Optical Cable Corporation Expects to End Fiscal Year on Positive Sales Note
ROANOKE, Va., Nov. 5 /PRNewswire/ -- Optical Cable Corporation (Nasdaq: OCCF) reported this morning that it expects to end its fiscal year on a positive sales note. For the fiscal year ended October 31, 2001, Optical Cable Corporation expects its net sales to exceed $60 million, surpassing $58.2 million in net sales for fiscal 2000.
"No conclusions should be drawn as to net income for the year at this time, in part because the Company had over $11 million in securities trading losses during fiscal 2001," observed Neil Wilkin, the Company's Senior Vice President & Chief Financial Officer. "While the trading losses will distort the results for fiscal 2001, they will not be a factor going forward."
On October 8, 2001, the Company announced the liquidation of all remaining tradable securities in accordance with its policy to invest excess funds only in money market funds or other similar non-volatile securities.
The Company expects to report fiscal year 2001 results in mid to late December 2001.
Robert Kopstein, the Company's Chairman & Chief Executive Officer, and Mr. Wilkin will be at the AEA Classic, a financial conference sponsored by the American Electronics Association, in San Diego, California today and tomorrow (November 5 and 6, 2001) to discuss the Company's prospects. In particular, they will emphasize the diversity of the Company's markets. "Optical Cable is fortunate that its business has never focused on the long-haul telco market," stated Mr. Kopstein. "This has helped shield the Company from the recent turmoil in that sector."
Note: This news release may contain certain "forward-looking" information within the meaning of the federal securities laws. The forward-looking information may include, among other information, (i) statements concerning Optical Cable Corporation's (the "Company") outlook for the future, (ii) statements of belief, (iii) future plans, strategies or anticipated events, and (iv) similar information and statements concerning matters that are not historical facts. Such forward-looking information is subject to risks and uncertainties that may cause actual events to differ materially from the expectations of the Company. Factors that could cause or contribute to such differences include, but are not limited to, the level of sales to key customers, the economic conditions affecting network service providers, the slowdown in corporate spending on information technology, actions by competitors, fluctuations in the price of raw materials (including optical fiber), the Company's dependence on a single manufacturing facility, the ability of the Company to protect its proprietary manufacturing technology, market conditions influencing prices or pricing, the Company's dependence on a limited number of suppliers, an adverse outcome in litigation, claims and other actions against the Company, technological changes and introductions of new competing products, changes in market demand, exchange rates, productivity, weather and market and economic conditions in the areas of the world in which the Company operates and markets its products.
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SOURCE Optical Cable Corporation
/CONTACT: Robert Kopstein, Chairman & CEO, kopstein@occfiber.com , or
Neil Wilkin, Senior VP & CFO, nwilkin@occfiber.com , both of Optical Cable
Corporation, +1-540-265-0690; General Info., Alison Ziegler, Analyst Info.,
Peter Seltzberg, or Media Info., Judith Sylk-Siegel, of FRB Weber Shandwick,
+1-212-445-8400/
/Web site: occfiber.com / |
