Optex Systems Holdings, Inc. Announces Financial Highlights for the Three Months Ended December 31, 2023
RICHARDSON, TX / ACCESSWIRE / February 12, 2024 / Optex Systems Holdings, Inc. (Nasdaq:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, announced financial results for the three months ended December 31, 2023.
Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, "We are off to a great start in 2024. Our results clearly show that the supply chain is strengthening and we are successfully executing on the historically high backlog. Demand remains high as Optex and our customers continue to achieve wins in the marketplace. The future is very exciting."
For the three months ended December 31, 2023, our total revenues increased by
Gross profit increased
For the three months ended December 31, 2023, we recorded operating income of
As of December 31, 2023, Optex Systems Holdings had working capital of
At December 31, 2023, the Company had
Our key performance measures for the three months ended December 31, 2023 and January 1, 2023 are summarized below.
(Thousands) Three months ended | ||||||||||||
Metric | December 31, 2023 | January 1, 2023 | % Change | |||||||||
Revenue | $ | 6,968 | $ | 4,040 | 72.5 | |||||||
Gross Profit | $ | 1,684 | $ | 717 | 134.9 | |||||||
Gross Margin % | 24.2 | % | 17.7 | % | 36.7 | |||||||
Operating Income (Loss) | $ | 553 | $ | (282 | ) | - | ||||||
Net Income (Loss) | $ | 431 | $ | (223 | ) | - | ||||||
Adjusted EBITDA (non-GAAP) | $ | 758 | $ | (166 | ) | - |
During the three months ended December 31, 2023, the Company booked
Backlog as of December 31, 2023 was
The table below summarizes our three-month operating results for the periods ended December 31, 2023 and January 1, 2023, in terms of both the GAAP net income measure and the non-GAAP Adjusted EBITDA measure. We believe that including both measures allows the reader to better evaluate our overall performance.
(Thousands) Three months ended | ||||||||
December 31, 2023 | January 1, 2023 | |||||||
Net Income (Loss) (GAAP) | $ | 431 | $ | (223 | ) | |||
Add: | ||||||||
Depreciation and Amortization | 92 | 81 | ||||||
Federal Income Tax Expense (Benefit) | 115 | (59 | ) | |||||
Stock Compensation | 113 | 35 | ||||||
Interest Expense | 7 | - | ||||||
Adjusted EBITDA - Non GAAP | $ | 758 | $ | (166 | ) |
Adjusted EBITDA has limitations and should not be considered in isolation or a substitute for performance measures calculated under GAAP. This non-GAAP measure excludes certain cash expenses that we are obligated to make. In addition, other companies in our industry may calculate Adjusted EBITDA differently than we do or may not calculate it at all, which limits the usefulness of Adjusted EBITDA as a comparative measure.
During the three months ended December 31, 2023, we recorded net income of
Our Adjusted EBITDA increased by
Highlights of the Consolidated and Segment Results of Operations have been prepared in accordance with GAAP. These financial highlights do not include all information and disclosures required in the consolidated financial statements and footnotes and should be read in conjunction with our Quarterly Report on Form 10-Q for the three months ended December 31, 2023 filed with the SEC on February 12, 2024.
Subsequent to the end of the quarter, on January 18, 2024, the Company acquired certain intellectual property and technical and marketing information relating to the Speedtracker Mach product line and entered into an asset purchase agreement and a contract manufacturing agreement with RUB Aluminium s.r.o. ("RUB"). The Company acquired the assets using
Optex Systems Holdings, Inc.
Condensed Consolidated Balance Sheets
(Thousands, except share and per share data) | ||||||||
December 31, 2023 (Unaudited) | October 1, 2023 | |||||||
ASSETS | ||||||||
Cash and Cash Equivalents | $ | 2,373 | $ | 1,204 | ||||
Accounts Receivable, Net | 2,430 | 3,624 | ||||||
Inventory, Net | 12,685 | 12,153 | ||||||
Contract Asset | 258 | 336 | ||||||
Prepaid Expenses | 154 | 219 | ||||||
Current Assets | 17,900 | 17,536 | ||||||
Property and Equipment, Net | 964 | 998 | ||||||
Other Assets | ||||||||
Deferred Tax Asset | 887 | 922 | ||||||
Right-of-use Asset | 2,615 | 2,740 | ||||||
Security Deposits | 23 | 23 | ||||||
Other Assets | 3,525 | 3,685 | ||||||
Total Assets | $ | 22,389 | $ | 22,219 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts Payable | $ | 1,796 | $ | 810 | ||||
Operating Lease Liability | 625 | 620 | ||||||
Federal Income Taxes Payable | 326 | 247 | ||||||
Accrued Expenses | 992 | 1,265 | ||||||
Accrued Selling Expense | 280 | 336 | ||||||
Accrued Warranty Costs | 48 | 75 | ||||||
Contract Loss Reserves | 308 | 243 | ||||||
Customer Advance Deposits | 481 | 481 | ||||||
Current Liabilities | 4,856 | 4,077 | ||||||
Other Liabilities | ||||||||
Credit Facility | - | 1,000 | ||||||
Operating Lease Liability, net of current portion | 2,156 | 2,282 | ||||||
Other Liabilities | 2,156 | 3,282 | ||||||
Total Liabilities | 7,012 | 7,359 | ||||||
Commitments and Contingencies | - | |||||||
Stockholders' Equity | ||||||||
Common Stock - ( | 7 | 7 | ||||||
Additional Paid in Capital | 21,371 | 21,285 | ||||||
Accumulated Deficit | (6,001 | ) | (6,432 | |||||
Stockholders' Equity | 15,377 | 14,860 | ||||||
Total Liabilities and Stockholders' Equity | $ | 22,389 | $ | 22,219 |
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