Due to the weather, some customers may experience late delivery of The Roanoke Times. We apologize for the delay.
Even so, the CEO told a conference call that trends are favorable for the Roanoke County company.
Tuesday, September 17, 2013
Optical Cable Corp. of Roanoke County said it lost money during its latest quarter after a drop in sales and higher expenses.
The company lost $125,000, or 2 cents a share, on sales of $19.6 million during the three months that ended July 31. By contrast, Optical Cable earned $1.2 million, or 18 cents a share, on revenue of $22 million during the same period of 2012, the company said Sept. 12.
CEO Neil Wilkin told a conference call the same day that trends are favorable. Setting aside two unspecified customers that decreased their purchases from a year ago, net sales increased about 5 percent during the third quarter, he said.
In addition, some of the higher costs relate to expanded production capability at its manufacturing plant in Roanoke County.
But what, to investors, might have been the most interesting event of the third quarter was not mentioned during the conference call.
On Aug. 5, South Carolina businesswoman, education advocate and philanthropist Anita Zucker announced she bought 5.1 percent of Optical Cable's outstanding common stock earlier this summer. Her late husband, Jerry, an electrical engineer and inventor, was successful in business and bought the Canada-based retailer Hudson's Bay Co. He was CEO at the time of his death in 2008. His wife succeeded him in leadership of the company, though someone else has that position today.
Zucker, now chairwoman and CEO of North Charleston-based The InterTech Group, paid $1.3 million for 321,452 shares of Optical Cable stock "for investment purposes," according to her filing with the U.S. Securities and Exchange Commission.
The filing details 27 buys between June 14 and Aug. 2 of between a few hundred and a few thousand shares apiece. She paid a variety of prices between $4.14 and $4.43 per share, the filing said.
Only OCC's top institutional investor, Dimensional Fund Advisers, and Wilkin own more Optical Cable shares than Zucker, Yahoo Finance data show. The stock closed Monday at $4.21 a share, down 16 cents.
Weather JournalComplexities of ice accretion