OCC - Optical Cable shares down 13% after coronavirus hurts FY20 revenue

Optical Cable (OCC) is down 12.88% after the company posted a decline of 22.5% Y/Y in FY 2020 revenue to $55.3M.The annual decline in revenue reflects the negatively impacted net sales of the enterprise (-11.4% Y/Y) and specialty (-30% Y/Y) markets.Q4 revenue $13.9M (-23.9% Y/Y)."We believe net sales during fiscal year 2020 were negatively impacted by the COVID-19 pandemic, as certain customers limited their operations and reduced or delayed product purchases," reports OCC.Gross profit of $4.2M (-14.7% Y/Y).Gross profit margin at 30.3% vs. 27.1% in Q4 2019.However, sequentially the company's net sales increased 1.8% with gross profit up 21.3% in Q4 compared to Q3 2020.Net loss of $406K or $0.06/share compared to a net loss of $657K or $0.09/share a year ago."While 2020 was a challenging year, due to the actions we took to serve customers and protect the business, we believe OCC is positioned to build on its strong market positioning

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Optical Cable shares down 13% after coronavirus hurts FY20 revenue