last year. The increase in net sales during the first half of fiscal 2012 was primarily attributable to increased sales of the Company's fiber optic cable products.
Net sales to customers in the United States increased 10.3% in the first half of fiscal year 2012, compared to the same period last year, and net sales to customers outside of the United States increased 20.4%. Additionally, the Company achieved an increase in net sales during the first half of fiscal year 2012 in its commercial markets, but this increase was partially offset by decreases in net sales in its specialty markets.
Gross profit increased 21.4% to $15.0 million in the first half of fiscal 2012, compared to $12.4 million in the first half of fiscal 2011. Gross profit margin increased to 38.1% in the first half of fiscal 2012 from 35.4% in the first half of fiscal 2011.
OCC recorded net income attributable to the Company of $1.1 million, or $0.18 per basic and diluted share, for the first half of fiscal year 2012, compared to $312,000, or $0.05 per basic and diluted share, for the same period in fiscal year 2011.
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