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Optex Systems Holdings Inc. (OPXS+1.03%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $8.2 million from $7 million in the same quarter the previous year. The increase is attributed to higher sales at the Applied Optics Center segment.
Cost of sales for the quarter was $6.1 million, representing 74% of sales, compared to 76% in the same quarter of the previous year. This decrease in cost ratio is due to changes in product mix and higher revenue against a fixed cost base.
The company reported a gross profit of $2.1 million for the quarter, compared to $1.7 million in the previous year, with the increase attributed to higher revenue and improved product mix.
General and administrative expenses increased to $1.2 million from $1.1 million, primarily due to increased royalties and selling expenses.
Net income for the quarter was $844,000, up from $431,000 in the previous year. The increase is driven by higher revenue and gross profit.
Cash provided by operating activities was $2.8 million, while cash used in investing and financing activities was $319,000 and $1 million, respectively.
Optex Systems had a working capital of $15.9 million as of December 29, 2024. The company plans to use its cash and credit line to support inventory purchases and potential acquisitions.
The filing also details the company's credit facility with Texas Capital Bank, which has a principal amount of $3 million and an interest rate of 7.35% per annum.
Optex Systems does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its product lines and increasing production capacity to meet customer demand.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Optex Systems Holdings Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.