Welcome!

News Feed Item

Optex Systems Releases First Quarter 2013 Results

RICHARDSON, TX--(Marketwire - February 11, 2013) - Optex Systems Holdings, Inc. (OTCBB: OPXS), a leading manufacturer of optical sighting systems and assemblies primarily for Department of Defense applications, reported operating results for its fiscal quarter ended December 30, 2012.

Revenues for the quarter were $3.9 million as compared to revenues during the same period one year ago of $4.3 million, representing a decrease of 9.3%. The reduction in revenues was primarily attributable to completion of the M137 Howitzer program in March 2012. The revenue decrease in the current quarter was offset by an increase in gross margin percentages over the prior year quarter due to a shift to more profitable programs, thus the gross margin during the three months ending December 30, 2012 and January 1, 2012 was $0.07 million for both periods. During the three months ended December 30, 2012, we recorded a net income applicable to common shareholders of $.04 million as compared to a net loss applicable to common shareholders of ($0.16) million during the three months ended January 1, 2012. The increase in net income of $0.2 million is primarily attributable to decreased deferred income taxes of $0.04 million, decreased preferred stock dividends of $0.11 million, decreased interest expense of $0.01 million and increased operating profit of $0.04 associated with lower general and administrative spending.

Danny Schoening, CEO of the Company, commented, "In our first fiscal quarter we've seen steady demand from both domestic and international customers as we continue to monitor the automatic spending cuts (sequestration) planned for March 1, 2013 by the United States Government. It is unknown as to when or if these requirements will change given the proposed reductions in military spending. To offset this potential reduction in spending, we are continuing our effort to invest in product development as we look for new applications in corollary products for new markets."

ABOUT OPTEX SYSTEMS

Optex, which was founded in 1987, is a Richardson, Texas based ISO 9001:2008 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Armored Security Vehicles, and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company's website at www.optexsys.com.

Safe Harbor Statement

This press release and other written reports and oral statements made from time to time by the Company may contain so-called "forward-looking statements," all of which are subject to risks and uncertainties. You can identify these forward-looking statements by their use of words such as "expects," "plans," "will," "estimates," "forecasts," "projects" and other words of similar meaning. You can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address the Company's growth strategy, financial results and product and development programs. You must carefully consider any such statement and should understand that many factors could cause actual results to differ from the Company's forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially.

The Company does not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors described in the Company's filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. In various filings the Company has identified important factors that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties.

                                                                            
                                                                            
                        Optex Systems Holdings, Inc.                        
                        Consolidated Balance Sheets                         
                                                                            
                                                                            
                                                        (Thousands)         
                                                                            
                                                December 30,                
                                                    2012      September 30, 
                                                (Unaudited)        2012     
                                               -------------  ------------- 
                                                                            
                    ASSETS                                                  
                                                                            
Current Assets                                                              
Cash                                           $       1,413  $       1,653 
Accounts Receivable                                    1,939          1,843 
Net Inventory                                          7,773          7,094 
Prepaid Expenses                                          76             28 
                                               -------------  ------------- 
Total Current Assets                           $      11,201  $      10,618 
                                                                            
Property and Equipment                                                      
Property Plant and Equipment                   $       1,613  $       1,584 
Accumulated Depreciation                              (1,410)        (1,392)
                                               -------------  ------------- 
Total Property and Equipment                   $         203  $         192 
                                                                            
Other Assets                                                                
Deferred Tax Asset - Long Term                 $       1,134  $       1,157 
Prepaid Royalties - Long Term                            203            210 
Security Deposits                                         21             21 
                                               -------------  ------------- 
Total Other Assets                             $       1,358  $       1,388 
                                               -------------  ------------- 
                                                                            
  Total Assets                                 $      12,762  $      12,198 
                                               =============  ============= 
                                                                            
     LIABILITIES AND STOCKHOLDERS' EQUITY                                   
                                                                            
Current Liabilities                                                         
Accounts Payable                               $       1,027  $       1,109 
Accrued Expenses                                         935            754 
Accrued Warranties                                        25             25 
Customer Advance Deposits - Short Term                 1,092            776 
                                               -------------  ------------- 
Total Current Liabilities                      $       3,079  $       2,664 
                                               -------------  ------------- 
                                                                            
Other Liabilities                                                           
Customer Advance Deposits - Long Term                  2,025          1,944 
                                               -------------  ------------- 
                                                                            
Total Other Liabilities                        $       2,025  $       1,944 
                                               -------------  ------------- 
                                                                            
Total Liabilities                              $       5,104  $       4,608 
                                                                            
Stockholders' Equity                                                        
Optex Systems Holdings, Inc. - (par $0.001,                                 
 2,000,000,000 authorized, 152,346,607 and                                  
 152,346,607 shares issued and outstanding,                                 
 respectively)                                 $         152  $         152 
Optex Systems Holdings, Inc. Preferred Stock                                
 ($0.001 par 5,000 authorized, 1,023 and 1,027                              
 series A preferred issued and outstanding,                                 
 respectively)                                             -              - 
Additional Paid-in-capital                            17,826         17,799 
Retained Earnings (Deficit)                          (10,320)       (10,361)
                                               -------------  ------------- 
                                                                            
Total Stockholders' Equity                     $       7,658  $       7,590 
                                               -------------  ------------- 
                                                                            
Total Liabilities and Stockholders' Equity     $      12,762  $      12,198 
                                               =============  ============= 
                                                                            
                                                                            
 The accompanying notes are an integral part of these financial statements  
                                                                            
                                                                            
                                                                            
                        Optex Systems Holdings, Inc.                        
             Consolidated Statements of Operations (Unaudited)              
                                                                            
                                                        (Thousands)         
                                                     Three months ended     
                                                                            
                                                 December 30,   January 1,  
                                                     2012          2012     
                                                ------------- ------------- 
                                                                            
Revenues                                        $       3,850 $       4,270 
                                                                            
Total Cost of Sales                                     3,152         3,568 
                                                ------------- ------------- 
Gross Margin                                    $         698 $         702 
                                                                            
General and Administrative                                635           676 
                                                ------------- ------------- 
Operating Income (Loss)                         $          63 $          26 
                                                                            
Other Expenses                                                              
Interest Expense - Net                                      -            10 
                                                ------------- ------------- 
Total Other                                     $           - $          10 
                                                                            
Income Before Taxes                             $          63 $          16 
                                                                            
Deferred Income Taxes (Benefit)                            22            65 
                                                ------------- ------------- 
Net Income (Loss) After Taxes                   $          41 $         (49)
                                                ============= ============= 
                                                                            
Less preferred stock dividend (accrued) waived  $           - $        (107)
                                                                            
Net income (loss) applicable to common                                      
 shareholders                                   $          41 $        (156)
                                                                            
                                                ------------- ------------- 
Basic and diluted income (loss) per share       $        0.00 $       (0.00)
                                                ============= ============= 
                                                                            
Weighted Average Common Shares Outstanding        152,346,607   139,444,940 
                                                                            
                                                                            
 The accompanying notes are an integral part of these financial statements  
                                                                            
                                                                            
                                                                            
                        Optex Systems Holdings, Inc.                        
             Consolidated Statements of Cash Flows (Unaudited)              
                                                                            
                                                        (Thousands)         
                                                                            
                                                    Three months ended      
                                                                            
                                                December 30,    January 1,  
                                                    2012           2012     
                                               -------------  ------------- 
                                                                            
Cash flows from operating activities:                                       
Net income (loss)                              $          41  $         (49)
                                                                            
Adjustments to reconcile net loss to net cash                               
 used in operating activities:                                              
  Depreciation and amortization                           18            113 
  Noncash interest expense (income)                        -              5 
  Stock option compensation expense                       27             28 
  (Increase) decrease in accounts receivable             (96)           382 
  (Increase) decrease in inventory (net of                                  
   progress billed)                                     (679)          (134)
  (Increase) decrease in prepaid expenses                (48)           (29)
  (Increase) decrease in deferred tax asset                                 
   (net of valuation allowance)                           23             65 
  Increase (decrease) in accounts payable and                               
   accrued expenses                                      101           (277)
  Increase (decrease) in customer advance                                   
   deposits                                              397              - 
  Increase (decrease) in accrued estimated                                  
   loss on contracts                                      (2)             - 
                                               -------------  ------------- 
Total adjustments                              $        (259) $         153 
                                               -------------  ------------- 
Net cash (used)/provided by operating                                       
 activities                                    $        (218) $         104 
                                               -------------  ------------- 
                                                                            
Cash flows from investing activities:                                       
(Increase) decrease in prepaid royalties -                                  
 long term                                                 7              - 
Purchased of property and equipment                      (29)             - 
                                               -------------  ------------- 
Net cash (used in) provided by investing                                    
 activities                                    $         (22) $           - 
                                               -------------  ------------- 
                                                                            
Cash flows from financing activities:                                       
  Proceeds (to) from credit facility (net)                 -           (319)
                                                                            
                                               -------------  ------------- 
Net cash (used In) provided by financing                                    
 activities                                    $           -  $        (319)
                                               -------------  ------------- 
                                                                            
Net increase (decrease) in cash and cash                                    
 equivalents                                   $        (240) $        (215)
Cash and cash equivalents at beginning of                                   
 period                                                1,653          1,514 
                                               -------------  ------------- 
Cash and cash equivalents at end of period     $       1,413  $       1,299 
                                               =============  ============= 
                                                                            
Supplemental cash flow information:                                         
Cash paid for interest                         $           -              5 
                                                                            
                                                                            
  The accompanying notes are an integral part of these financial statements 
                                                                            
                                                                            

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...