Opt-Sciences Corporation Quarterly Report: First Quarter Ended January 28, 2012

March 16, 2012

Opt-Sciences Corporation (OCTQB: OPST.PK) reported net sales for its fiscal first quarter ended January 28, 2012 fell 24.1% to $1.39 million compared to net sales of $1.83 million for the first quarter of the prior fiscal year.  The lower sales were primarily a result of a substantial inventory accumulation by a customer due to it moving its manufacturing operations which occurred during the first quarter of fiscal 2011.  The company stated that it expects to see sales of approximately $1.9 million during the second quarter of fiscal 2012 as sales seem to be rebounding from the recent lows.

Net income for the first quarter of fiscal 2012 dropped 40.5% to $141 thousand, or $0.18 per share, versus net income of $238 thousand, or $0.31 per share, for the first quarter of fiscal 2011.  Net income for the most recent quarter was negatively impacted by the combination of lower sales and much lower gross profit margins due to reduced operating efficiencies.

As of January 28, 2012, the balance sheet reflected current assets of $11.28 million (including cash and cash equivalents of $1.57 million and marketable securities of $7.67 million), total assets of $12.06 million, current liabilities of $395 thousand and no long-term debt.  During the first quarter of fiscal 2012, shareholders’ equity increased a modest 1.6% to $11.67 million.

Opt-Sciences Corporation provides anti-glare solutions on glass primarily to cover instrument panels in aircraft cockpits.  The company also provides other services such as full glass cutting, grinding and painting operations to augment the optical coating operations.

Source: Opt-Sciences Corporation

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