What a Great Quarter! Monday Will Be A Blast!
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ms Holdings, Inc..
(OTCBB: OPXS)
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Optex Systems Reports Fiscal Second Quarter Financial Results
On Wednesday May 13, 2009, 7:45 am EDT
Optex Systems Holdings, Inc. (Optex) (OTC.BB: OPXS), a leading manufac=
turer of optical sighting systems and assemblies primarily for Department o=
f Defense applications, today announced financial results for the Company’s=
fiscal second quarter ended March 29, 2009.
For the quarter ended March 29, 2009, the Company recorded increased =
revenues of $6,708,286, as compared to revenues during the same period one =
year ago of $5,628,115, an increase of approximately 19.6%. This increase i=
n revenue was primarily due to improved order flow from its primary custome=
rs, including the U.S. Government.
During the quarter ended March 29, 2009, the Company recorded cost of =
goods sold of $6,151,915 compared to $5,026,005 during the quarter ended Ma=
rch 30, 2008, an increase of $1.2 million or 24.0%. This increase in cost o=
f goods sold was primarily due to increased revenue on its periscope lines =
in support of higher backlog and accelerated delivery schedules, in additio=
n to increased intangible amortization associated with the acquisition of t=
he assets of Optex Systems, Inc. (Texas) from Irvine Sensors Corp. on Octob=
er 14, 2008. The gross margin during the quarter ended March 29, 2009 was 8=
.3% of revenues as compared to a gross margin of 10.7% during the quarter e=
nded March 30, 2008. Product gross margins are substantially improved over =
the prior year quarter due to changes in revenue mix combined with signific=
ant labor cost efficiency improvements, however this margin increase is off=
set by higher non-cash intangible amortization attributable to costs of goo=
ds sold of approximately $400,000 or 5.3% of revenues in the quarter result=
ing in the decrease. Excluding the non-cash intangible amortization, gross =
margins for the quarter ended March 29, 2009 would have increased to 13.6%.=
The company recorded a loss before other expenses and taxes of $(148,6=
24) compared to a loss before other expenses and taxes of $(628,526) during=
the year ago period, an improvement of 83%. This reduced loss before other=
expenses and taxes was primarily due to increased sales revenue in the qua=
rter combined with reductions in general and administrative expenses driven=
by the elimination of Irvine Sensors corporate costs and associated overhe=
ad.
Net loss for the quarter was of $(326,545) compared to $(678,389) duri=
ng the year ago period, an improvement of over 51%. This decrease in net lo=
ss was principally the result of a reduction in operating expenses related =
to the elimination of Irvine Sensors corporate costs and associated overhea=
d in the three months ended March 30, 2008, combined with increased revenue=
during the quarter. Excluding the impact of the increased intangible expen=
ses of $400,000 the Company would have recorded net income of $70,000 for t=
he three months ended March 29, 2009. Loss before taxes was $(239,881) agai=
nst loss before taxes of $(678,389) last year. Basic and diluted loss per s=
hare was $0.00 against $0.00 versus the same period last year. The company =
reported operational net cash flow of $447,572 as compared to $328,458 duri=
ng the year ago period, a 36% increase. As of March 29, 2009, the Company h=
ad cash and cash equivalents of $1.2 million.
Danny Schoening, COO of Optex Systems, commented, "We are pleased=
to report record results for the first time as a publicly-traded company f=
or our fiscal second quarter in 2009. Optex enjoys a solid business model b=
uilt on consistent order flow from the U.S. Government and other key custom=
ers. During the quarter we were able to grow revenues nearly 20% year over =
year as a result of ramped up production and accelerated shipments to exist=
ing customers." Mr. Schoening continued, "It is also important to=
note we made significant strides in improving our productivity during the =
quarter. These efforts resulted in a 27% increase in product gross margins =
during the quarter, excluding the amortization of non-cash intangible items=
."
ABOUT OPTEX SYSTEMS
Optex, which was founded in 1987, is a Richardson, Texas-based ISO 900=
1:2008 certified concern, which manufactures optical sighting systems and a=
ssemblies primarily for Department of Defense (DOD) applications. Optex Sys=
tems was previously a wholly-owned subsidiary of Irvine Sensors Corporation=
. On October 14, 2008, Optex Systems, Inc. (Delaware) acquired the assets o=
f Optex Systems, Inc. (Texas) from Irvine Sensors Corporation, and subseque=
ntly became a wholly-owned subsidiary of Optex Systems Holdings, Inc. Its p=
roducts are installed on a majority of types of U.S. military land vehicles=
, such as the Abrams and Bradley fighting vehicles, Light Armored and Advan=
ced Security Vehicles and have been selected for installation on the Stryke=
r family of vehicles. Optex also manufactures and delivers numerous perisco=
pe configurations, rifle and surveillance sights and night vision optical a=
ssemblies. Optex delivers its products both directly to the military servic=
es and to prime contractors. For additional information, please visit the C=
ompany’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-lookin=
g statements," all of which are subject to risks and uncertainties. Yo=
u can identify these forward-looking statements by their use of words such =
as "expects," "plans," "will," "estimate=
s," "forecasts," "projects" and other words of sim=
ilar meaning. You can identify them by the fact that they do not relate str=
ictly to historical or current facts. These statements are likely to addres=
s the Company’s growth strategy, financial results and product and developm=
ent programs. You must carefully consider any such statement and should und=
erstand that many factors could cause actual results to differ from the Com=
pany’s forward-looking statements. These factors include inaccurate assumpt=
ions and a broad variety of other risks and uncertainties, including some t=
hat are known and some that are not. No forward-looking statement can be gu=
aranteed and actual future results may vary materially.
The Company does not assume the obligation to update any forward-looki=
ng statement. You should carefully evaluate such statements in light of fac=
tors described in the Company’s filings with the SEC, especially on Forms 1=
0-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 ident=
ify all such factors. Consequently, you should not consider any such list t=
o be a complete list of all potential risks or uncertainties.
Contact:
Its products include electronic sighting systems, laser protected glass pe=
riscopes, laser and non-laser protected plastic periscopes, Howitzer sight=
ing systems, ship binoculars, and replacement optics, such as filters and =
mirrors. Its products are installed on a variety of U.S. military land veh=
icles, 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 milit=
ary services and to prime contractors.
Produ=
cts
Its products are installed on a variety of U.S. military land vehicles, su=
ch as the Abrams and Bradley fighting vehicles, Light Armored and Armored =
Security Vehicles and have been selected for installation on the Stryker f=
amily of vehicles. Optex also manufactures and delivers numerous periscope=
configurations, rifle and surveillance sights and night vision optical as=
semblies. Optex delivers its products both directly to the military servic=
es and to prime contractors.
Optex delivers high volume products, under multi-year contracts, to large d=
efense contractors.The Company also anticipates the opportunity to integra=
te some of its night vision and optical sights products into retail applic=
ations. Specific product lines include:
Electronic sighting systems
Mechanical sighting systems
Laser protected glass periscopes
Laser protected plastic periscopes
Non-laser protected plastic periscopes
Howitzer sighting systems
Ship binoculars
Replacement optics (e.g. filters, mirrors)
Market Opportunity
U.S. Military
Optex products are currently marketed in the military and related governmen=
t markets. Since 1998, American military spending has increased over 225% =
on an annual basis to over $600 billion per year. As the American presence=
overseas continues, this level of spending should continue to exist. Also=
, the market for replacement parts for existing military equipment is signi=
ficant. Optex meets the U.S. military requirements in its product lines:
- Reliability – failure can cost lives
- Cost effectiveness
- Ability to deliver on schedule
- Armed forces need to be able to see to perform
- Mission critical products.
Therefore, Optex is well positioned to continue to service U.S. military ne=
eds.
Commercial/Retail
Optex products are currently sold exclusively to military and related gover=
nment markets. We believe we have significant potential retail opportunitie=
s to commercialize various products we presently manufacture. Our initial =
focus will be directed in three product areas.
-
Big Eye Binoculars – While the military application we produ=
ce is based on mature military designs, Optex owns all castings, tooling an=
d glass technology. These large fixed mount binoculars could be sold to Cr=
uise Ships, Personal Yachts and Cities/Municipalities.
- Night Vision Goggles – Optex presently manufactures the =
Optical System for the NL-61 Night Vision Sights for the Ministry of Defens=
e of Israel. This technology is based on the IR Squared design and could be=
implemented for retail commercial applications.
- Infrared Imaging Equipment – Optex manufactures an=
d assembles Infrared Imaging Equipment for Textron and components for Rayth=
eon’s Thermal Imaging M36 Mount product. This equipment and technolog=
y has potential to be assembled for border patrol, police and security agen=
cies.
Optex Systems Holdings, Inc=
.
1420 Presidential Drive
Richardson, TX 75081-2439
United States
Phone: 972-644-0722
Website: www.optexsys.com
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king statements" within the meaning of Section 27A of the Securities A=
ct of 1933, as amended, and Section 21E the Securities Exchange Act of 1934=
, as amended and such forward-looking statements are made pursuant to the s=
afe harbor provisions of the Private Securities Litigation Reform Act of 19=
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ans, results, or strategies and are generally preceded by words such as &qu=
ot;may", "future", "plan" or "planned", =
"will" or "should", "expected," "anticip=
ates", "draft", "eventually" or "projected&qu=
ot;. You are cautioned that such statements are subject to a multitude of r=
isks and uncertainties that could cause future circumstances, events, or re=
sults to differ materially from those projected in the forward-looking stat=
ements, including the risks that actual results may differ materially from =
those projected in the forward-looking statements as a result of various fa=
ctors, and other risks identified in a companies’ annual report on Form 10-=
K or 10-KSB and other filings made by such company with the Securities and =
Exchange Commission. You should consider these factors in evaluating the fo=
rward-looking statements included herein, and not place undue reliance on s=
uch statements. The forward-looking statements in this release are made as =
of the date hereof and Shazamstocks Inc undertakes no obligation to update =
such statements.
CONT=
ACT: Ken Weiner Tel: +1 561 793 2665 e-mail: editor@shazamstocks.com
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[...] What a Great Quarter! Monday Will Be A Blast! : Stock-Profiles.coming systems, ship binoculars, and replacement optics, such as filters and = mirrors. Its products are installed on a variety of U.S. military land veh= icles, such as the Abrams and Bradley fighting vehicles, Light Armored and= … [...]