Click here to close now.

SYS-CON MEDIA Authors: VictorOps Blog, Tim Hinds, Mike Kavis, Peter Silva, Glenn Rossman

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
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Application metrics, logs, and business KPIs are a goldmine. It’s easy to get started with the ELK stack (Elasticsearch, Logstash and Kibana) – you can see lots of people coming up with impressive dashboards, in less than a day, with no previous experience. Going from proof-of-concept to production tends to be a bit more difficult, unfortunately, and it tends to gobble up our attention, time, and money. In his session at DevOps Summit, Otis Gospodnetić, co-author of Lucene in Action and founder...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...