Filing Analysis
Optical Cable Corporation filed a current report to announce its second quarter fiscal year 2026 financial results via a press release and earnings call held on June 8, 2026.
📋 Key Facts
- The company issued a press release on June 8, 2026, regarding Q2 FY2026 financial results.
- An earnings call was conducted on June 8, 2026.
- The filing includes the press release (Exhibit 99.1) and the earnings call transcript (Exhibit 99.2).
Optical Cable Corporation (OCC) entered into a $2.65 million Business Loan Agreement and Promissory Note with Freedom First Federal Credit Union to refinance existing real estate debt. The new 10-year loan carries a 6.5% fixed interest rate for the first five years, replacing a loan that had an 8.5% interest rate floor.
🚩 Red Flags
- The Promissory Note contains a confession of judgment provision, which waives significant debtor rights.
- The agreement includes cross-default provisions where a default on other third-party agreements could trigger a default on this loan.
📋 Key Facts
- Loan principal amount is $2,650,000.00 with a maturity date of May 1, 2036.
- The loan refinances an existing Virginia Real Estate Loan with Northeast Bank that was set to mature on May 5, 2026.
- Interest rate is fixed at 6.5% for the first 5 years, then shifts to a variable rate (5-year U.S. Treasury yield plus 2.5%) with a 4.5% floor.
- The debt is secured by a Deed of Trust and Assignment of Rents on real property located in Roanoke County, Virginia.
- The Promissory Note includes a 'Confession of Judgment' provision, allowing the lender to obtain a judgment without further notice upon default.
Optical Cable Corporation (OCC) reported the results of its annual shareholder meeting held on March 31, 2026, and furnished a management presentation. Shareholders elected five directors, ratified Crowe LLP as the independent auditor, and approved executive compensation on an advisory basis.
📋 Key Facts
- The annual meeting of shareholders was held on March 31, 2026.
- Five directors were elected: Neil D. Wilkin, Jr., Randall H. Frazier, John M. Holland, John A. Nygren, and Craig H. Weber.
- Crowe LLP was ratified as the independent registered public accounting firm with 5,833,425 votes in favor.
- Executive compensation was approved on a non-binding advisory basis with 4,759,641 votes in favor.
- CEO Neil Wilkin provided a presentation to shareholders, with material portions furnished as Exhibit 99.1.
Optical Cable Corporation announced its financial results for the first quarter of fiscal year 2026 on March 10, 2026. The filing includes the official press release and the transcript of the company's earnings call.
📋 Key Facts
- Financial results for Q1 fiscal year 2026 were released on March 10, 2026.
- The company held a corresponding earnings call on March 10, 2026.
- Exhibit 99.1 contains the press release regarding the financial results.
- Exhibit 99.2 contains the transcript of the earnings call.
Optical Cable Corporation (OCC) filed an 8-K to announce its fourth quarter and fiscal year 2025 financial results. The filing includes a press release and an earnings call transcript as exhibits.
📋 Key Facts
- Company announced Q4 and FY 2025 financial results on December 18, 2025.
- Earnings call was held on December 18, 2025.
- Exhibits include a press release (99.1) and an earnings call transcript (99.2).
Optical Cable Corporation announced its third quarter fiscal year 2025 financial results and held a corresponding earnings call on September 11, 2025.
📋 Key Facts
- Company released Q3 FY2025 financial results via press release on September 11, 2025.
- An earnings call was conducted on September 11, 2025.
- The filing includes Exhibit 99.1 (Press Release) and Exhibit 99.2 (Earnings Call Transcript).
Optical Cable Corporation entered into a $2 million stock purchase agreement with Lightera, LLC for the issuance of 642,199 shares. The agreement includes complex put and call rights that could impact future liquidity and share structure.
🚩 Red Flags
- Complex derivative-like features (Put/Call rights) can create significant future liquidity pressure or dilution risks.
- The Put Right allows the investor to force the company to repurchase shares, which could create a sudden cash drain on the balance sheet in two years.
📋 Key Facts
- Date of Agreement: July 7, 2025
- Total investment amount: $2,000,000
- Number of shares issued: 642,199 common stock shares
- Investor: Lightera, LLC (Delaware LLC)
- The agreement includes Put Rights and Call Rights exercisable after the second anniversary of the effective date.
- A strategic collaboration agreement was also announced to expand product offerings in data center and enterprise sectors.
Optical Cable Corporation announced its second quarter fiscal year 2025 financial results via press release and earnings call on June 5, 2025.
📋 Key Facts
- Company released Q2 FY2025 financial results on June 5, 2025.
- An earnings call was conducted concurrently with the press release release.
- Exhibits include a press release (99.1) and an earnings call transcript (99.2).
Optical Cable Corporation held its annual meeting of shareholders on March 25, 2025. The results included the election of five directors and approval of several shareholder proposals, including an amendment to the 2017 Stock Incentive Plan.
📋 Key Facts
- Annual meeting held on March 25, 2025, in Roanoke, Virginia.
- Five directors were elected: Neil D. Wilkin, Jr., Randall H. Frazier, John M. Holland, John A. Nygren, and Craig H. Weber.
- Shareholders approved a Second Amendment to the 2017 Stock Incentive Plan, authorizing an additional 350,000 Common Shares.
- Crowe LLP was ratified as the independent registered public accounting firm.
- Non-binding advisory votes: Executive compensation was approved; shareholders voted for annual frequency of 'say-on-pay' votes.
Optical Cable Corporation announced its first quarter fiscal year 2025 financial results via press release and earnings call on March 10, 2025.
📋 Key Facts
- Company released Q1 FY2025 financial results on March 10, 2025.
- An earnings call was held concurrently with the press release release on March 10, 2025.
- Financial statements and transcripts are provided as exhibits 99.1 and 99.2.
Optical Cable Corporation announced its fourth quarter and fiscal year 2024 financial results via a press release and earnings call on December 23, 2024.
📋 Key Facts
- Company released Q4 and FY 2024 financial results on December 23, 2024.
- An earnings call was held concurrently with the press release release.
- Financial statements and transcript are provided as exhibits 99.1 and 99.2.
Optical Cable Corporation has determined that its previously issued financial statements for several periods ending in July 2024 should no longer be relied upon due to a required reclassification of its revolving credit facility. The company must move the Revolver balance from noncurrent to current liabilities to comply with GAAP regarding 'subjective acceleration clauses' and lock box arrangements.
🚩 Red Flags
- Restatement of multiple prior periods (Item 4.02).
- Reclassification of debt from noncurrent to current significantly impacts liquidity ratios (Current Ratio/Quick Ratio), which may trigger technical defaults in other agreements despite management's claims.
- The presence of a 'subjective acceleration clause' and lock box arrangements are inherent risks in micro-cap credit structures.
📋 Key Facts
- The company is restating historical balance sheets for fiscal year 2023 (ended Oct 31, 2023) and quarters ending Jan 31, April 30, and July 31 of 2024.
- The error involves the classification of a Revolving Credit Master Promissory Note from noncurrent to current liability.
- The Revolver matures on July 24, 2027.
- Management states the reclassification does not impact total assets, total liabilities, total shareholders' equity, or statements of operations/cash flows.
- No lender has exercised the 'material adverse change' provision to date, and no covenant breaches were triggered by this classification.
Optical Cable Corporation announced its third quarter fiscal year 2024 financial results via press release and earnings call on September 11, 2024.
📋 Key Facts
- Company released Q3 FY2024 financial results on September 11, 2024.
- An earnings call was held concurrently with the press release announcement.
- The filing includes Exhibit 99.1 (Press Release) and Exhibit 99.2 (Earnings Call Transcript).
Optical Cable Corporation (OCC) entered into a Modification Agreement with SLR Business Credit to extend its $18 million revolving credit facility. The agreement extends the loan term from July 2025 to July 2027 and increases the eligible inventory maximum.
🚩 Red Flags
- The extension of the loan maturity by two years suggests the company required more time to manage its debt obligations before the original 2025 expiration.
- Introduction of complex facility fees and 'Benchmark Advance Amounts' increases the cost of capital for the borrower.
📋 Key Facts
- Modification of existing Loan and Security Agreement dated July 24, 2020.
- Extension of the loan expiration date (Termination Date) from July 24, 2025, to July 24, 2027.
- The $18,000,000 Revolving Credit Facility has an outstanding principal balance of approximately $7,837,102 as of July 2, 2024.
- Agreement includes an increase in the 'Eligible Inventory' maximum.
- New facility fee structures introduced for the 6th and 7th contract years (1% of benchmark advance amount plus advances).
- Includes a sliding scale termination fee if the agreement is terminated early or upon acquisition.
Optical Cable Corporation announced its second quarter fiscal year 2024 financial results via a press release and earnings call on June 10, 2024.
📋 Key Facts
- Reported Q2 FY2024 financial results on June 10, 2024.
- Held an earnings call corresponding to the quarterly results announcement.
- Filed press release (Exhibit 99.1) and transcript (Exhibit 99.2) as part of the report.
Optical Cable Corporation (OCC) is replacing its independent auditor, Brown, Edwards & Company, L.L.P., with Crowe LLP for the 2024 fiscal year. The change was prompted by the previous auditor's decision to close its public company audit practice.
🚩 Red Flags
- Auditor change (though non-discretionary in this context due to the firm's business model shift).
📋 Key Facts
- Brown, Edwards & Company, L.L.P. is closing its public company audit practice and can no longer serve as OCC's auditor for FY2024 (ending Oct 31, 2024).
- Crowe LLP has been engaged as the new independent registered public accounting firm, effective immediately as of April 25, 2024.
- The company reports no disagreements with Brown Edwards regarding accounting principles, practices, or auditing procedures for FY2022, FY2023, or interim periods through April 25, 2024.
- Previous audit opinions from Brown Edwards were not qualified, modified, or contained disclaimers/adverse opinions.
Optical Cable Corporation held its annual meeting of shareholders on March 26, 2024. The company successfully elected five directors and received non-binding advisory approval for executive officer compensation.
📋 Key Facts
- Annual meeting held on March 26, 2024, in Roanoke, Virginia.
- Five directors were elected: Neil D. Wilkin, Jr., Randall H. Frazier, John M. Holland, John A. Nygren, and Craig H. Weber.
- Shareholders approved named executive officer compensation on a non-binding advisory basis with 3,961,370 votes in favor.
- CEO Neil Wilkin provided a presentation during the meeting (furnished as Exhibit 99.1).
Optical Cable Corporation announced its first quarter fiscal year 2024 financial results via press release and earnings call on March 13, 2024.
📋 Key Facts
- Reported Q1 FY2024 financial results on March 13, 2024.
- Held an earnings call corresponding to the results announcement.
- Exhibits include a press release (99.1) and an earnings call transcript (99.2).