World News: 22:00 GMT Monday 11th February 2019. [Optex Systems Holdings, Inc. via Globe Newswire via SPi World News]
RICHARDSON, Texas, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Optex Systems Holdings, Inc. (OTCQB:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, announced financial highlights from the first quarter period ended December 30, 2018 financial results.
Optex Systems Holdings, Inc. is pleased to report on our 10Q performance for the three months ended December 30, 2018. During the three months ended December 30, 2018, we have experienced significant revenue growth of 23.3%, improvements in gross margin percentages of 1.1% and reductions in our general and administrative expenses of 3.9%, as compared to the three months ended December 31, 2017. During the first three months of fiscal year 2019, our adjusted EBITDA is up 74.5% from the prior year period and our backlog is up 0.9% from September 30, 2018. Our key performance measures for the three month periods are summarized below.
Based on increased backlog and orders during the 2018 year and first quarter of 2019, Optex Systems Holdings, Inc. anticipates continued strong performance for the remaining nine months of the 2019 fiscal year as compared to the fiscal year 2018 period performance. Increased customer orders and backlog levels paired with accelerated production and delivery rates for our military products and increased gross margins and lower general and administrative spending are projected to continue.
Danny Schoening, CEO of Optex Systems Holdings, Inc., commented, “We are extremely pleased with our first quarter performance and continue to be optimistic about the industry and overall defense related spending. We continue to see efficiency gains in our factories and our position within the market strengthen. Our backlog remains strong and we continue to see increased revenue, increased gross margin, and increased earnings.”
Highlights of the unaudited Condensed Consolidated and Segment Results of Operations have been prepared in accordance with U.S. generally accepted accounting principles (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 the Form 10-Q for the three months ended December 30, 2018 filed with the SEC on February 11, 2019 and Form 10-K for the annual period ended September 30, 2018 filed with the SEC on December 20, 2018.
Optex, which was founded in 1987, is a Richardson, Texas based ISO 9001:2015 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, 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 military services and to prime contractors. For additional information, please visit the Company's website at .
You must carefully consider any such statement and should understand that many factors could cause actual results to differ from the Company's forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors described in the Company's filings with the SEC, especially on Forms 10-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 identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties.
Globe Newswire: 22:00 GMT Monday 11th February 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 0751938.