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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended July 2, 2023
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ______to______.
OPTEX
SYSTEMS HOLDINGS, INC.
(Exact
Name of Registrant as Specified in Charter)
Delaware |
|
001-41644 |
|
90-0609531 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
1420
Presidential Drive, Richardson, TX |
|
75081-2439 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (972) 764-5700
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.001 par value |
|
OPXS |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large
Accelerated Filer ☐ |
Accelerated
Filer ☐ |
Non-Accelerated
Filer ☒ |
Smaller
Reporting Company ☒ |
☐ |
Emerging
growth company |
|
|
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. |
Indicate
by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of August 16, 2023: 6,763,070 shares of
common stock.
OPTEX
SYSTEMS HOLDINGS, INC.
FORM
10-Q
For
the period ended July 2, 2023
INDEX
Part
1. Financial Information
Item
1. Unaudited Condensed Consolidated Financial Statements
OPTEX
SYSTEMS HOLDINGS, INC.
UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Optex
Systems Holdings, Inc.
Condensed
Consolidated Balance Sheets
| |
July
2, 2023 | | |
October
2, 2022 | |
| |
(Thousands,
except share and per share data) | |
| |
July
2, 2023 | | |
October
2, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | |
| |
Cash
and Cash Equivalents | |
$ | 314 | | |
$ | 934 | |
Accounts
Receivable, Net | |
| 2,870 | | |
| 2,908 | |
Inventory,
Net | |
| 12,282 | | |
| 9,212 | |
Contract
Asset | |
| 336 | | |
| - | |
Prepaid
Expenses | |
| 431 | | |
| 328 | |
| |
| | | |
| | |
Current
Assets | |
| 16,233 | | |
| 13,382 | |
| |
| | | |
| | |
Property
and Equipment, Net | |
| 1,083 | | |
| 968 | |
| |
| | | |
| | |
Other
Assets | |
| | | |
| | |
Deferred
Tax Asset | |
| 762 | | |
| 942 | |
Right-of-use
Asset | |
| 2,863 | | |
| 3,222 | |
Security
Deposits | |
| 23 | | |
| 23 | |
| |
| | | |
| | |
Other
Assets | |
| 3,648 | | |
| 4,187 | |
| |
| | | |
| | |
Total
Assets | |
$ | 20,964 | | |
$ | 18,537 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current
Liabilities | |
| | | |
| | |
Accounts
Payable | |
$ | 1,609 | | |
$ | 706 | |
Operating
Lease Liability | |
| 616 | | |
| 604 | |
Federal
Income Taxes Payable | |
| - | | |
| 331 | |
Accrued
Expenses | |
| 969 | | |
| 958 | |
Accrued
Selling Expenses | |
| 336 | | |
| - | |
Accrued
Warranty Costs | |
| 241 | | |
| 169 | |
Accrued
Loss Reserves | |
| 133 | | |
| 289 | |
Customer
Advance Deposits | |
| 131 | | |
| 311 | |
Current
Liabilities | |
| 4,035 | | |
| 3,368 | |
| |
| | | |
| | |
Other
Liabilities | |
| | | |
| | |
Credit
Facility | |
| 1,207 | | |
| - | |
Operating
Lease Liability, net of current portion | |
| 2,406 | | |
| 2,761 | |
| |
| | | |
| | |
Total
Other Liabilities | |
| 3,613 | | |
| 2,761 | |
| |
| | | |
| | |
Total
Liabilities | |
| 7,648 | | |
| 6,129 | |
| |
| | | |
| | |
Commitments
and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’
Equity | |
| | | |
| | |
Common
Stock – ($0.001 par, 2,000,000,000 shares authorized, 6,763,070 and 6,716,638 shares issued and outstanding, respectively) | |
| 7 | | |
| 7 | |
Additional
Paid in Capital | |
| 21,172 | | |
| 21,096 | |
Accumulated
Deficit | |
| (7,863 | ) | |
| (8,695 | ) |
| |
| | | |
| | |
Stockholders’
Equity | |
| 13,316 | | |
| 12,408 | |
| |
| | | |
| | |
Total
Liabilities and Stockholders’ Equity | |
$ | 20,964 | | |
$ | 18,537 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements
Optex
Systems Holdings, Inc.
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
| |
(Thousands,
except share and per share data) | |
| |
Three
months ended | | |
Nine
months ended | |
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 7,172 | | |
$ | 6,170 | | |
$ | 17,582 | | |
$ | 15,645 | |
| |
| | | |
| | | |
| | | |
| | |
Cost
of Sales | |
| 5,460 | | |
| 4,902 | | |
| 13,599 | | |
| 12,838 | |
| |
| | | |
| | | |
| | | |
| | |
Gross
Profit | |
| 1,712 | | |
| 1,268 | | |
| 3,983 | | |
| 2,807 | |
| |
| | | |
| | | |
| | | |
| | |
General
and Administrative Expense | |
| 960 | | |
| 758 | | |
| 2,897 | | |
| 2,473 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
Income | |
| 752 | | |
| 510 | | |
| 1,086 | | |
| 334 | |
| |
| | | |
| | | |
| | | |
| | |
Interest
Expense | |
| 22 | | |
| - | | |
| 31 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income
Tax Expense | |
| 154 | | |
| 82 | | |
| 223 | | |
| 28 | |
| |
| | | |
| | | |
| | | |
| | |
Net
Income | |
$ | 576 | | |
$ | 428 | | |
$ | 832 | | |
$ | 306 | |
| |
| | | |
| | | |
| | | |
| | |
Basic
income per share | |
$ | 0.09 | | |
$ | 0.05 | | |
$ | 0.13 | | |
$ | 0.04 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted
Average Common Shares Outstanding - basic | |
| 6,643,070 | | |
| 8,187,318 | | |
| 6,607,593 | | |
| 8,223,492 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted
income per share | |
$ | 0.09 | | |
$ | 0.05 | | |
$ | 0.13 | | |
$ | 0.04 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted
Average Common Shares Outstanding – diluted | |
$ | 6,686,211 | | |
$ | 8,285,996 | | |
$ | 6,642,604 | | |
$ | 8,297,341 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements
Optex
Systems Holdings, Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
July
2, 2023 | | |
July
3, 2022 | |
| |
(Thousands) Nine
months ended | |
| |
July
2, 2023 | | |
July
3, 2022 | |
| |
| | |
| |
Cash
Flows from Operating Activities: | |
| | | |
| | |
Net
Income | |
$ | 832 | | |
$ | 306 | |
| |
| | | |
| | |
Adjustments
to Reconcile Net Income to Net Cash (used in) provided by Operating Activities: | |
| | | |
| | |
Depreciation
and Amortization | |
| 252 | | |
| 221 | |
Stock
Compensation Expense | |
| 134 | | |
| 127 | |
Deferred
Tax | |
| 180 | | |
| 340 | |
Accounts
Receivable | |
| 38 | | |
| 1,264 | |
Inventory | |
| (3,070 | ) | |
| (976 | ) |
Contract
Asset | |
| (336 | ) | |
| - | |
Prepaid
Expenses | |
| (103 | ) | |
| (62 | ) |
Leases | |
| 17 | | |
| 73 | |
Accounts
Payable and Accrued Expenses | |
| 914 | | |
| 223 | |
Federal
Income Taxes Payable | |
| (331 | ) | |
| - | |
Accrued
Warranty Costs | |
| 72 | | |
| 118 | |
Accrued
Selling Expense | |
| 336 | | |
| - | |
Customer
Advance Deposits | |
| (180 | ) | |
| 256 | |
Accrued
Loss Reserves | |
| (156 | ) | |
| - | |
Total
Adjustments | |
| (2,233 | ) | |
| 1,584 | |
Net
Cash (used in) provided by Operating Activities | |
| (1,401 | ) | |
| 1,890 | |
| |
| | | |
| | |
Cash
Flows used in Investing Activities | |
| | | |
| | |
Purchases
of Property and Equipment | |
| (368 | ) | |
| (236 | ) |
Net
Cash used in Investing Activities | |
| (368 | ) | |
| (236 | ) |
| |
| | | |
| | |
Cash
Flows provided by (used in) Financing Activities | |
| | | |
| | |
Borrowing
from Credit Facility | |
| 1,507 | | |
| - | |
Payments
to Credit Facility | |
| (300 | ) | |
| - | |
Cash
Paid for Taxes Withheld on Net Settled Restricted Stock Unit Shares Issued | |
| (58 | ) | |
| (19 | ) |
Stock
Repurchase | |
| - | | |
| (366 | ) |
| |
| | | |
| | |
Net
Cash provided by (used in) Financing Activities | |
| 1,149 | | |
| (385 | ) |
| |
| | | |
| | |
Net
(Decrease) Increase in Cash and Cash Equivalents | |
| (620 | ) | |
| 1,269 | |
Cash
and Cash Equivalents at Beginning of Period | |
| 934 | | |
| 3,900 | |
Cash
and Cash Equivalents at End of Period | |
$ | 314 | | |
$ | 5,169 | |
| |
| | | |
| | |
Supplemental
Cash Flow Information: | |
| | | |
| | |
| |
| | | |
| | |
Non-Cash Transactions: | |
| | | |
| | |
Right-of-Use
Asset | |
$ | - | | |
$ | 51 | |
Operating
Lease Liabilities | |
| - | | |
| (51 | ) |
Treasury
Stock Retired | |
| - | | |
| 435 | |
| |
| | | |
| | |
Cash
Transactions: | |
| | | |
| | |
Cash
Paid for Taxes | |
| 553 | | |
| - | |
Cash
Paid for Interest | |
| 28 | | |
| - | |
The
accompanying notes are an integral part of these condensed consolidated financial statements
Optex
Systems Holdings, Inc.
Condensed
Consolidated Statements of Stockholders’ Equity
(Thousands,
except share data)
| |
Issued | | |
Shares | | |
Stock | | |
Stock | | |
Capital | | |
Deficit | | |
Equity | |
| |
Three
months ended July 2, 2023 | |
| |
Common | | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Shares | | |
Treasury | | |
Common | | |
Treasury | | |
Paid
in | | |
Accumulated | | |
Stockholders | |
| |
Issued | | |
Shares | | |
Stock | | |
Stock | | |
Capital | | |
Deficit | | |
Equity | |
Balance
at April 2, 2023 | |
| 6,723,070 | | |
| - | | |
$ | 7 | | |
$ | - | | |
$ | 21,091 | | |
$ | (8,439 | ) | |
$ | 12,659 | |
Stock
Compensation Expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 81 | | |
| - | | |
| 81 | |
Restricted/Unvested
Shares Issued (3) | |
| 40,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net
Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 576 | | |
| 576 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
at July 2, 2023 | |
| 6,763,070 | | |
| - | | |
$ | 7 | | |
$ | - | | |
$ | 21,172 | | |
$ | (7,863 | ) | |
$ | 13,316 | |
| |
Three
months ended July 3, 2022 | |
| |
Common | | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Shares | | |
Treasury | | |
Common | | |
Treasury | | |
Paid
in | | |
Accumulated | | |
Stockholders | |
| |
Issued | | |
Shares | | |
Stock | | |
Stock | | |
Capital | | |
Deficit | | |
Equity | |
Balance
at April 3, 2022 | |
| 8,395,394 | | |
| - | | |
$ | 8 | | |
$ | - | | |
$ | 25,534 | | |
$ | (10,100 | ) | |
$ | 15,442 | |
Stock
Compensation Expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 36 | | |
| - | | |
| 36 | |
Common
Stock Repurchase (2) | |
| - | | |
| 72,443 | | |
| - | | |
| (144 | ) | |
| - | | |
| - | | |
| (144 | ) |
Cancellation
of Treasury Shares (2) | |
| (72,443 | ) | |
| (72,443 | ) | |
| - | | |
| 144 | | |
| (144 | ) | |
| - | | |
| - | |
Net
Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 428 | | |
| 428 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
at July 3, 2022 | |
| 8,322,951 | | |
| - | | |
$ | 8 | | |
$ | - | | |
$ | 25,426 | | |
$ | (9,672 | ) | |
$ | 15,762 | |
| |
Nine
months ended July 2, 2023 | |
| |
Common | | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Shares | | |
Treasury | | |
Common | | |
Treasury | | |
Paid
in | | |
Accumulated | | |
Stockholders | |
| |
Issued | | |
Shares | | |
Stock | | |
Stock | | |
Capital | | |
Deficit | | |
Equity | |
Balance
at October 2, 2022 | |
| 6,716,638 | | |
| - | | |
$ | 7 | | |
$ | - | | |
$ | 21,096 | | |
$ | (8,695 | ) | |
$ | 12,408 | |
Stock
Compensation Expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 134 | | |
| - | | |
| 134 | |
Taxes
on Shares Issued for Vested Restricted Stock Units | |
| 46,432 | | |
| - | | |
| - | | |
| - | | |
| (58 | ) | |
| - | | |
| (58 | ) |
Unvested
Shares Forfeited (1) | |
| (40,000 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Restricted/Unvested
Shares Issued (3) | |
| 40,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net
Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 832 | | |
| 832 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
at July 2, 2023 | |
| 6,763,070 | | |
| - | | |
$ | 7 | | |
$ | - | | |
$ | 21,172 | | |
$ | (7,863 | ) | |
$ | 13,316 | |
| |
Nine
months ended July 3, 2022 | |
| |
Common | | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Shares | | |
Treasury | | |
Common | | |
Treasury | | |
Paid
in | | |
Accumulated | | |
Stockholders | |
| |
Issued | | |
Shares | | |
Stock | | |
Stock | | |
Capital | | |
Deficit | | |
Equity | |
Balance
at October 3, 2021 | |
| 8,523,704 | | |
| 35,555 | | |
$ | 9 | | |
$ | (69 | ) | |
$ | 25,752 | | |
$ | (9,978 | ) | |
$ | 15,714 | |
Balance | |
| 8,523,704 | | |
| 35,555 | | |
$ | 9 | | |
$ | (69 | ) | |
$ | 25,752 | | |
$ | (9,978 | ) | |
$ | 15,714 | |
Stock
Compensation Expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 127 | | |
| - | | |
| 127 | |
Vested
Restricted Stock Units Issued Net of Tax Withholding | |
| 23,216 | | |
| - | | |
| - | | |
| - | | |
| (19 | ) | |
| - | | |
| (19 | ) |
Common
Stock Repurchase (2) | |
| - | | |
| 188,414 | | |
| - | | |
| (366 | ) | |
| - | | |
| - | | |
| (366 | ) |
Cancellation
of Treasury Shares (2) | |
| (223,969 | ) | |
| (223,969 | ) | |
| (1 | ) | |
| 435 | | |
| (434 | ) | |
| - | | |
| - | |
Net
Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 306 | | |
| 306 | |
Net
Income (Loss) | |
| - | | |
| - | | |
| - | | |
| | | |
| - | | |
| 306 | | |
| 306 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
at July 3, 2022 | |
| 8,322,951 | | |
| - | | |
$ | 8 | | |
$ | - | | |
$ | 25,426 | | |
$ | (9,672 | ) | |
$ | 15,762 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements
Note
1 - Organization and Operations
Optex
Systems Holdings, Inc. (the “Company”) manufactures optical sighting systems and assemblies for the U.S. Department of Defense,
foreign military applications and commercial markets. Its products are installed on a variety of U.S. military land vehicles, such as
the Abrams and Bradley fighting vehicles, light armored and advanced security vehicles, and have been selected for installation on the
Stryker family of vehicles. The Company also manufactures and delivers numerous periscope configurations, rifle and surveillance sights
and night vision optical assemblies. Optex Systems Holdings’ products consist primarily of build to customer print products that
are delivered both directly to the military and to other defense prime contractors or commercial customers. The Company’s consolidated
revenues for the nine months ended July 2, 2023 were derived from the U.S. government (20%), three major U.S. defense contractors (17%,
6%, and 5%, respectively), one major commercial customer (29%) and all other customers (23%). Approximately 95% of the total company
revenue is generated from domestic customers and 5% is derived from foreign customers, primarily in Canada. Optex Systems Holdings’
operations are based in Dallas and Richardson, Texas in leased facilities comprising 93,967 square feet. As of July 2, 2023, Optex Systems
Holdings operated with 101 full-time equivalent employees.
Note
2 - Accounting Policies
Basis
of Presentation
Principles
of Consolidation: The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary,
Optex Systems, Inc. All significant inter-company balances and transactions have been eliminated in consolidation.
The
condensed consolidated financial statements of Optex Systems Holdings included herein have been prepared by Optex Systems Holdings, without
audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote
disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make
the information presented not misleading.
These
condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and
the notes thereto included in the Optex Systems Holdings’ Form 10-K for the year ended October 2, 2022 and other reports filed
with the SEC.
The
accompanying unaudited interim condensed consolidated financial statements reflect all adjustments of a normal and recurring nature which
are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of Optex
Systems Holdings for the interim periods presented. The results of operations for these periods are not necessarily comparable to, or
indicative of, results of any other interim period or for the fiscal year taken as a whole. Certain information that is not required
for interim financial reporting purposes has been omitted.
Inventory:
As of July 2, 2023 and October 2, 2022, inventory included:
Schedule of Inventory
| |
July
2, 2023 | | |
October
2, 2022 | |
| |
(Thousands) | |
| |
July
2, 2023 | | |
October
2, 2022 | |
Raw
Material | |
$ | 7,428 | | |
$ | 6,953 | |
Work
in Process | |
| 5,050 | | |
| 2,722 | |
Finished
Goods | |
| 615 | | |
| 348 | |
Gross
Inventory | |
$ | 13,093 | | |
$ | 10,023 | |
Less:
Inventory Reserves | |
| (811 | ) | |
| (811 | ) |
Net
Inventory | |
$ | 12,282 | | |
$ | 9,212 | |
Concentration
of Credit Risk: Optex Systems Holdings’ accounts receivables as of July 2, 2023 consisted of U.S. government agencies (18%),
seven major U.S. defense contractors (12%, 12%, 9%, 6%, 6%, 6%, and 5%, respectively), one commercial customer (16%) and all other customers
(10%). The Company does not believe that this concentration results in undue credit risk because of the financial strength of the customers
and the Company’s long history with these customers.
Accrued
Warranties: Optex Systems Holdings accrues product warranty liabilities based on the historical return rate against period shipments
as they occur and reviews and adjusts these accruals quarterly for any significant changes in estimated costs or return rates. The accrued
warranty liability includes estimated costs to repair or replace returned warranty backlog units currently in-house plus estimated costs
for future warranty returns that may be incurred against warranty covered products previously shipped as of the period end date. As of
July 2, 2023, and October 2, 2022, the Company had warranty reserve balances of $241 and $169 thousand, respectively.
Schedule
of Warranty Reserves
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
| |
Three
months ended | | |
Nine
months ended | |
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
Beginning
balance | |
$ | 266 | | |
$ | 155 | | |
$ | 169 | | |
$ | 78 | |
| |
| | | |
| | | |
| | | |
| | |
Incurred
costs for warranties satisfied during the period | |
| (82 | ) | |
| (1 | ) | |
| (99 | ) | |
| (3 | ) |
| |
| | | |
| | | |
| | | |
| | |
Warranty
Expenses: | |
| | | |
| | | |
| | | |
| | |
Warranties
reserved for new product shipped during the period(1) | |
| 57 | | |
| 52 | | |
| 177 | | |
| 131 | |
Change
in estimate for pre-existing warranty liabilities(2) | |
| - | | |
| (10 | ) | |
| (6 | ) | |
| (10 | ) |
Warranty
Expense | |
| 57 | | |
| 42 | | |
| 171 | | |
| 122 | |
| |
| | | |
| | | |
| | | |
| | |
Ending
balance | |
$ | 241 | | |
$ | 196 | | |
$ | 241 | | |
$ | 196 | |
Use
of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from the estimates.
Fair
Value of Financial Instruments: Fair value estimates discussed herein are based upon certain market assumptions and pertinent
information available to management as of the financial statement presentation date.
The
carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, are carried at, or approximate,
fair value as of the reporting date because of their short-term nature. The credit facility is reported at fair value as it bears market
rates of interest.
The
fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value and requires that assets and liabilities
carried at fair value be classified and disclosed in one of the following three categories:
Level
1: Quoted market prices in active markets for identical assets or liabilities.
Level
2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level
3: Unobservable inputs reflecting the reporting entity’s own assumptions.
The
accounting guidance establishes a hierarchy which requires an entity to maximize the use of quoted market prices and minimize the use
of unobservable inputs. An asset or liability’s level is based on the lowest level of input that is significant to the fair value
measurement. Fair value estimates are reviewed at the origination date and again at each applicable measurement date and interim or annual
financial reporting dates, as applicable for the financial instrument, and are based upon certain market assumptions and pertinent information
available to management at those times.
Revenue
Recognition: The majority of the Company’s contracts and customer orders originate with fixed determinable unit prices
for each deliverable quantity of goods defined by the customer order line item (performance obligation) and include the specific due
date for the transfer of control and title of each of those deliverables to the customer at pre-established payment terms, which are
generally within thirty to sixty days from the transfer of title and control. We have elected to account for shipping and handling costs
as fulfillment costs after the customer obtains control of the goods. In addition, the Company has one ongoing service contract which
relates to optimized weapon system support (OWSS) and includes ongoing program maintenance, repairs and spare inventory support for the
customer’s existing fleet units in service during the duration of the contract. Revenue recognition for this program has been recorded
by the Company, and compensated by the customer, at fixed monthly increments over time, consistent with the defined contract maintenance
period. During the three and nine months ended July 2, 2023 and July 3, 2022, there was $115 thousand and $340 thousand in 2023 and $120
thousand and $352 thousand in 2022 in service contract revenue recognized over time.
During
the three- and nine-month periods ended July 2, 2023, there was zero and $223 thousand of revenue recognized from customer deposit liabilities
(deferred contract revenue). During the three- and nine-month periods ended July 3, 2022, there were no revenues recognized from customer
deposit liabilities (deferred contract revenue). As of July 2, 2023, customer deposit liabilities were $131 thousand.
As
of October 2, 2022 and July 2, 2023, there was zero and $336 thousand in accrued selling expenses and zero and $336 thousand in contract
assets related to a new $3.4 million contract booked in November 2022. The costs will be amortized against the revenue for the contract
deliveries expected to begin in first quarter of fiscal year 2024 and extend through fiscal year 2025.
Contract
Loss Reserves: The
Company records loss provisions in the event that the current estimated total revenue against a contract and the total estimated cost
remaining to fulfill the contract indicate a loss upon completion. When the estimated costs indicate a loss, we record the entire value
of the loss against the contract loss reserve in the period the determination is made. The Company has several long-term fixed price
contracts that are currently indicative of a loss condition due to recent inflationary pressures on material and labor, combined with
increased manufacturing overhead costs. Some of these long-term contracts have option year ordering periods ending in February 2025 with
deliveries that may extend into February 2026. As of July 2, 2023 and October 2, 2022, the accrued contract loss reserves were $133
thousand and $289
thousand, respectively. During the three and
nine months ended July 2, 2023, the Company recognized $20
thousand and $72
thousand in loss reserves on new contract awards,
made shipments resulting in reductions of zero
and $171
thousand against existing loss reserves, and
recognized a gain on changes in accrued loss estimates of zero
and $57
thousand. During the three and nine months ended July 3, 2022, the Company recognized $15
thousand and $61
thousand in loss reserves on new contract awards,
made shipments resulting in reductions of $26
thousand and $79
thousand against existing loss reserves. There were no changes in loss estimates during the three and nine months
ended July 3, 2022.
Income
Tax/Deferred Tax: As of July 2, 2023 and October 2, 2022, Optex Systems, Inc. has a deferred tax asset valuation allowance of
($0.8) million against deferred tax assets of $1.6 million and $1.8 million, respectively, for a net deferred tax asset of $0.8 million
and $1.0 million. The valuation allowance has been established due to historical losses resulting in a Net Operating Loss Carryforward
for each of the fiscal years 2011 through 2016 which may not be fully recognized due to an IRS Section 382 limitation related to a change
in control. During the nine months ended July 2, 2023, our deferred tax assets decreased by $0.2 million related to temporary tax adjustments.
Earnings
per Share: Basic earnings per share is computed by dividing income available for common shareholders (the numerator) by the weighted
average number of common shares outstanding (the denominator) for the period. Diluted earnings per share reflect the potential dilution
that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
The
Company has potentially dilutive securities outstanding, which include unvested restricted stock units and unvested shares of restricted
stock. The Company uses the Treasury Stock Method to compute the dilutive effect of any dilutive shares. Unvested restricted stock units
and shares of restricted stock that are anti-dilutive are excluded from the calculation of diluted earnings per common share.
For
the three months ended July 2, 2023, 120,000
shares of unvested restricted stock and 36,000
unvested restricted stock units (which convert to an aggregate of 43,141
incremental shares) were included in the diluted earnings per share calculation and 135,000 performance shares were excluded from diluted earnings per share as they were below the target share
price.
For
the three months ended July 3, 2022, 66,000 unvested restricted stock units and 180,000 shares of unvested restricted stock (which convert
to an aggregate of 98,678 incremental shares) were included in the diluted earnings per share calculation.
For
the nine months ended July 2, 2023, 120,000
unvested restricted stock units and 36,000
shares of unvested restricted stock (which convert
to an aggregate of 35,011
incremental shares) were included in the diluted
earnings per share calculation and 135,000 performance shares were excluded from diluted earnings per share as they were below the target
share price. For the nine months ended June 3, 2022, 66,000
unvested restricted stock units and 180,000
shares of unvested restricted stock (which convert
to an aggregate of 73,849
incremental shares) were included in the diluted
earnings per share calculation.
Note
3 - Segment Reporting
The
Company’s two reportable segments, Applied Optics Center and Optex Systems – Richardson (“Optex Systems”), are
strategic businesses offering similar products to similar markets and customers; however, they are operated and managed separately due
to differences in manufacturing technology, equipment, geographic location, and specific product mix. Applied Optics Center was acquired
as a unit, and management at the time of the acquisition was retained.
The
Applied Optics Center segment also serves as the key supplier of laser coated filters used in the production of periscope assemblies
for the Optex Systems segment. Intersegment sales and transfers are accounted for at annually agreed to pricing rates based on estimated
segment product cost, which includes segment direct manufacturing and general and administrative costs, but exclude profits that would
apply to third party external customers.
Optex
Systems (OPX) – Richardson, Texas
Optex
Systems revenues are primarily in support of prime and subcontracted military customers. Military sales to prime and subcontracted customers
represented approximately 96% and sales to commercial customers represented approximately 4% of the external segment revenue for the
nine months ended July 2, 2023. The Optex Systems segment revenue is comprised of approximately 85% domestic military customers and 11%
foreign military customers. For the nine months ended July 2, 2023, Optex Systems – Richardson represented 44% of the Company’s
total consolidated revenue and consisted of revenue from the U.S. government (17%), two major U.S. defense contractors (14% and 6%),
and all other customers (7%).
Optex
Systems is located in Richardson Texas, with leased premises consisting of approximately 49,100 square feet. As of July 2, 2023, the
Richardson facility operated with 56 full time equivalent employees in a single shift operation which includes 8 home office support
employees. The facilities at Optex Systems, Richardson serve as the home office for both the Optex Systems and Applied Optics Center
segments.
Applied
Optics Center (AOC) – Dallas, Texas
The
Applied Optics Center serves primarily domestic U.S. customers. Sales to commercial customers represented approximately 50% and military
sales to prime and subcontracted customers represented approximately 50% of the external segment revenue for the nine months ended July
2, 2023. Approximately 95% of the AOC revenue was derived from external customers and approximately 5% was related to intersegment sales
to Optex Systems in support of military contracts. For the nine months ended July 2, 2023, AOC represented 56% of the Company’s
total consolidated revenue and consisted of revenue from one major defense contractor (5%), one commercial customer (27%), and all other
customers (24%).
The
Applied Optics Center is located in Dallas, Texas with leased premises consisting of approximately 44,867 square feet of space. As of
July 2, 2023, AOC operated with 45 full time equivalent employees in a single shift operation.
The
financial tables below present information on the reportable segments’ profit or loss for each period, as well as segment assets
as of each period end. The Company does not allocate interest expense, income taxes or unusual items to segments.
Schedule
of Segment Reporting Information
| |
Reportable
Segment Financial Information (thousands) | |
| |
As
of and for the three months ended July 2, 2023 | |
| |
Optex
Systems
Richardson
| | |
Applied
Optics Center
Dallas
| | |
Other
(non-allocated
costs and intersegment eliminations)
| | |
Consolidated
Total
| |
| |
| | | |
| | | |
| | | |
| | |
Revenues
from external customers | |
$ | 3,069 | | |
$ | 4,103 | | |
$ | - | | |
$ | 7,172 | |
Intersegment
revenues | |
| - | | |
| 265 | | |
| (265 | ) | |
| - | |
Total
revenue | |
$ | 3,069 | | |
$ | 4,368 | | |
$ | (265 | ) | |
$ | 7,172 | |
| |
| | | |
| | | |
| | | |
| | |
Interest
expense | |
$ | - | | |
$ | - | | |
$ | 22 | | |
$ | 22 | |
| |
| | | |
| | | |
| | | |
| | |
Depreciation
and amortization | |
$ | 14 | | |
$ | 72 | | |
$ | - | | |
$ | 86 | |
| |
| | | |
| | | |
| | | |
| | |
Income
(loss) before taxes | |
$ | ) | |
$ | | |
$ | ) | |
$ | |
| |
| | | |
| | | |
| | | |
| | |
Other
significant noncash items: | |
| | | |
| | | |
| | | |
| | |
Allocated
home office expense | |
$ | (386 | ) | |
$ | 386 | | |
$ | - | | |
$ | - | |
Stock
compensation expense | |
$ | - | | |
$ | - | | |
$ | 81 | | |
$ | 81 | |
Warranty
expense | |
$ | - | | |
$ | 57 | | |
$ | - | | |
$ | 57 | |
| |
| | | |
| | | |
| | | |
| | |
Segment
assets | |
$ | 11,671 | | |
$ | 9,293 | | |
$ | - | | |
$ | 20,964 | |
Expenditures
for segment assets | |
$ | - | | |
$ | 222 | | |
$ | - | | |
$ | 222 | |
|
|
Reportable
Segment Financial Information
(thousands) |
|
|
|
As
of and for the three months ended July 3, 2022 |
|
|
|
Optex
Systems
Richardson
|
|
|
Applied
Optics Center
Dallas
|
|
|
Other
(non-allocated
costs and intersegment eliminations) |
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
from external customers |
|
$ |
2,653 |
|
|
$ |
3,517 |
|
|
$ |
- |
|
|
$ |
6,170 |
|
Intersegment
revenues |
|
|
- |
|
|
|
258 |
|
|
|
(258 |
) |
|
|
- |
|
Total
revenue |
|
$ |
2,653 |
|
|
$ |
3,775 |
|
|
$ |
(258 |
) |
|
$ |
6,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
$ |
8 |
|
|
$ |
66 |
|
|
$ |
- |
|
|
$ |
74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before taxes |
|
$ |
|
|
$ |
|
|
$ |
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
home office expense |
|
$ |
(268 |
) |
|
$ |
268 |
|
|
$ |
- |
|
|
$ |
- |
|
Stock
compensation expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
36 |
|
|
$ |
36 |
|
Warranty
expense |
|
$ |
- |
|
|
|
42 |
|
|
|
- |
|
|
|
42 |
|
|
|
|
|
|
|
$ |
|
|
|
$ |
- |
|
|
$ |
|
|
Segment
assets |
|
$ |
14,676 |
|
|
$ |
6,637 |
|
|
$ |
- |
|
|
$ |
21,313 |
|
Expenditures
for segment assets |
|
$ |
49 |
|
|
$ |
69 |
|
|
$ |
- |
|
|
$ |
118 |
|
|
|
Reportable
Segment Financial Information
(thousands) |
|
|
|
As
of and for the nine months ended July 2, 2023 |
|
|
|
Optex
Systems
Richardson
|
|
|
Applied
Optics Center
Dallas
|
|
|
Other
(non-allocated
costs and intersegment eliminations) |
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
from external customers |
|
$ |
7,742 |
|
|
$ |
9,840 |
|
|
$ |
- |
|
|
$ |
17,582 |
|
Intersegment
revenues |
|
|
- |
|
|
|
511 |
|
|
|
(511 |
) |
|
|
- |
|
Total
revenue |
|
$ |
7,742 |
|
|
$ |
10,351 |
|
|
$ |
(511 |
) |
|
$ |
17,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
31 |
|
|
$ |
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
$ |
38 |
|
|
$ |
214 |
|
|
$ |
- |
|
|
$ |
252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before taxes |
|
$ |
) |
|
$ |
|
|
$ |
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
home office expense |
|
$ |
(978 |
) |
|
$ |
978 |
|
|
$ |
- |
|
|
$ |
- |
|
Stock
compensation expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
134 |
|
|
$ |
134 |
|
Warranty
expense |
|
$ |
- |
|
|
$ |
171 |
|
|
$ |
- |
|
|
$ |
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
assets |
|
$ |
11,671 |
|
|
$ |
9,293 |
|
|
$ |
- |
|
|
$ |
20,964 |
|
Expenditures
for segment assets |
|
$ |
25 |
|
|
$ |
343 |
|
|
$ |
- |
|
|
$ |
368 |
|
|
|
Reportable
Segment Financial Information
(thousands) |
|
|
|
As
of and for the nine months ended July 3, 2022 |
|
|
|
Optex
Systems
Richardson
|
|
|
Applied
Optics Center
Dallas
|
|
|
Other
(non-allocated
costs and intersegment eliminations) |
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
from external customers |
|
$ |
6,588 |
|
|
$ |
9,057 |
|
|
$ |
- |
|
|
$ |
15,645 |
|
Intersegment
revenues |
|
|
- |
|
|
|
693 |
|
|
|
(693 |
) |
|
|
- |
|
Total
revenue |
|
$ |
6,588 |
|
|
$ |
9,750 |
|
|
$ |
(693 |
) |
|
$ |
15,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
$ |
28 |
|
|
$ |
193 |
|
|
$ |
- |
|
|
$ |
221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before taxes |
|
$ |
(276 |
) |
|
$ |
|
|
$ |
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
home office expense |
|
$ |
(802 |
) |
|
$ |
802 |
|
|
$ |
- |
|
|
$ |
- |
|
Stock
compensation expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
127 |
|
|
$ |
127 |
|
Warranty
expense |
|
$ |
- |
|
|
|
122 |
|
|
|
- |
|
|
|
122 |
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Segment
assets |
|
$ |
14,676 |
|
|
$ |
6,637 |
|
|
$ |
- |
|
|
$ |
21,313 |
|
Expenditures
for segment assets |
|
$ |
55 |
|
|
$ |
181 |
|
|
$ |
- |
|
|
$ |
236 |
|
Note
4 - Commitments and Contingencies
Non-cancellable
Operating Leases
Optex
Systems Holdings leases its office and manufacturing facilities for the Optex Systems, Inc., Richardson location and the Applied Optics
Center Dallas location. The Company also leases certain office equipment under non-cancellable operating leases.
The
facility leased by Optex Systems Inc. located at 1420 Presidential Drive, Richardson, Texas consists of 49,100 square feet of space at
the premises. The previous lease term for this location expired March 31, 2021 and the monthly base rent was $24.6 thousand through March
31, 2021. On January 11, 2021 the Company executed a sixth amendment extending the terms of the lease for eighty-six (86) months, commencing
on April 1, 2021 and ending on May 31, 2028. The initial base rent is set at $25.3 thousand and escalates 3% on April 1 each year thereafter.
The initial term included 2 months of rent abatement for April and May of 2021. The monthly rent includes approximately $11.9 thousand
for additional Common Area Maintenance fees and taxes (“CAM”), to be adjusted annually based on actual expenses incurred
by the landlord.
The
facility leased by Applied Optics Center located at 9839 and 9827 Chartwell Drive, Dallas, Texas, consists of 44,867 square feet of space
at the premises. The previous lease term for this location expired on October 31, 2021 and the monthly base rent was $21.9 thousand through
the end of the lease. On January 11, 2021 the Company executed a first amendment extending the terms of the lease for eighty-six (86)
months, commencing on November 1, 2021 and ending on December 31, 2028. The initial base rent is set at $23.6 thousand as of January
1, 2022 and escalates 2.75% on January 1 each year thereafter. The initial term included 2 months of rent abatement for November and
December of 2021. The amendment provides for a five-year renewal option at the end of the lease term at the greater of the then “prevailing
rental rate” or the then current base rental rate. Our obligations to make payments under the lease are secured by a $125,000 standby
letter of credit. The monthly rent includes approximately $7.9 thousand for additional CAM, to be adjusted annually based on actual expenses
incurred by the landlord.
The
Company had one non-cancellable office equipment lease with a commencement date of October 1, 2018 and a term of 39 months. The lease
cost for the equipment was $1.5 thousand per month from October 1, 2018 through December 31, 2021. The lease was renewed on November
18, 2021 for an additional 48 months at a cost of $1.2 thousand per month. The start of the lease was delayed until April 2022 due to
temporary equipment shortages. The lease renewal resulted in the recognition of an additional right of use asset and a lease liability
of $51 thousand, respectively during the nine months ended July 2, 2022.
As
of July 2, 2023, the remaining minimum lease and estimated CAM payments under the non-cancelable facility space leases are as follows:
Schedule
of Non-cancellable Operating Leases Minimum Payments
Non-cancellable
Operating Leases Minimum Payments
Fiscal
Year |
|
Facility
Lease Payments |
|
|
Facility
Lease Payments |
|
|
Lease
Payments |
|
|
Total
Lease Payments |
|
|
Total
Variable CAM Estimate |
|
|
|
(Thousands) |
|
|
|
|
|
|
|
|
|
Optex
Richardson |
|
|
Applied
Optics Center |
|
|
Office
Equipment |
|
|
Consolidated |
|
Fiscal
Year |
|
Facility
Lease Payments |
|
|
Facility
Lease Payments |
|
|
Lease
Payments |
|
|
Total
Lease Payments |
|
|
Total
Variable CAM Estimate |
|
2023
Base year lease |
|
$ |
80 |
|
|
$ |
73 |
|
|
$ |
4 |
|
|
$ |
157 |
|
|
$ |
63 |
|
2024
Base year lease |
|
|
327 |
|
|
|
296 |
|
|
|
15 |
|
|
|
638 |
|
|
|
256 |
|
2025
Base year lease |
|
|
336 |
|
|
|
305 |
|
|
|
15 |
|
|
|
656 |
|
|
|
261 |
|
2026
Base year lease |
|
|
346 |
|
|
|
313 |
|
|
|
3 |
|
|
|
662 |
|
|
|
266 |
|
2027
Base year lease |
|
|
357 |
|
|
|
322 |
|
|
|
- |
|
|
|
679 |
|
|
|
272 |
|
2028
Base year lease |
|
|
242 |
|
|
|
330 |
|
|
|
- |
|
|
|
572 |
|
|
|
198 |
|
2029
Base year lease |
|
|
- |
|
|
|
83 |
|
|
|
- |
|
|
|
83 |
|
|
|
30 |
|
Total
base lease payments |
|
$ |
1,688 |
|
|
$ |
1,722 |
|
|
$ |
37 |
|
|
$ |
3,447 |
|
|
$ |
1,346 |
|
Imputed
interest on lease payments (1) |
|
|
(198 |
) |
|
|
(225 |
) |
|
|
(2 |
) |
|
|
(425 |
) |
|
|
|
|
Total
Operating Lease Liability(2) |
|
$ |
1,490 |
|
|
$ |
1,497 |
|
|
$ |
35 |
|
|
$ |
3,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use
Asset(3) |
|
$ |
1,403 |
|
|
$ |
1,425 |
|
|
$ |
35 |
|
|
$ |
2,863 |
|
|
|
|
|
Total
expense under both facility lease agreements for the three months ended July 2, 2023 and July 3, 2022 was $206 and $215 thousand, respectively.
Total office equipment rentals included in operating expenses was $9 and $7 thousand for the three months ended July 2, 2023 and July
3, 2022, respectively.
Total
expense under both facility lease agreements for the nine months ended July 2, 2023 and July 3, 2022 was $644 and $635 thousand, respectively.
Total office equipment rentals included in operating expenses was $18 thousand and $19 thousand for the nine months ended July 2, 2023
and July 3, 2022, respectively.
Note
5 - Debt Financing
Credit
Facility — PNC Bank (formerly BBVA, USA)
On
April 16, 2020, Optex Systems Holdings, Inc. and its subsidiary, Optex Systems, Inc. (collectively, the “Borrowers”), entered
into a line of credit facility (the “PNC Facility”) with BBVA, USA. In June 2021, PNC Bank completed its acquisition of BBVA,
USA and the bank name changed to PNC Bank (“PNC”). The substantive terms were as follows:
|
● |
The
principal amount of the PNC Facility was $2.25 million. The PNC Facility matured on April 15, 2022. The interest rate was variable
based on PNC’s prime rate minus 0.25%, initially set at 3% at loan origination, and all accrued and unpaid interest was payable
monthly in arrears starting on May 15, 2020; and the principal amount was due in full with all accrued and unpaid interest and any
other fees on April 15, 2022. |
|
|
|
|
● |
There
were commercially standard covenants including, but not limited to, covenants regarding maintenance of corporate existence, not incurring
other indebtedness except trade debt, not changing more than 25% stock ownership of Borrowers, and a Fixed Charge Coverage Ratio
of 1.25:1, with the Fixed Charge Coverage Ratio defined as (earnings before taxes, amortization, depreciation, amortization and rent
expense less cash taxes, distribution, dividends and fair value of warrants) divided by (current maturities on long term debt plus
interest expense plus rent expense). |
|
|
|
|
● |
The
PNC Facility contained commercially standard events of default including, but not limited to, not making payments when due; incurring
a judgment of $10,000 or more not covered by insurance; not maintaining collateral and others. |
|
|
|
|
● |
The
PNC Facility was secured by a first lien on all of the assets of Borrowers. |
On
April 12, 2022, the Borrowers entered into an Amended and Restated Loan Agreement (the “PNC Loan Agreement”) with PNC, pursuant
to which the PNC Facility was decreased from $2.25 million to $1.125 million, and the maturity date was extended from April 15, 2022
to April 15, 2023.
On
November 21, 2022, the Borrowers issued an Amended and Restated Revolving Line of Credit Note (the “PNC Line of Credit Note”)
to PNC in connection with an increase of the PNC Facility from $1.125 million to $2.0 million. Obligations outstanding under the PNC
Facility accrued interest at a rate equal to PNC’s prime rate minus 0.25%.
The
PNC Line of Credit Note and PNC Loan Agreement contained customary events of default and negative covenants, including but not limited
to those governing indebtedness, liens, fundamental changes, investments, and restricted payments. The PNC Facility was secured by substantially
all of the operating assets of the Borrowers as collateral. The Borrowers’ obligations under the PNC Facility were subject to acceleration
upon the occurrence of an event of default as defined in the PNC Line of Credit Note and PNC Loan Agreement.
As
of October 2, 2022 the outstanding balance under the PNC facility was zero.
The PNC facility was replaced by the Texas Capital Facility on March 22, 2023.
Credit
Facility — Texas Capital Bank
On
March 22, 2023, the Borrowers entered into a Business Loan Agreement (the “Loan Agreement”) with Texas Capital Bank (the
“Lender”), pursuant to which the Lender will make available to the Borrowers a revolving line of credit in the principal
amount of $3 million (the “Texas Capital Facility”). The Texas Capital Facility replaced the $2 million PNC Facility.
The
commitment period for advances under the Texas Capital Facility is twenty-six months expiring on May 22, 2025. We refer to the expiration
of that time period as the “Maturity Date.” Outstanding advances under the Texas Capital Facility will accrue interest at
a rate equal to the secured overnight financing rate (SOFR) plus a specified margin, subject to a specified floor interest rate. As of
July 2, 2023 the interest rate was 7.827% per annum.
The
Loan Agreement contains customary events of default (including a 25% change in ownership) and negative covenants, including but not limited
to those governing indebtedness, liens, fundamental changes (including changes in management), investments, and restricted payments (including
cash dividends). The Loan Agreement also requires the Borrowers to maintain a fixed charge coverage ratio of at least 1.25:1 and a total
leverage ratio of 3.00:1. The Texas Capital Facility is secured by substantially all of the operating assets of the Borrowers as collateral.
The Borrowers’ obligations under the Texas Capital Facility are subject to acceleration upon the occurrence of an event of default
as defined in the Loan Agreement. The Loan Agreement further provides for a $125,000 Letter of Credit sublimit.
The
outstanding balance under the Texas Capital Facility was $1.2 million as of July 2, 2023.
For
the three months and nine months ended July 2, 2023, the total interest expense under the above facilities was $22
thousand and $31
thousand.
Note
6 - Stock Based Compensation
Restricted
Stock, Performance Shares and Restricted Stock Units issued to Directors, Officers and Employees
The
following table summarizes the status of Optex Systems Holdings’ aggregate non-vested restricted stock and restricted stock units,
and performance shares:
Schedule
of Aggregate Non-vested Restricted Stock and Restricted Stock Units Granted and Performance Shares
| |
Restricted
Stock Units | | |
Weighted
Average Grant Date Fair Value | | |
Restricted
Shares | | |
Weighted
Average Grant Date Fair Value | | |
Performance
Shares | | |
Weighted
Average Grant Date Fair Value | |
Outstanding
at October 3, 2021 | |
| 99,000 | | |
$ | 1.59 | | |
| 240,000 | | |
$ | 1.75 | | |
| — | | |
| — | |
Granted | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Vested | |
| (33,000 | ) | |
| 1.73 | | |
| (60,000 | ) | |
| 1.75 | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding
at October 2, 2022 | |
| 66,000 | | |
$ | 1.52 | | |
| 180,000 | | |
$ | 1.75 | | |
| — | | |
| — | |
Granted | |
| 39,000 | | |
| 3.00 | | |
| 40,000 | | |
| 3.09 | | |
| 135,000 | | |
| 2.37 | |
Vested | |
| (66,000 | ) | |
| 1.52 | | |
| (60,000 | ) | |
| 1.75 | | |
| — | | |
| — | |
Forfeited | |
| (3,000 | ) | |
| 3.00 | | |
| (40,000 | ) | |
| 1.75 | | |
| — | | |
| — | |
Outstanding
at July 2, 2023 | |
| 36,000 | | |
$ | 3.00 | | |
| 120,000 | | |
$ | 2.20 | | |
| 135,000 | | |
$ | 2.37 | |
On
January 2, 2019, the Company granted 150,000 and 50,000 restricted stock units with a January 2, 2019 grant date to Danny Schoening and
Karen Hawkins, respectively, vesting as of January 1 each year subsequent to the grant date over a three-year period at a rate of 34%
in year one, and 33% each year thereafter. The stock price at grant date was $1.32 per share. Effective December 1, 2021, the vesting
terms of Danny Schoening’s Restricted Stock Unit (RSU) grant from January 2019 were revised as described below. The Company amortizes
the grant date fair value of $264 thousand to stock compensation expense on a straight-line basis across the three-year vesting period
beginning on January 2, 2019. As of January 1, 2023, there was no unrecognized compensation cost relating to this award.
On
February 17, 2020, the Company granted 50,000 restricted stock units to Bill Bates, General Manager of the Applied Optics Center.
The restricted stock units vest as of January 1 each year subsequent to the grant date over a three-year period at a rate of 34%
in year one, and 33% each year thereafter. The stock price at grant date was $2.13 per share. The Company amortized the grant
date fair value of $107 thousand to stock compensation expense on a straight-line basis across the three-year vesting period beginning
on February 17, 2020.
On
April 30, 2020, the Board of Directors held a meeting and voted to increase the annual board compensation for the three independent directors
from $22,000 to
$36,000 with an
effective date of January 1, 2020, in addition to granting 100,000 shares of restricted stock to each independent director which vest
at a rate of 20% per year (20,000 shares) each January 1st through January 1, 2025. The
total fair value for the 300,000 shares was $525 thousand based on the stock price of $1.75 as of April 30, 2020.
The Company amortizes the grant date fair value to stock compensation expense on a straight-line basis across the five-year vesting
period beginning on April 30, 2020. On each of January 1, 2021, January 1, 2022, and January 1, 2023, 60,000 of the restricted
director shares vested. On February 16, 2022, 40,000 of the unvested restricted shares were forfeited and cancelled when one
of the independent directors departed the Board. As of July 2, 2023, there were 80,000 unvested restricted shares outstanding.
The
Company entered into an amended and restated employment agreement with Danny Schoening dated December 1, 2021. The updated employment
agreement also served to amend Mr. Schoening’s RSU Agreement, dated January 2, 2019, by changing the third and final vesting date
for the restricted stock units granted under such agreement from January 1, 2022 to the “change of control date,” that being
the first of the following to occur with respect to the Company: (i) any “Person,” as that term is defined in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with certain exclusions, is or becomes
the “Beneficial Owner” (as that term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities;
or (ii) the Company is merged or consolidated with any other corporation or other entity, other than: (A) a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting
power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or
(B) the Company engages in a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction)
in which no “Person” (as defined above) acquires fifty percent (50%) or more of the combined voting power of the Company’s
then outstanding securities. The amended RSU Agreement contains certain exceptions to the definition of change of control.
As
of the December 1, 2021 modification date related to the third and final vesting date of the 49,500 unvested restricted stock
units held by Danny Schoening, there was no change in the fair value of the modified award as compared to the original award immediately
prior to the modification date. The restricted stock units initially were certain to vest on January 1, 2022, but due to the modification,
they were less certain to vest, contingent on a “change in control” occurring, which change in control, in case Mr. Schoening
was terminated by the Company without cause or he resigns with good reason prior to such change in control, was required to occur prior
to March 13, 2023. As of the modification date, there was $5 thousand of unrecognized compensation cost associated with the original
award. As a matter of expediency, the unrecognized compensation expense as of the modification date was fully expensed through January
1, 2022. There is no additional compensation expense associated with the modification of the restricted stock unit agreement.
On
January 4, 2022, the Company issued 23,216 common shares to Karen Hawkins, CFO, and Bill Bates (AOC GM), net of tax withholding
of $19 thousand, in settlement of 33,000 restricted stock units which vested on January 1, 2022.
On
November 28, 2022, the Company entered into a new employment agreement with Danny Schoening which amended Mr. Schoening’s RSU Agreement,
dated January 2, 2019, which had been previously amended as of December 1, 2021, by changing the third and final vesting date for the
restricted stock units granted under such agreement from the “change of control date” to January 1, 2023.
On
January 4, 2023, the Company issued 46,432 common shares to Danny Schoening, CEO, and Bill Bates (AOC GM), net of tax withholding
of $58 thousand, in settlement of 66,000 restricted stock units which vested on January 1, 2023. As of July 2, 2023, there
are zero unvested restricted stock units outstanding.
On
May 1, 2023, the Company granted an aggregate of 39,000 restricted stock units to eleven employees under its 2023 Equity Incentive
Plan. The restricted stock units will vest at a rate of 33.33% annually on the anniversary date of the grant and any unvested restricted
stock units will be forfeited if employment terminates prior to the relevant vesting date. As of the grant date, assuming a 23.1% forfeiture
rate based on expected turnover across the three years, the aggregate value of the restricted stock units is $90 thousand which
will be amortized across the three-year period on a straight-line basis. During the three months ended July 2, 2023, there were 3,000
restricted stock units forfeited.
On
May 3, 2023, the Board of Directors approved a grant of 100,000 and 35,000 performance shares to Danny
Schoening, CEO, and Karen Hawkins, CFO, respectively. Each performance share represents a contingent right to receive one share of
common stock. The performance shares vest in five equal increments if, in each case and during a five-year performance period
beginning on October 2, 2023, the average VWAP per share of common stock over a 30 consecutive trading day period equals or exceeds
$3.70, $4.45, $5.35, $6.40, or $7.70. The fair value of the shares, as of the grant date, is $320 thousand and will be amortized
through December 31, 2025 based on the derived service periods using a Monte Carlo simulation valuation model.
The
assumptions and results for the Monte Carlo simulation are as follows:
Schedule
of Assumptions and Results for the Monte Carlo Simulation
| |
Assumptions | |
Performance
Period Start | |
| 10/2/2023 | |
Performance
Period End | |
| 10/1/2028 | |
Term
of simulation (1) | |
| 5.42
years | |
Time
steps in simulation | |
| 1,365 | |
Time
steps per year | |
| 252 | |
Common
share price at valuation date (2) | |
$ | 3.04 | |
Volatility
(annual) (4) | |
| 50.0 | % |
Risk-free
rate (annual) (5) | |
| 3.37 | % |
Cost
of equity (6) | |
| 11.5 | % |
Dividend
yield (3) | |
| 0.0 | % |
| |
Tranche
1 | | |
Tranche
2 | | |
Tranche
3 | | |
Tranche
4 | | |
Tranche
5 | |
Number
of performance shares in the Tranche (1) | |
| 27,000 | | |
| 27,000 | | |
| 27,000 | | |
| 27,000 | | |
| 27,000 | |
Fair
Value of One Performance share (7) | |
$ | 2.75 | | |
$ | 2.58 | | |
$ | 2.39 | | |
$ | 2.18 | | |
$ | 1.93 | |
Total
Fair Value of Tranche | |
$ | 74,345 | | |
$ | 69,742 | | |
$ | 64,446 | | |
$ | 58,819 | | |
$ | 52,238 | |
Derived
Service Period (Years) (7) | |
| 0.71 | | |
| 1.13 | | |
| 1.60 | | |
| 2.06 | | |
| 2.48 | |
On
May 9, 2023, the Board of Directors approved a grant of 40,000 shares of restricted stock to independent board member Dayton
Judd. The shares vest 50% on each of January 1, 2024 and January 1, 2025. As of the grant date, the fair value of the shares was
$124 thousand, to be amortized on a straight-line basis through December 31, 2024.
Stock
Based Compensation Expense
Equity
compensation is amortized based on a straight-line basis across the vesting or service period as applicable. The recorded compensation
costs for restricted shares granted and restricted stock units and performance shares awarded as well as the unrecognized compensation
costs are summarized in the table below:
Schedule of Unrecognized Compensation Costs
| |
Stock
Compensation | |
| |
(thousands) | |
| |
Recognized
Compensation
Expense | | |
Unrecognized Compensation
Expense | |
| |
Three
months ended | | |
Nine
months ended | | |
As
of period ended | |
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
October
2, 2022 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Restricted
Shares | |
$ | 33 | | |
$ | 27 | | |
$ | 78 | | |
$ | 79 | | |
$ | 213 | | |
$ | 236 | |
Performance
Shares | |
| 43 | | |
| - | | |
| 43 | | |
| - | | |
| 277 | | |
| - | |
Restricted
Stock Units | |
| 5 | | |
| 9 | | |
| 13 | | |
| 48 | | |
| 85 | | |
| 9 | |
Total
Stock Compensation | |
$ | 81 | | |
$ | 36 | | |
$ | 134 | | |
$ | 127 | | |
$ | 575 | | |
$ | 245 | |
Note
7 - Stockholders’ Equity
Dividends
No
dividends were declared or paid during the three and nine months ended July 2, 2023 or the twelve months ended October 2, 2022.
Common
stock
On
September 22, 2021, the Company announced authorization of a $1 million stock repurchase program. The shares authorized to be repurchased
under the repurchase program may be purchased from time to time at prevailing market prices, through open market transactions or in negotiated
transactions, depending upon market conditions and subject to Rule 10b-18 as promulgated by the SEC.
During
the three and nine months ended July 2, 2023, there were zero common shares repurchased under the program. A summary of the purchases
under the program through October 2, 2022 follows (all shares purchased have been cancelled):
Summary of Purchases Under Plan
Fiscal
Period | | |
Total
number of shares purchased | | |
Total
purchase cost (thousands) | | |
Average
price paid per share (with commission) | | |
Maximum
dollar value that may yet be purchased under the plan (thousands) | |
October
4, 2021 through October 31, 2021 | | |
| 18,265 | | |
$ | 37 | | |
| 2.01 | | |
$ | 894 | |
November
1, 2021 through November 28, 2021 | | |
| 4,415 | | |
| 9 | | |
| 2.04 | | |
| 885 | |
November
29, 2021 through January 2, 2022 | | |
| 14,558 | | |
| 28 | | |
| 1.93 | | |
| 857 | |
January
3, 2022 through January 30, 2022 | | |
| 15,585 | | |
| 29 | | |
| 1.89 | | |
| 828 | |
January
31, 2022 through February 27, 2022 | | |
| 27,618 | | |
| 49 | | |
| 1.75 | | |
| 779 | |
February
28, 2022 through April 3, 2022 | | |
| 35,530 | | |
| 70 | | |
| 1.98 | | |
| 709 | |
April
4, 2022 through May 1, 2022 | | |
| 12,304 | | |
| 27 | | |
| 2.22 | | |
| 682 | |
May
2, 2022 through May 29, 2022 | | |
| 10,482 | | |
| 22 | | |
| 2.11 | | |
| 660 | |
May
30, 2022 through July 3, 2022 | | |
| 49,657 | | |
| 95 | | |
| 1.90 | | |
| 565 | |
July
4, 2022 through July 25,2022 | | |
| 610 | | |
| 1 | | |
| 2.10 | | |
| 564 | |
July
26, 2022 through August 13, 2022 | | |
| 1,930 | | |
| 4 | | |
| 2.09 | | |
| 560 | |
| | |
| | | |
| | | |
| | | |
| | |
Total
shares repurchased period ended October 2, 2022 | | |
| 190,954 | | |
$ | 371 | | |
$ | 1.94 | | |
$ | 560 | |
Furthermore,
on August 18, 2022, the Company announced the commencement of a tender offer to purchase up to $4.25 million in value of shares of its
common stock. On September 15, 2022, the Company’s “modified Dutch auction” tender offer expired. In accordance with
the terms and conditions of the tender offer, the Company accepted for purchase 1,603,773 shares of common stock at a price of $2.65
per share, for an aggregate cost of approximately $4.25 million, excluding fees and expenses relating to the tender offer. The transaction
cost associated with the tender offer was $0.1 million. The shares were immediately cancelled upon completion of the transaction.
As
of July 2, 2023 and October 2, 2022, total outstanding common shares were 6,763,070 and 6,716,638, respectively.
Note
8 - Subsequent Events
None
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to supplement and
complement our audited consolidated financial statements and notes thereto for the fiscal year ended October 2, 2022 and our unaudited
condensed consolidated financial statements and notes thereto for the quarter ended July 2, 2023, prepared in accordance with U.S. generally
accepted accounting principles (GAAP). You are encouraged to review our consolidated financial statements in conjunction with your review
of this MD&A. The financial information in this MD&A has been prepared in accordance with GAAP, unless otherwise indicated. In
addition, we use non-GAAP financial measures as supplemental indicators of our operating performance and financial position. We use these
non-GAAP financial measures internally for comparing actual results from one period to another, as well as for planning purposes. We
will also report non-GAAP financial results as supplemental information, as we believe their use provides more insight into our performance.
When a non-GAAP measure is used in this MD&A, it is clearly identified as a non-GAAP measure and reconciled to the most closely corresponding
GAAP measure.
The
following discussion highlights the principal factors that have affected our financial condition and results of operations as well as
our liquidity and capital resources for the periods described. The operating results for the periods presented were not significantly
affected by inflation.
Cautionary
Note Regarding Forward-Looking Information
This
Quarterly Report on Form 10-Q, in particular the MD&A, contains certain “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Any statements contained in this Quarterly Report on Form 10-Q that are not
statements of historical fact may be deemed to be forward-looking statements. When used in this Quarterly Report on Form 10-Q and other
reports, statements, and information we have filed with the Securities and Exchange Commission (“Commission” or “SEC”),
in our press releases, presentations to securities analysts or investors, or in oral statements made by or with the approval of an executive
officer, the words or phrases “believes,” “may,” “will,” “expects,” “should,”
“continue,” “anticipates,” “intends,” “will likely result,” “estimates,”
“projects” or similar expressions and variations thereof are intended to identify such forward-looking statements.
These
forward-looking statements represent our expectations, beliefs, intentions or strategies concerning future events, including, but
not limited to, any statements regarding growth strategy; product and development programs; financial performance and financial
condition (including revenue, net income, profit margins and working capital); orders and backlog; expected timing of contract
deliveries to customers and corresponding revenue recognition; increases in the cost of materials and labor; costs remaining to
fulfill contracts; contract loss reserves; labor shortages; follow-on orders; the impact of the COVID-19 pandemic; supply chain
challenges; the continuation of historical trends; the sufficiency of our cash balances for future liquidity and capital resource
needs; the expected impact of changes in accounting policies on our results of operations, financial condition or cash flows;
anticipated problems and our plans for future operations; and the economy in general or the future of the defense
industry.
We
caution that these statements by their nature involve risks and uncertainties, certain of which are beyond our control, and actual results
may differ materially depending on a variety of important factors. Such risks and uncertainties include, but are not limited to, continued
funding of defense programs and military spending, the timing of such funding, general economic and business conditions, including unforeseen
weakness in the Company’s markets, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology
and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in
product mix, continued success in technological advances and delivering technological innovations, changes in the U.S. Government’s
interpretation of federal procurement rules and regulations, changes in spending due to policy changes in any new federal presidential
administration, market acceptance of the Company’s products, shortages in components, production delays due to performance quality issues
with outsourced components, inability to fully realize the expected benefits from acquisitions and restructurings or delays in realizing
such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, changes to export regulations, increases
in tax rates, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, unanticipated
costs under fixed-price service and system integration engagements, changes in the market for microcap stocks regardless of growth and
value and various other factors beyond our control. Some of these risks and uncertainties are identified in this Management’s
Discussion and Analysis of Financial Condition and Results of Operations and the section “Risk Factors” in our Annual Report
on Form 10-K and you are urged to review those sections. 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.
We
do not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors
described in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K.
Background
Optex
Systems, Inc. (Delaware) manufactures optical sighting systems and assemblies, primarily for Department of Defense 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 Systems, Inc. (Delaware)
also manufactures and delivers numerous periscope configurations, rifle and surveillance sights and night vision optical assemblies.
Optex Systems, Inc. (Delaware) products consist primarily of build-to-customer print products that are delivered both directly to the
armed services and to other defense prime contractors. Less than 1% of today’s revenue is related to the resale of products substantially
manufactured by others. In this case, the product would likely be a simple replacement part of a larger system previously produced by
Optex Systems, Inc. (Delaware).
We
are both a prime and sub-prime contractor to the Department of Defense. Sub-prime contracts are typically issued through major defense
contractors such as General Dynamics Land Systems, Raytheon Corp., BAE, ADS Inc. and others. We are also a military supplier to foreign
governments such as Israel, Australia and South American countries and as a subcontractor for several large U.S. defense companies serving
foreign governments.
The
Federal Acquisition Regulation is the principal set of regulations that govern the acquisition process of government agencies and contracts
with the U.S. government. In general, parts of the Federal Acquisition Regulation are incorporated into government solicitations and
contracts by reference as terms and conditions effecting contract awards and pricing solicitations.
Many
of our contracts are prime or subcontracted directly with the Federal government and, as such, are subject to Federal Acquisition Regulation
Subpart 49.5, “Contract Termination Clauses” and more specifically Federal Acquisition Regulation clauses 52.249-2 “Termination
for Convenience of the Government (Fixed-Price)”, and 49.504 “Termination of fixed-price contracts for default”. These
clauses are standard clauses on our prime military contracts and generally apply to us as subcontractors. It has been our experience
that the termination for convenience is rarely invoked, except where it is mutually beneficial for both parties. We are currently not
aware of any pending terminations for convenience or for default on our existing contracts.
In
the event a termination for convenience were to occur, Federal Acquisition Regulation clause 52.249-2 provides for full recovery of all
contractual costs and profits reasonably occurred up to and as a result of the terminated contract. In the event a termination for default
were to occur, we could be liable for any excess cost incurred by the government to acquire supplies from another supplier similar to
those terminated from us. We would not be liable for any excess costs if the failure to perform the contract arises from causes beyond
the control and without the fault or negligence of the Company as defined by Federal Acquisition Regulation clause 52.249-8.
In
addition, some of our contracts allow for government contract financing in the form of contract progress payments pursuant to Federal
Acquisition Regulation 52.232-16, “Progress Payments”. As a small business, and subject to certain limitations, this clause
provides for government payment of up to 90% of incurred program costs prior to product delivery. To the extent our contracts allow for
progress payments, we intend to utilize this benefit, thereby minimizing the working capital impact on Optex Systems Holdings for materials
and labor required to complete the contracts.
Recent
Events
May
2023 Grants
On
May 9, 2023, the Board of Directors approved a grant of 40,000 shares of restricted stock to independent board member Dayton Judd. The
shares vest 50% on each of January 1, 2024 and January 1, 2025. As of the grant date, the fair value of the shares was $124 thousand,
to be amortized on a straight-line basis through December 31, 2024.
On
May 3, 2023, the Board of Directors approved a grant of 100,000 and 35,000 performance shares to Danny Schoening, CEO, and Karen
Hawkins, CFO, respectively. Each performance share represents a contingent right to receive one share of common stock. The
performance shares vest in five equal increments if, in each case and during a five-year performance period beginning on October 2,
2023, the average VWAP per share of common stock over a 30 consecutive trading day period equals or exceeds $3.70, $4.45, $5.35,
$6.40, or $7.70. The fair value of the shares as of the grant date was $320 thousand and will be amortized through December 31, 2025
based on the derived service periods using a Monte Carlo simulation valuation model.
On
May 1, 2023, the Company granted an aggregate of 39,000 restricted stock units to eleven employees under its 2023 Equity Incentive Plan.
The restricted stock units will vest at a rate of 33.33% annually on the anniversary date of the grant and any unvested restricted stock
units will be forfeited if employment terminates prior to the relevant vesting date. As of the grant date, assuming a 23.1% forfeiture
rate based on expected turnover across the three years, the aggregate value of the restricted stock units is $90 thousand which
will be amortized across the three-year period on a straight-line basis. During the three months ended July 2, 2023, there were 3,000
restricted stock units forfeited.
Texas
Capital Credit Facility
On
March 22, 2023, the Company and its subsidiary, Optex Systems, Inc. (“Optex”, and with the Company, the “Borrowers”),
entered into a Business Loan Agreement (the “Loan Agreement”) with Texas Capital Bank (the “Lender”), pursuant
to which the Lender will make available to the Borrowers a revolving line of credit in the principal amount of $3 million (the “Credit
Facility”). The commitment period for advances under the Credit Facility is twenty-six months expiring on May 22, 2025. We refer
to the expiration of that time period as the “Maturity Date.” Outstanding advances under the Credit Facility will accrue
interest at a rate equal to the secured overnight financing rate (SOFR) plus a specified margin, subject to a specified floor interest
rate. The interest rate is currently at 7.501% per annum.
The
Loan Agreement contains customary events of default (including a 25% change in ownership) and negative covenants, including but not limited
to those governing indebtedness, liens, fundamental changes (including changes in management), investments, and restricted payments (including
cash dividends). The Loan Agreement also requires the Borrowers to maintain a fixed charge coverage ratio of at least 1.25:1 and a total
leverage ratio of 3.00:1. The Credit Facility is secured by substantially all of the operating assets of the Borrowers as collateral.
The Borrowers’ obligations under the Credit Facility are subject to acceleration upon the occurrence of an event of default as
defined in the Loan Agreement. The Loan Agreement further provides for a $125 thousand Letter of Credit sublimit.
The
Credit Facility replaced the prior $2 million line of credit with PNC Bank, National Association.
NASDAQ
Listing
On
March 14, 2023, the Company’s shares of common stock were listed on the NASDAQ Capital Market under the ticker symbol “OPXS.”
2023
Equity Incentive Plan
On
February 16, 2023, the Company’s shareholders approved the Company’s 2023 Equity Incentive Plan (the “2023 Plan”),
under which 600,000 shares of common stock are reserved for issuance. The 2023 Plan permits the grant of stock options, performance shares,
performance units, restricted stock, restricted stock units and stock appreciation rights to officers, other employees, individuals engaged
to become officers or employees, consultants, advisors and non-executive directors of the Company. In connection with the approval of
the 2023 Plan, the Company’s 2016 Restricted Stock Unit Plan and 2009 Stock Option Plan were both canceled.
Material
Trends
Recent
supply chain disruptions have strained our suppliers and extended supplier delivery lead times, affecting their ability to sustain
operations. We anticipate market wide material shortages for paint and resin products as well as critical epoxies and chemicals used
in our manufacturing process. In addition, we are seeing substantial increases in the costs of aluminum, steel and acrylic
commodities, which has affected our net income in the first nine months of fiscal year 2023 and is expected to continue to have a
negative effect on the margins expected to be generated under our long-term fixed contracts over the next three years.
We
have experienced significant material shortages during the three months ended October 2, 2022 and extending into the first nine
months of fiscal year 2023 from two significant suppliers of our periscope covers and housings. These shortages affect several of
our periscope products at the Optex Richardson segment. The delays in key components, combined with labor shortages during the first
nine months of fiscal year 2023, have negatively impacted our production levels and have pushed expected customer delivery dates
into the first half of fiscal year 2024. We are aggressively seeking alternative sources and actively expediting our current
suppliers for these components as well as increasing employee recruitment initiatives and overtime to attempt to mitigate any
continuing risks to the periscope line. In addition, one of our major customers for the Applied Optics Center requested a
significant schedule delay pushing their laser filter unit deliveries from the first half into the second half of fiscal year 2023.
We are encouraged by recent improvements in supplier performance for the Optex Richardson segment periscope line which yielded
increased revenue performance during the second and third quarters. However, we cannot give any assurances that expected customer delivery dates for our periscope products will not
need to be delayed further.
In
March 2023, we moved our line of credit from PNC Bank to Texas Capital Bank and increased our available line of credit to $3.0 million
from the previous $2.0 million line with PNC. The increase in credit limit helps us meet our working capital requirements in light of
the increased backlog and delay of revenues from the first nine months of fiscal year 2023. As supplier issues and labor shortages continue
to abate, we anticipate increased revenue and working capital in the fourth quarter of fiscal year 2023 and continuing into fiscal
year 2024. Based on our current backlog, we anticipate an overall increase for fiscal year 2023 revenues as compared to the 2022 levels.
We
refer also to “Item 1. Business – Market Opportunity: U.S. Military” in our annual report on Form 10-K for the
year ended October 2, 2022 for a description of current trends in U.S. government military spending and its potential impact on Optex,
which may be material, including particularly the tables included in that section and disclosure on the significant reduction in spending
for U.S ground system military programs, which has a direct impact on the Optex Systems Richardson segment revenue, all of which is incorporated
herein by reference.
Results
of Operations
Non-GAAP
Adjusted EBITDA
We
use adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as an additional measure for evaluating the performance
of our business as “net income” includes the significant impact of noncash valuation gains and losses on warrant liabilities,
noncash compensation expenses related to equity stock issues, as well as depreciation, amortization, interest expenses and federal income
taxes. We believe that Adjusted EBITDA is a meaningful indicator of our operating performance because it permits period-over-period comparisons
of our ongoing core operations before the excluded items, which we do not consider relevant to our operations. Adjusted EBITDA is a financial
measure not required by, or presented in accordance with, U.S. generally accepted accounting principles (“GAAP”).
Adjusted
EBITDA has limitations and should not be considered in isolation or a substitute for performance measures calculated under GAAP. This
non-GAAP measure excludes certain cash expenses that we are obligated to make. In addition, other companies in our industry may calculate
Adjusted EBITDA differently than we do or may not calculate it at all, which limits the usefulness of Adjusted EBITDA as a comparative
measure.
The
table below summarizes our three-and six-month operating results for the periods ended July 2, 2023 and July 3, 2022, in terms of both
the GAAP net income measure and the non-GAAP Adjusted EBITDA measure. We believe that including both measures allows the reader better
to evaluate our overall performance.
| |
(Thousands) | |
| |
Three
months ended | | |
Nine
months ended | |
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
| |
| | |
| | |
| | |
| |
Net
Income (GAAP) | |
$ | 576 | | |
$ | 428 | | |
$ | 832 | | |
$ | 306 | |
Add: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Federal
Income Tax Expense | |
| 154 | | |
| 82 | | |
| 223 | | |
| 28 | |
Depreciation | |
| 86 | | |
| 74 | | |
| 252 | | |
| 221 | |
Stock
Compensation | |
| 81 | | |
| 36 | | |
| 134 | | |
| 127 | |
Interest
Expense | |
| 22 | | |
| - | | |
| 31 | | |
| - | |
Adjusted
EBITDA - Non GAAP | |
$ | 919 | | |
$ | 620 | | |
$ | 1,472 | | |
$ | 682 | |
Our
net income increased by $0.2 million to $0.6 million for the three months ended July 2, 2023, as compared to net income of
$0.4 million for the prior year period. Our adjusted EBITDA increased by $0.3 million to $0.9 million for the three months ended July
2, 2023, as compared to $0.6 million for the prior year period.
Our
net income increased by $0.5 million to $0.8 million for the nine months ended July 2, 2023, as compared to a net income
of $0.3 million for the prior year period. Our adjusted EBITDA increased by $0.8 million to $1.5 million for the nine months ended July
2, 2023, as compared to $0.7 million for the prior year period.
The
increase in the most recent three and nine-month period net income and adjusted EBITDA is primarily driven by higher revenue across
both operating segments and significantly improved gross profit performance in the Applied Optics Center segment, which was only partially offset by
poorer performance in the Optex segment. Operating segment
performance is discussed in greater detail throughout the following sections.
| |
Results
of Operations Selective Financial Information (Thousands) | |
| |
Three
months ended | |
| |
July
2, 2023 | | |
July
3, 2022 | |
| |
Optex Richardson | | |
Applied
Optics Center Dallas
| | |
Other (non-allocated
costs and eliminations) | | |
Consolidated | | |
Optex Richardson | | |
Applied
Optics Center Dallas | | |
Other (non-allocated
costs and eliminations) | | |
Consolidated | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Revenue
from External Customers | |
$ | 3,069 | | |
| 4,103 | | |
| - | | |
| 7,172 | | |
$ | 2,653 | | |
$ | 3,517 | | |
$ | - | | |
$ | 6,170 | |
Intersegment
Revenues | |
| - | | |
| 265 | | |
| (265 | ) | |
| - | | |
| - | | |
| 258 | | |
| (258 | ) | |
| - | |
Total
Segment Revenue | |
| 3,069 | | |
| 4,368 | | |
| (265 | ) | |
| 7,172 | | |
| 2,653 | | |
| 3,775 | | |
| (258 | ) | |
| 6,170 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total
Cost of Sales | |
| 2,757 | | |
| 2,968 | | |
| (265 | ) | |
| 5,460 | | |
| 2,125 | | |
| 3,035 | | |
| (258 | ) | |
| 4,902 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross
Profit | |
| 312 | | |
| 1,400 | | |
| - | | |
| 1,712 | | |
| 528 | | |
| 740 | | |
| - | | |
| 1,268 | |
Gross
Margin % | |
| 10.2 | % | |
| 32.1 | % | |
| - | | |
| 23.9 | % | |
| 19.9 | % | |
| 19.6 | % | |
| - | | |
| 20.6 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
General
and Administrative Expense | |
| 758 | | |
| 121 | | |
| 81 | | |
| 960 | | |
| 611 | | |
| 111 | | |
| 36 | | |
| 758 | |
Segment
Allocated G&A Expense | |
| (386 | ) | |
| 386 | | |
| - | | |
| - | | |
| (268 | ) | |
| 268 | | |
| - | | |
| - | |
Net
General & Administrative Expense | |
| 372 | | |
| 507 | | |
| 81 | | |
| 960 | | |
| 343 | | |
| 379 | | |
| 36 | | |
| 758 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating
Income (Loss) | |
| (60 | ) | |
| 893 | | |
| (81 | ) | |
| 752 | | |
| 185 | | |
| 361 | | |
| (36 | ) | |
| 510 | |
Operating
Income (Loss) % | |
| (2.0 | )% | |
| 20.4 | % | |
| - | | |
| 10.5 | % | |
| 7.0 | % | |
| 9.6 | % | |
| - | | |
| 8.3 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest
Expense | |
| - | | |
| - | | |
| 22 | | |
| 22 | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Income (Loss) before taxes | |
$ | (60 | ) | |
| 893 | | |
| (103 | ) | |
| 730 | | |
$ | 185 | | |
$ | 361 | | |
$ | (36 | ) | |
$ | 510 | |
Net
Income (Loss) % | |
| (2.0 | )% | |
| 20.4 | % | |
| - | | |
| 10.2 | % | |
| 7.0 | % | |
| 9.6 | % | |
| - | | |
| 8.3 | % |
| |
Results
of Operations Selected Financial Info by Segment (Thousands) | |
| |
Nine
months ended | |
| |
July
2, 2023 | | |
July
3, 2022 | |
| |
Optex Richardson | | |
Applied
Optics Center Dallas
| | |
Other (non-allocated
costs and eliminations) | | |
Consolidated | | |
Optex Richardson | | |
Applied
Optics Center Dallas
| | |
Other (non-allocated
costs and eliminations) | | |
Consolidated | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Revenue
from External Customers | |
$ | 7,742 | | |
| 9,840 | | |
| - | | |
| 17,582 | | |
$ | 6,588 | | |
$ | 9,057 | | |
$ | - | | |
$ | 15,645 | |
Intersegment
Revenues | |
| - | | |
| 511 | | |
| (511 | ) | |
| - | | |
| - | | |
| 693 | | |
| (693 | ) | |
| - | |
Total
Segment Revenue | |
| 7,742 | | |
| 10,351 | | |
| (511 | ) | |
| 17,582 | | |
| 6,588 | | |
| 9,750 | | |
| (693 | ) | |
| 15,645 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total
Cost of Sales | |
| 6,830 | | |
| 7,280 | | |
| (511 | ) | |
| 13,599 | | |
| 5,695 | | |
| 7,836 | | |
| (693 | ) | |
| 12,838 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross
Profit | |
| 912 | | |
| 3,071 | | |
| - | | |
| 3,983 | | |
| 893 | | |
| 1,914 | | |
| - | | |
| 2,807 | |
Gross
Margin % | |
| 11.8 | % | |
| 29.7 | % | |
| - | | |
| 22.7 | % | |
| 13.6 | % | |
| 19.6 | % | |
| - | | |
| 17.9 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
General
and Administrative Expense | |
| 2,417 | | |
| 346 | | |
| 134 | | |
| 2,897 | | |
| 1,971 | | |
| 375 | | |
| 127 | | |
| 2,473 | |
Segment
Allocated G&A Expense | |
| (978 | ) | |
| 978 | | |
| - | | |
| - | | |
| (802 | ) | |
| 802 | | |
| - | | |
| - | |
Net
General & Administrative Expense | |
| 1,439 | | |
| 1,324 | | |
| 134 | | |
| 2,897 | | |
| 1,169 | | |
| 1,177 | | |
| 127 | | |
| 2,473 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating
Income (Loss) | |
| (527 | ) | |
| 1,747 | | |
| (134 | ) | |
| 1,086 | | |
| (276 | ) | |
| 737 | | |
| (127 | ) | |
| 334 | |
Operating
Income (Loss) % | |
| (6.8 | )% | |
| 16.9 | % | |
| - | | |
| 6.2 | % | |
| (4.2 | )% | |
| 7.6 | % | |
| - | | |
| 2.1 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest
Expense | |
| - | | |
| - | | |
| 31 | | |
| 31 | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income
(Loss) before taxes | |
$ | (527 | ) | |
| 1,747 | | |
| (165 | ) | |
| (1,055 | ) | |
$ | (276 | ) | |
$ | 737 | | |
$ | (127 | ) | |
$ | 334 | |
Income
(loss) before taxes % | |
| (6.8 | )% | |
| 16.9 | % | |
| - | | |
| 6.0 | % | |
| (4.2 | )% | |
| 7.6 | % | |
| - | | |
| 2.1 | % |
For
the three months ended July 2, 2023, our total revenues increased by $1.0 million, or 16.2%, compared to the prior year period. For the
nine months ended July 2, 2023, our total revenues increased by $1.9 million, or 12.4%, compared to the prior year period. The increase
in revenue for the three and nine-month periods were driven by increased sales across both segments as compared to the prior year.
Consolidated
gross profit for the three months ended July 2, 2023 increased by $0.4 million, or 35.0%, compared to the prior year period.
Consolidated gross profit for the nine months ended July 2, 2023 increased by $1.2 million, or 41.9%, compared to the prior year
period. The increase in the most recent three and nine-month period gross profit was primarily attributable to (1) higher revenue
spread across a fixed manufacturing cost base combined with changes in product mix and improved pricing and operating performance in
our Applied Optics optical assembly line, (2) partially offset by lower profit margins on our Optex segment driven by inflationary
pressures on our long-term fixed price contracts.
Our
operating income for the three months ended July 2, 2023 increased by $0.2 million, or 47.5%, compared to the prior year period. Our
operating income for the nine months ended July 2, 2023 increased by $0.8 million, or 225.1%, compared to the prior year period. The
increase in operating income for the three and nine-month periods was primarily driven by higher revenue and increased gross profit in
the Applied Optics Center segment.
New
Orders and Backlog
Product
backlog represents the value of unfulfilled customer manufacturing orders yet to be recognized as revenue. While backlog is not
a non-GAAP financial measure, it is also not defined by GAAP. Therefore, our methodology for calculating backlog may not be consistent
with methodologies used by other companies. The booked backlog by period may also not be fully indicative of the predicted revenues
for those periods as many of our orders provide for accelerated delivery without penalty and may additionally provide customers the option
to adjust schedules to meet their most recent projected demand quantities. However, we provide customer order and backlog information
as we believe it provides significant insight into forward demand, with some predictive power to short term future revenues.
During
the nine months ended July 2, 2023, the Company booked $26.3 million in new orders, representing a 43.7% increase over the prior year
period. The orders for the most recently completed nine months consist of $18.6 million for our Optex Richardson segment and $7.7 million
attributable to the Applied Optics Center segment.
The
following table depicts the new customer orders for the nine months ending July 2, 2023 as compared to the prior year period in millions
of dollars:
| |
(Millions) | |
Product
Line | |
Nine
months ended July 2, 2023 | | |
Nine
months ended July 3, 2022 | | |
Variance | | |
%
Chg | |
Periscopes | |
$ | 11.6 | | |
$ | 6.8 | | |
$ | 4.8 | | |
| 70.6 | % |
Sighting
Systems | |
| 4.0 | | |
| 0.6 | | |
| 3.4 | | |
| 566.7 | % |
Howitzer | |
| - | | |
| - | | |
| - | | |
| - | % |
Other | |
| 3.0 | | |
| 2.4 | | |
| 0.6 | | |
| 25.0 | % |
Optex
Systems – Richardson | |
| 18.6 | | |
| 9.8 | | |
| 8.8 | | |
| 89.8 | % |
Optical
Assemblies | |
| 1.2 | | |
| 3.8 | | |
| (2.6 | ) | |
| (68.4 | )% |
Laser
Filters | |
| 5.5 | | |
| 3.2 | | |
| 2.3 | | |
| 71.9 | % |
Day
Windows | |
| 0.1 | | |
| 0.6 | | |
| (0.5 | ) | |
| (83.3 | )% |
Other | |
| 0.9 | | |
| 0.9 | | |
| - | | |
| - | % |
Applied
Optics Center – Dallas | |
| 7.7 | | |
| 8.5 | | |
| (0.8 | ) | |
| (9.4 | )% |
Total
Customer Orders | |
$ | 26.3 | | |
$ | 18.3 | | |
$ | 8.0 | | |
| 43.7 | % |
The
Company has seen significant increases in orders for many of its defense products during the first nine months of fiscal year 2023 inclusive
of two new customers for our sighting systems and filter programs. On November 1, 2022, the Company announced it has been awarded a $3.4
million order to repair and refurbish night vision equipment for the Government of Israel. The order represents a significant increase
in our Optex Richardson sighting systems business base for a new customer and includes an additional potential award value with a 100%
optional award quantity clause. Deliveries under this contract are expected to begin in the first quarter
of fiscal year 2024. On June 30, 2023, we booked a $3.0 million delivery order at our Applied Optics segment for the delivery
of laser interface filters against a five-year IDIQ contract. Our periscope orders for the Optex segment have increased significantly
over the prior year period including $7.2 million in task delivery awards against our long term IDIQ contracts during the nine-month
period.
Backlog
as of July 2, 2023, was $41.6 million as compared to a backlog of $30.0 million as of July 3, 2022, representing an increase of $11.6
million or 38.7%. The following table depicts the current expected delivery by period of all contracts awarded as of July 2, 2023 in
millions of dollars, as well as the July 2, 2023 backlog as compared to the backlog on July 3, 2022:
| |
(Millions) | |
Product
Line | |
Q4
2023 Delivery | | |
2024 Delivery | | |
2025+ Delivery | | |
Total
Backlog 7/2/2023 | | |
Total
Backlog 7/3/2022 | | |
Variance | | |
%
Chg | |
Periscopes | |
$ | 2.5 | | |
$ | 9.0 | | |
$ | 1.6 | | |
$ | 13.1 | | |
$ | 7.6 | | |
$ | 5.5 | | |
| 72.4 | % |
Sighting
Systems | |
| 0.5 | | |
| 2.6 | | |
| 2.1 | | |
| 5.2 | | |
| 1.8 | | |
| 3.4 | | |
| 188.9 | % |
Howitzer | |
| - | | |
| 1.1 | | |
| 1.2 | | |
| 2.3 | | |
| 2.3 | | |
| - | | |
| - | % |
Other | |
| 0.7 | | |
| 4.0 | | |
| 0.8 | | |
| 5.5 | | |
| 2.5 | | |
| 3.0 | | |
| 120.0 | % |
Optex
Systems - Richardson | |
| 3.7 | | |
| 16.7 | | |
| 5.7 | | |
| 26.1 | | |
| 14.2 | | |
| 11.9 | | |
| 83.8 | % |
Optical
Assemblies | |
| 1.1 | | |
| 2.2 | | |
| - | | |
| 3.3 | | |
| 5.5 | | |
| (2.2 | ) | |
| (40.0 | )% |
Laser
Filters | |
| 2.3 | | |
| 5.9 | | |
| 1.6 | | |
| 9.8 | | |
| 8.9 | | |
| 0.9 | | |
| 10.1 | % |
Day
Windows | |
| 0.3 | | |
| 0.9 | | |
| 0.6 | | |
| 1.8 | | |
| 0.8 | | |
| 1.0 | | |
| 125.0 | % |
Other | |
| 0.1 | | |
| 0.3 | | |
| 0.2 | | |
| 0.6 | | |
| 0.6 | | |
| - | | |
| - | % |
Applied
Optics Center - Dallas | |
| 3.8 | | |
| 9.3 | | |
| 2.4 | | |
| 15.5 | | |
| 15.8 | | |
| (0.3 | ) | |
| (1.9 | )% |
Total
Backlog | |
$ | 7.5 | | |
$ | 26.0 | | |
$ | 8.1 | | |
$ | 41.6 | | |
| 30.0 | | |
| 11.6 | | |
| 38.7 | % |
Optex
Systems Richardson backlog as of July 2, 2023, was $26.1 million as compared to a backlog of $14.2 million as of July 3, 2022, representing
an increase of $11.9 million or 83.8%.
Applied
Optics Center backlog as of July 3, 2022, was $15.5 million as compared to a backlog of $15.8 million as of July 3, 2022, representing
a decrease of ($0.3) million or (1.9%).
Please
refer to “—Recent Events” and “Material Trends” above or “Liquidity and Capital
Resources” below for more information on recent developments and trends with respect to our orders and backlog, which information
is incorporated herein by reference.
The
Company continues to pursue domestic, international and commercial opportunities in addition to maintaining its current footprint with
U.S. vehicle manufactures, with existing as well as new product lines. We are also reviewing potential products outside our traditional
product lines, which could be manufactured using our current production facilities in order to capitalize on our existing excess capacity.
Three
Months Ended July 2, 2023 Compared to the Three Months Ended July 3, 2022
Revenue.
For the three months ended July 2, 2023, revenue increased by $1.0 million or 16.2% compared to the prior year period as set forth in
the table below:
| |
Three
months ended | |
| |
(Thousands) | |
Product
Line | |
July
2, 2023 | | |
July
3, 2022 | | |
Variance | | |
%
Chg | |
Periscopes | |
$ | 2,623 | | |
$ | 2,296 | | |
$ | 327 | | |
| 14.2 | |
Sighting
Systems | |
| 137 | | |
| 192 | | |
| (55 | ) | |
| (28.6 | ) |
Howitzers | |
| - | | |
| - | | |
| - | | |
| - | |
Other | |
| 309 | | |
| 165 | | |
| 144 | | |
| 87.3 | |
Optex
Systems - Richardson | |
| 3,069 | | |
| 2,653 | | |
| 416 | | |
| 15.7 | |
Optical
Assemblies | |
| 1,452 | | |
| 1,310 | | |
| 142 | | |
| 10.8 | |
Laser
Filters | |
| 2,286 | | |
| 1,693 | | |
| 593 | | |
| 35.0 | |
Day
Windows | |
| 120 | | |
| 169 | | |
| (49 | ) | |
| (29.0 | ) |
Other | |
| 245 | | |
| 345 | | |
| (100 | ) | |
| (29.0 | ) |
Applied
Optics Center - Dallas | |
| 4,103 | | |
| 3,517 | | |
| 586 | | |
| 16.7 | |
Total
Revenue | |
$ | 7,172 | | |
$ | 6,170 | | |
$ | 1,002 | | |
| 16.2 | |
Optex
Systems Richardson revenue increased by $0.4 million or 15.7% for the three months ended July 2, 2023 as compared to the prior
year period on increased revenue volume from periscopes and other, partially offset by a reduction in sighting systems volume.
Applied
Optics Center revenue increased by $0.6 million or 16.7% for the three months ended July 2, 2023 as compared to the prior year period.
The revenue increase is primarily attributable to increased delivery volume of laser filters and optical assemblies.
Gross
Margin. The gross margin during the three-month period ended July 2, 2023 was 23.9% of revenue as compared to a gross margin of 20.6%
of revenue for the prior year period. The increase in gross profit is primarily attributable to higher revenue, changes in product mix
between segments, and increased absorption of fixed overhead across a higher revenue mix (on a consolidated company basis) .
Cost of sales increased to $5.5 million for the current period as compared to the prior year period of $4.9 million on higher revenue.
G&A
Expenses. During the three months ended July 2, 2023 and July 3, 2022, we recorded operating expenses of $1.0 million and $0.8 million,
respectively. Operating expenses increased by 26.6% between the respective periods primarily due to increased labor, office, legal, accounting
and banking, stock compensation and travel expenses.
Operating
Income. During the three months ended July 2, 2023, we recorded operating income of $0.8 million, as compared to operating income
of $0.5 million during the three months ended July 3, 2022. The $0.3 million increase in operating income for the current year period
from the prior year period is primarily due to increased revenue and gross profit, offset by higher spending in general and administrative
expenses.
Nine
months Ended July 2, 2023 Compared to the Nine months Ended July 3, 2022
Revenues.
For the nine months ended July 2, 2023, revenues increased by $1.9 million or 12.4% compared to the prior year period as set forth in
the table below:
| |
Nine
months ended | |
| |
(Thousands) | |
Product
Line | |
July
2, 2023 | | |
July
3, 2022 | | |
Variance | | |
%
Chg | |
Periscopes | |
$ | 6,085 | | |
$ | 4,924 | | |
$ | 1,161 | | |
| 23.6 | |
Sighting
Systems | |
| 464 | | |
| 642 | | |
| (178 | ) | |
| (27.7 | ) |
Howitzers | |
| - | | |
| - | | |
| - | | |
| - | |
Other | |
| 1,193 | | |
| 1,022 | | |
| 171 | | |
| 16.7 | |
Optex
Systems - Richardson | |
| 7,742 | | |
| 6,588 | | |
| 1,154 | | |
| 17.5 | |
Optical
Assemblies | |
| 4,438 | | |
| 3,285 | | |
| 1,153 | | |
| 35.1 | |
Laser
Filters | |
| 4,404 | | |
| 4,154 | | |
| 250 | | |
| 6.0 | |
Day
Windows | |
| 350 | | |
| 809 | | |
| (459 | ) | |
| (56.7 | ) |
Other | |
| 648 | | |
| 809 | | |
| (161 | ) | |
| (19.9 | ) |
Applied
Optics Center - Dallas | |
| 9,840 | | |
| 9,057 | | |
| 783 | | |
| 8.6 | |
Total
Revenue | |
$ | 17,582 | | |
$ | 15,645 | | |
$ | 1,937 | | |
| 12.4 | |
Optex
Systems Richardson revenue increased by $1.1 million or 17.5% for the nine months ended July 2, 2023 as compared to the prior year period
on increased periscope delivery volume.
Applied
Optics Center revenue increased by $0.8 million or 8.6% for the nine months ended July 2, 2023 as compared to the prior year period.
The revenue increase is primarily attributable to higher shipment volume on optical assemblies.
Gross
Margin. The gross margin during the nine-month period ended July 2, 2023 was 22.7% as compared to a gross margin of 17.9% for
the prior year period. The increase in gross profit is primarily attributable to higher revenue, changes in product mix between
segments and increased fixed cost absorption across a higher revenue base (on a consolidated company basis). Cost of sales increased to $13.6 million for the nine
months ended July 2, 2023 as compared to the prior year period of $12.8 million on higher revenue.
G&A
Expenses. During the nine months ended July 2, 2023 and July 3, 2022, we recorded operating expenses of $2.9 million and $2.5 million,
respectively. Operating expenses increased by 17.1% between the respective periods primarily due to increased labor, office, legal, accounting
and banking and travel expenses.
Operating
Income. During the nine months ended July 2, 2023, we recorded operating income of $1.1 million, as compared to an operating income
of $0.3 million during the nine months ended July 3, 2022. The $0.8 million increase in operating income is primarily due to increased
revenue and gross profit, offset by higher spending in general and administrative expenses.
Liquidity
and Capital Resources
As
of July 2, 2023, the Company had working capital of $12.2 million, as compared to $10.0 million as of October 2, 2022.
During
the nine months ended July 2, 2023, we used operating cash of ($1.4) million, borrowed a net $1.2 million against our line of credit
and spent $0.4 million on acquisitions of property and equipment. During the period, our inventory increased $3.1 million in support
of new program awards and increasing revenues anticipated over the next twelve months.
The
Company has capital commitments of $9 thousand for the purchase of property and equipment consisting of engineering services related
to an automated acrylic buffing system.
Backlog
as of July 2, 2023 was $41.6 million as compared to backlog of $30.0 million as of July 3, 2022 and $32.9 million as of October 2, 2022,
representing an increase of 38.7% and 26.4%, respectively. For further details, see “Results of Operations – New Orders
and Backlog” above.
The
Company has historically funded its operations through cash from operations, convertible notes, common and preferred stock offerings
and bank debt. The Company’s ability to generate positive cash flows depends on a variety of factors, including the continued development
and successful marketing of the Company’s products.
At
July 2, 2023, the Company had $0.3 million in cash and an outstanding payable balance of $1.2 million against its line of credit. At
July 2, 2023, our outstanding accounts receivable balance was $2.9 million. We expect the accounts to be collected during the fourth
quarter of fiscal 2023.
We
have experienced significant material shortages during the three months ended October 2, 2022 and extending into the first nine months
of fiscal year 2023 from two significant suppliers of our periscope covers and housings. These shortages affect several of our periscope
products at the Optex Richardson segment. The delays in key components, combined with labor shortages during the first nine months of
fiscal year 2023, have negatively impacted our production levels and have pushed expected customer delivery dates into the first half
of fiscal year 2024. We are aggressively seeking alternative sources and actively expediting our current suppliers for these components
as well as increasing employee recruitment initiatives and overtime to attempt to mitigate any continuing risks to the periscope line.
In addition, one of our major customers for the Applied Optics Center requested a significant schedule delay pushing their laser filter
unit deliveries from the first half into the second half of fiscal year 2023. As described in more detail below, in March 2023, we entered
into a new line of credit, effectively increasing our credit limit from $2.0 million to $3.0 million to facilitate our working capital
requirements due to the delays and increased backlog. We are encouraged by recent improvements in supplier performance for the Optex
Richardson segment periscope line which yielded increased revenue performance during the second and third quarters. However, we cannot give any assurances that expected customer delivery dates for our periscope products will not
need to be delayed further.
In
the short term, the Company plans to utilize its current cash, available line of credit and operating cash flow to fund inventory
purchases in support of the backlog growth and higher anticipated revenue during the next twelve months. Short term cash in excess
of our working capital needs may be also be used to fund the purchase of product lines and other assets, including property and
equipment required to maintain or meet our growing backlog, in addition to repurchasing common stock against our current stock
repurchase plan. Longer term, excess cash beyond our operating needs may be used to fund new product development, company or product
line acquisitions, or additional stock purchases as attractive opportunities present themselves.
In
some instances, new government contract awards may allow for contract financing in the form of progress payments pursuant to Federal
Acquisition Regulation 52.232-16, “Progress Payments.” Subject to certain limitations, this clause provides for government
payment of up to 90% of incurred program costs prior to product delivery for small businesses like us. To the extent any contracts allow
for progress payments and the respective contracts would result in significant preproduction cash requirements for design, process development,
tooling, material or other resources which could exceed our current working capital or line of credit availability, we intend to utilize
this benefit to minimize any potential negative impact on working capital prior to receipt of payment for the associated contract deliveries.
Currently none of our existing contracts allow for progress payments.
We
refer to “Note 4 – Commitments and Contingencies – Non-cancellable Operating Leases” for a tabular depiction
of our remaining minimum lease and estimated CAM payments under such leases as of July 2, 2023, which disclosure is incorporated herein
by reference.
The
Company expects to generate net income and positive cash flow from operating activities over the next twelve months. To achieve and retain
profitability, we need to maintain a level of revenue adequate to support our cost structure. Management intends to manage operations
commensurate with its level of working capital and line of credit during the next twelve months and beyond; however, uneven revenue levels
driven by changes in customer delivery demands, first article inspection requirements or other program delays associated with the pandemic,
labor shortages and supply chain issues could create a working capital shortfall. In the event the Company does not successfully implement
its ultimate business plan, certain assets may not be recoverable.
On
March 22, 2023, the Company and its subsidiary, Optex Systems, Inc. (“Optex”, and with the Company, the “Borrowers”),
entered into a Business Loan Agreement (the “Loan Agreement”) with Texas Capital Bank (the “Lender”), pursuant
to which the Lender will make available to the Borrowers a revolving line of credit in the principal amount of $3 million (the “Credit
Facility”). The commitment period for advances under the Credit Facility is twenty-six months expiring on May 22, 2025. We refer
to the expiration of that time period as the “Maturity Date.” Outstanding advances under the Credit Facility will accrue
interest at a rate equal to the secured overnight financing rate (SOFR) plus a specified margin, subject to a specified floor interest
rate. The interest rate is currently at 7.827% per annum.
The
Loan Agreement contains customary events of default (including a 25% change in ownership) and negative covenants, including but not
limited to those governing indebtedness, liens, fundamental changes (including changes in management), investments, and restricted
payments (including cash dividends). The Loan Agreement also requires the Borrowers to maintain a fixed charge coverage ratio of at
least 1.25:1 and a total leverage ratio of 3.00:1. The Credit Facility is secured by substantially all of the operating assets of
the Borrowers as collateral. The Borrowers’ obligations under the Credit Facility are subject to acceleration upon the
occurrence of an event of default as defined in the Loan Agreement. The Loan Agreement further provides for a $125,000 Letter of
Credit sublimit. As of July 2, 2023, there was $1.2 million borrowed under the Credit Facility. As of July 2, 2023, the Company is
in compliance with all covenants under the Credit Facility.
The
Credit Facility replaced the prior $2 million line of credit with PNC Bank, National Association.
On
September 22, 2021 the Company announced authorization for an additional $1 million stock repurchase program. As of July 2, 2023, there
was an authorized balance of $560 thousand remaining to be spent against the repurchase program. During the nine months ended July 2,
2023, there were no stock repurchases against the plan.
Critical
Accounting Estimates
A
critical accounting estimate is an estimate that:
|
● |
is
made in accordance with generally accepted accounting principles, |
|
● |
involves
a significant level of estimation uncertainty, and |
|
● |
has
had or is reasonably likely to have a material impact on the company’s financial condition or results of operation. |
Our
significant accounting policies are fundamental to understanding our results of operations and financial condition. Some accounting policies
require that we use estimates and assumptions that may affect the value of our assets or liabilities and financial results. These policies
are described in “Critical Policies and Accounting Pronouncements” and Note 2 (Accounting Policies) to consolidated financial
statements in our Annual Report on Form 10-K for the year ended October 2, 2022.
Our
critical accounting estimates include warranty costs, contract losses and the deferred tax asset valuation. Future warranty costs are
based on the estimated cost of replacement for expected returns based upon our most recent experience rate of defects as a percentage
of warranty covered sales. Our warranty covered sales primarily include the Applied Optics Center optical assemblies. While our warranty
period is 12 months, our reserve balances assume a general 90-day return period for optical assemblies previously delivered plus any
returned backlog in-house that has not yet been repaired or replaced to our customer. If our actual warranty returns should significantly
exceed our historical rates on new customer products, significant production changes, or substantial customer changes to the 90-day turn-around
times on returned goods, the impact could be material to our operating profit. We have not experienced any significant changes to our
warranty trends in the preceding three years and do not anticipate any significant impacts in the near term. We monitor the actual warranty
costs incurred to the expected values on a quarterly basis and adjust our estimates accordingly. As of July 2, 2023, the Company had
accrued warranty costs of $241 thousand, as compared to $169 thousand as of October 2, 2022. The primary reason for the $72 thousand
increase in reserve balances relates to higher revenue on warrantied product being sold during the nine months ended July 2, 2023 as
compared to the prior year resulting in increased backlog on returned products.
As
of July 2, 2023 and October 2, 2022, we had $133 thousand, and $289 thousand, respectively, of contract loss reserves included in our
balance sheet accrued expenses. These loss contracts are related to some of our older legacy periscope IDIQ contracts which were priced
in 2018 through early 2020, prior to Covid-19 and the significant downturn in defense spending on ground system vehicles. Due to inflationary
price increases on component parts and higher internal manufacturing costs (as a result of escalating labor costs and higher burden rates
on reduced volume), some of these contracts are in a loss condition, or at marginal profit rates. These contracts are typically three-year
IDIQ contracts with two optional award years, and as such, we are obligated to accept new task awards against these contracts until the
contract expiration. Should contract costs continue to increase above the negotiated selling price, or in the event the customer should
release substantial quantities against these existing loss contracts, the losses could be material. For contracts currently in a loss
status based on the estimated per unit contract costs, losses are booked immediately on new task order awards. During the nine months
ended July 2, 2023, accrued contract losses decreased $156 thousand due to shipments against contract backlog and improvements in the
total estimated contract costs associated with higher revenue and improved manufacturing overhead rates on increased production levels.
There is no way to reasonably estimate future inflationary impacts, or customer awards on the existing loss contracts.
As
of July 2, 2023 and October 2, 2022, Optex Systems, Inc. has a deferred tax asset valuation allowance of ($0.8) million against deferred
tax assets of $1.6 million and $1.8 million, respectively, for a net deferred tax asset of $0.8 million and $1.0 million. During the
nine months ended July 2, 2023, our deferred tax assets decreased by $0.2 million related to temporary tax adjustments. The valuation
allowance covers certain deferred tax assets where we believe we will be unlikely to recover those tax assets through future operations.
The valuation reserve includes assumptions related to future taxable income which would be available to cover net operating loss carryforward
amounts. Because of the uncertainties of future income forecasts combined with the complexity of some of the deferred assets, these forecasts
are subject to change over time. While we believe our current estimate to be reasonable, changing market conditions and profitability,
changes in equity structure and changes in tax regulations may impact our estimated reserves in future periods.
Item
3. Quantitative and Qualitative Disclosures about Market Risk.
Not
applicable.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
As
of the end of the period covered by our Quarterly Report on Form 10-Q for the quarter ended July 2, 2023, management performed, with
the participation of our Principal Executive Officer and Principal Financial Officer, an evaluation of the effectiveness of our disclosure
controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Our disclosure controls and procedures are designed
to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized,
and reported within the time periods specified in the SEC’s forms, and that such information is accumulated and communicated to
our management including our Principal Executive Officer and our Principal Financial Officer, to allow timely decisions regarding required
disclosures. Based upon the evaluation described above, our Principal Executive Officer and our Principal Financial Officer concluded
that, as of July 2, 2023, our disclosure controls and procedures were effective.
Changes
in Internal Control Over Financial Reporting
During
the three months ended July 2, 2023, there were no changes in our internal control over financial reporting that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
We
are not aware of any material litigation pending or threatened against us.
Item
1A. Risk Factors
We
have added the following risk factor due to recent events impacting regional banks. There have been no other material changes in the
risk factors set forth in the Form 10-K filed for the year ended October 2, 2022.
Adverse
developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance
by financial institutions or transactional counterparties, could adversely affect our business, results of operations or financial condition.
Events
involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional
counterparties or other companies in the financial services industry, or concerns or rumors about any events of these kinds or other
similar risks, have in the past and may in the future lead to market-wide liquidity problems. For example, on March 10, 2023, Silicon Valley Bank (“SVB”)
was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation
(“FDIC”) as receiver; on March 12, 2023, Signature Bank and Silvergate Capital Corp. were each swept into receivership; and
on May 1, 2023, First Republic Bank failed and regulators sold substantially all of its assets to JPMorgan Chase & Co. The
failure of First Republic Bank occurred despite a previous attempt by some of the nation’s largest banks to shore up First Republic’s
capital. Although we assess our banking and customer relationships as we believe necessary or appropriate, our access to funding
sources and other credit arrangements in amounts adequate to finance or capitalize our current and projected future business operations
could be significantly impacted.
In
addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing
terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit
and liquidity sources, thereby making it more difficult for us to acquire financing on acceptable terms or at all. Any decline in available
funding or access to our cash and liquidity resources could, among other risks, adversely impact our ability to meet our operating expenses,
financial obligations or other obligations, result in breaches of our contractual obligations or result in violations of federal or state
wage and hour laws. Any of these impacts, or any other impacts resulting from the factors described above or other related or similar
factors not described above, could have material adverse impacts on our liquidity and our business, results of operations or financial
condition.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
Unregistered
Sales
On
May 9, 2023, the Board of Directors approved a grant of 40,000 shares of restricted stock to an independent board member
Dayton Judd. The shares vest 50% on each of January 1, 2024 and January 1, 2025. As of the grant date, the fair value of the
shares was $124 thousand, to be amortized on a straight-line basis through January 1, 2025. The grant was exempt from
registration under the Securities Act of 1933, as amended, in reliance on Section 4(a)(2) of such act and Rule 506
thereunder.
Issuer
Purchases of Equity Securities
There
were no purchases made by or on behalf of the Company or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) of its
common stock under the Exchange Act) during the three months ended July 2, 2023.
Item
3. Defaults upon Senior Securities.
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
6. Exhibits
Exhibit
No. |
|
Description |
|
|
|
31.1
and 31.2 |
|
Certifications
pursuant to Section 302 of Sarbanes Oxley Act of 2002 |
32.1
and 32.2 |
|
Certifications
pursuant to Section 906 of Sarbanes Oxley Act of 2002 |
EX-101.INS |
|
Inline
XBRL Instance Document |
EX-101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document |
EX-101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
EX-101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
EX-101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document |
EX-101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
OPTEX
SYSTEMS HOLDINGS, INC. |
|
|
|
Date:
August 16, 2023 |
By: |
/s/
Danny Schoening |
|
|
Danny
Schoening |
|
|
Principal
Executive Officer |
|
|
|
|
OPTEX
SYSTEMS HOLDINGS, INC. |
|
|
|
Date:
August 16, 2023 |
By: |
/s/
Karen Hawkins |
|
|
Karen
Hawkins |
|
|
Principal
Financial Officer and |
|
|
Principal
Accounting Officer |
Exhibit 31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 302 OF
THE
SARBANES-OXLEY ACT OF 2002
I,
Danny Schoening, certify that:
1.
I have reviewed this Form 10-Q of Optex Systems Holdings, Inc.:
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a– 15(e) and 15d–15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
By:
|
/s/
Danny Schoening |
|
|
Danny
Schoening |
|
|
Principal
Executive Officer |
|
|
|
|
Dated:
August 16, 2023 |
|
Exhibit 31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 302 OF
THE
SARBANES-OXLEY ACT OF 2002
I,
Karen Hawkins, certify that:
1.
I have reviewed this Form 10-Q of Optex Systems Holdings, Inc.:
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a– 15(e) and 15d–15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
By:
|
/s/
Karen Hawkins |
|
|
Karen
Hawkins |
|
|
Principal
Financial Officer and Principal Accounting Officer |
|
|
|
|
Dated:
August 16, 2023 |
|
Exhibit 32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with this Quarterly Report of Optex Systems Holdings, Inc. (the “Company”) on this Form 10-Q for the quarter ended
July 2, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Danny Schoening,
Principal Executive Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant
to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations
of the Company.
By:
|
/s/
Danny Schoening |
|
|
Danny
Schoening |
|
|
Principal
Executive Officer
|
|
Dated:
August 16, 2023 |
|
Exhibit 32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with this Quarterly Report of Optex Systems Holdings, Inc. (the “Company”) on this Form 10-Q for the quarter ended
July 2, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Karen Hawkins, Principal
Financial Officer and Principal Accounting Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350,
as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations
of the Company.
By: |
/s/
Karen Hawkins |
|
|
Karen
Hawkins |
|
|
Principal
Financial Officer and Principal Accounting Officer |
|
|
|
|
Dated:
August 16, 2023 |
|
v3.23.2
Cover - shares
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jul. 02, 2023 |
Oct. 02, 2022 |
ASSETS |
|
|
|
Cash and Cash Equivalents |
$ 314
|
|
$ 934
|
Accounts Receivable, Net |
2,870
|
|
2,908
|
Inventory, Net |
12,282
|
|
9,212
|
Contract Asset |
336
|
|
|
Prepaid Expenses |
431
|
|
328
|
Current Assets |
16,233
|
|
13,382
|
Property and Equipment, Net |
1,083
|
|
968
|
Other Assets |
|
|
|
Deferred Tax Asset |
762
|
|
942
|
Right-of-use Asset |
2,863
|
[1] |
3,222
|
Security Deposits |
23
|
|
23
|
Other Assets |
3,648
|
|
4,187
|
Total Assets |
20,964
|
|
18,537
|
Current Liabilities |
|
|
|
Accounts Payable |
1,609
|
|
706
|
Operating Lease Liability |
616
|
|
604
|
Federal Income Taxes Payable |
|
|
331
|
Accrued Expenses |
969
|
|
958
|
Accrued Selling Expenses |
336
|
|
|
Accrued Warranty Costs |
241
|
|
169
|
Accrued Loss Reserves |
133
|
|
289
|
Customer Advance Deposits |
131
|
|
311
|
Current Liabilities |
4,035
|
|
3,368
|
Other Liabilities |
|
|
|
Credit Facility |
1,207
|
|
|
Operating Lease Liability, net of current portion |
2,406
|
|
2,761
|
Total Other Liabilities |
3,613
|
|
2,761
|
Total Liabilities |
7,648
|
|
6,129
|
Stockholders’ Equity |
|
|
|
Common Stock – ($0.001 par, 2,000,000,000 shares authorized, 6,763,070 and 6,716,638 shares issued and outstanding, respectively) |
7
|
|
7
|
Additional Paid in Capital |
21,172
|
|
21,096
|
Accumulated Deficit |
(7,863)
|
|
(8,695)
|
Stockholders’ Equity |
13,316
|
|
12,408
|
Total Liabilities and Stockholders’ Equity |
$ 20,964
|
|
$ 18,537
|
|
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jul. 02, 2023 |
Oct. 02, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
2,000,000,000
|
2,000,000,000
|
Common stock, shares issued |
6,763,070
|
6,716,638
|
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6,763,070
|
6,716,638
|
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Jul. 02, 2023 |
Jul. 03, 2022 |
Jul. 02, 2023 |
Jul. 03, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 7,172
|
$ 6,170
|
$ 17,582
|
$ 15,645
|
Cost of Sales |
5,460
|
4,902
|
13,599
|
12,838
|
Gross Profit |
1,712
|
1,268
|
3,983
|
2,807
|
General and Administrative Expense |
960
|
758
|
2,897
|
2,473
|
Operating Income |
752
|
510
|
1,086
|
334
|
Interest Expense |
22
|
|
31
|
|
Income Before Taxes |
730
|
510
|
1,055
|
334
|
Income Tax Expense |
154
|
82
|
223
|
28
|
Net Income |
$ 576
|
$ 428
|
$ 832
|
$ 306
|
Basic income per share |
$ 0.09
|
$ 0.05
|
$ 0.13
|
$ 0.04
|
Weighted Average Common Shares Outstanding - basic |
6,643,070
|
8,187,318
|
6,607,593
|
8,223,492
|
Diluted income per share |
$ 0.09
|
$ 0.05
|
$ 0.13
|
$ 0.04
|
Weighted Average Common Shares Outstanding – diluted |
6,686,211
|
8,285,996
|
6,642,604
|
8,297,341
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Jul. 02, 2023 |
Jul. 02, 2023 |
Jul. 03, 2022 |
Jul. 02, 2023 |
Jul. 03, 2022 |
Oct. 02, 2022 |
Cash Flows from Operating Activities: |
|
|
|
|
|
|
Net Income |
$ 576
|
$ 576
|
$ 428
|
$ 832
|
$ 306
|
|
Adjustments to Reconcile Net Income to Net Cash (used in) provided by Operating Activities: |
|
|
|
|
|
|
Depreciation and Amortization |
86
|
|
74
|
252
|
221
|
|
Stock Compensation Expense |
|
|
|
134
|
127
|
|
Deferred Tax |
|
|
|
180
|
340
|
|
Accounts Receivable |
|
|
|
38
|
1,264
|
|
Inventory |
|
|
|
(3,070)
|
(976)
|
|
Contract Asset |
|
|
|
(336)
|
|
$ 0
|
Prepaid Expenses |
|
|
|
(103)
|
(62)
|
|
Leases |
|
|
|
17
|
73
|
|
Accounts Payable and Accrued Expenses |
|
|
|
914
|
223
|
|
Federal Income Taxes Payable |
|
|
|
(331)
|
|
|
Accrued Warranty Costs |
|
|
|
72
|
118
|
|
Accrued Selling Expense |
|
|
|
336
|
|
0
|
Customer Advance Deposits |
|
|
|
(180)
|
256
|
|
Accrued Loss Reserves |
|
|
|
(156)
|
|
|
Total Adjustments |
|
|
|
(2,233)
|
1,584
|
|
Net Cash (used in) provided by Operating Activities |
|
|
|
(1,401)
|
1,890
|
|
Cash Flows used in Investing Activities |
|
|
|
|
|
|
Purchases of Property and Equipment |
(222)
|
|
(118)
|
(368)
|
(236)
|
|
Net Cash used in Investing Activities |
|
|
|
(368)
|
(236)
|
|
Cash Flows provided by (used in) Financing Activities |
|
|
|
|
|
|
Borrowing from Credit Facility |
|
|
|
1,507
|
|
|
Payments to Credit Facility |
|
|
|
(300)
|
|
|
Cash Paid for Taxes Withheld on Net Settled Restricted Stock Unit Shares Issued |
|
|
|
(58)
|
(19)
|
|
Stock Repurchase |
|
|
|
|
(366)
|
|
Net Cash provided by (used in) Financing Activities |
|
|
|
1,149
|
(385)
|
|
Net (Decrease) Increase in Cash and Cash Equivalents |
|
|
|
(620)
|
1,269
|
|
Cash and Cash Equivalents at Beginning of Period |
|
|
|
934
|
3,900
|
3,900
|
Cash and Cash Equivalents at End of Period |
$ 314
|
$ 314
|
$ 5,169
|
314
|
5,169
|
$ 934
|
Non-Cash Transactions: |
|
|
|
|
|
|
Right-of-Use Asset |
|
|
|
|
51
|
|
Operating Lease Liabilities |
|
|
|
|
(51)
|
|
Treasury Stock Retired |
|
|
|
|
435
|
|
Cash Transactions: |
|
|
|
|
|
|
Cash Paid for Taxes |
|
|
|
553
|
|
|
Cash Paid for Interest |
|
|
|
$ 28
|
|
|
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v3.23.2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Common Stock [Member] |
Treasury Stock, Common [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Oct. 03, 2021 |
|
$ 9
|
$ (69)
|
$ 25,752
|
$ (9,978)
|
$ 15,714
|
Balance, Shares at Oct. 03, 2021 |
|
8,523,704
|
35,555
|
|
|
|
Stock Compensation Expense |
|
|
|
127
|
|
127
|
Net Income (Loss) |
|
|
|
|
306
|
306
|
Common Stock Repurchase |
[1] |
|
$ (366)
|
|
|
(366)
|
Common Stock Repurchase, shares |
[1] |
|
188,414
|
|
|
|
Cancellation of Treasury Shares |
[1] |
$ (1)
|
$ 435
|
(434)
|
|
|
Cancellation of Treasury Shares, shares |
[1] |
(223,969)
|
(223,969)
|
|
|
|
Vested Restricted Stock Units Issued Net of Tax Withholding |
|
|
|
(19)
|
|
(19)
|
Vested Restricted Stock Units Issued Net of Tax Withholding, shares |
|
23,216
|
|
|
|
|
Ending balance, value at Jul. 03, 2022 |
|
$ 8
|
|
25,426
|
(9,672)
|
15,762
|
Balance, Shares at Jul. 03, 2022 |
|
8,322,951
|
|
|
|
|
Balance at Apr. 03, 2022 |
|
$ 8
|
|
25,534
|
(10,100)
|
15,442
|
Balance, Shares at Apr. 03, 2022 |
|
8,395,394
|
|
|
|
|
Stock Compensation Expense |
|
|
|
36
|
|
36
|
Net Income (Loss) |
|
|
|
|
428
|
428
|
Common Stock Repurchase |
[1] |
|
$ (144)
|
|
|
(144)
|
Common Stock Repurchase, shares |
[1] |
|
72,443
|
|
|
|
Cancellation of Treasury Shares |
[1] |
|
$ 144
|
(144)
|
|
|
Cancellation of Treasury Shares, shares |
[1] |
(72,443)
|
(72,443)
|
|
|
|
Ending balance, value at Jul. 03, 2022 |
|
$ 8
|
|
25,426
|
(9,672)
|
15,762
|
Balance, Shares at Jul. 03, 2022 |
|
8,322,951
|
|
|
|
|
Balance at Oct. 02, 2022 |
|
$ 7
|
|
21,096
|
(8,695)
|
12,408
|
Balance, Shares at Oct. 02, 2022 |
|
6,716,638
|
|
|
|
|
Stock Compensation Expense |
|
|
|
134
|
|
134
|
Restricted/Unvested Shares Issued |
[2] |
|
|
|
|
|
Restricted/Unvested Shares Issued, shares |
[2] |
40,000
|
|
|
|
|
Net Income (Loss) |
|
|
|
|
832
|
832
|
Taxes on Shares Issued for Vested Restricted Stock Units |
|
|
|
(58)
|
|
(58)
|
Taxes on Shares Issued for Vested Restricted Stock Units, shares |
|
46,432
|
|
|
|
|
Unvested Shares Forfeited |
[3] |
|
|
|
|
|
Unvested Shares Forfeited, shares |
[3] |
(40,000)
|
|
|
|
|
Ending balance, value at Jul. 02, 2023 |
|
$ 7
|
|
21,172
|
(7,863)
|
13,316
|
Balance, Shares at Jul. 02, 2023 |
|
6,763,070
|
|
|
|
|
Balance at Apr. 01, 2023 |
|
$ 7
|
|
21,091
|
(8,439)
|
12,659
|
Balance, Shares at Apr. 01, 2023 |
|
6,723,070
|
|
|
|
|
Stock Compensation Expense |
|
|
|
81
|
|
81
|
Restricted/Unvested Shares Issued |
[2] |
|
|
|
|
|
Restricted/Unvested Shares Issued, shares |
[2] |
40,000
|
|
|
|
|
Net Income (Loss) |
|
|
|
|
576
|
576
|
Ending balance, value at Jul. 02, 2023 |
|
$ 7
|
|
$ 21,172
|
$ (7,863)
|
$ 13,316
|
Balance, Shares at Jul. 02, 2023 |
|
6,763,070
|
|
|
|
|
|
|
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v3.23.2
Organization and Operations
|
9 Months Ended |
Jul. 02, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Operations |
Note
1 - Organization and Operations
Optex
Systems Holdings, Inc. (the “Company”) manufactures optical sighting systems and assemblies for the U.S. Department of Defense,
foreign military applications and commercial markets. Its products are installed on a variety of U.S. military land vehicles, such as
the Abrams and Bradley fighting vehicles, light armored and advanced security vehicles, and have been selected for installation on the
Stryker family of vehicles. The Company also manufactures and delivers numerous periscope configurations, rifle and surveillance sights
and night vision optical assemblies. Optex Systems Holdings’ products consist primarily of build to customer print products that
are delivered both directly to the military and to other defense prime contractors or commercial customers. The Company’s consolidated
revenues for the nine months ended July 2, 2023 were derived from the U.S. government (20%), three major U.S. defense contractors (17%,
6%, and 5%, respectively), one major commercial customer (29%) and all other customers (23%). Approximately 95% of the total company
revenue is generated from domestic customers and 5% is derived from foreign customers, primarily in Canada. Optex Systems Holdings’
operations are based in Dallas and Richardson, Texas in leased facilities comprising 93,967 square feet. As of July 2, 2023, Optex Systems
Holdings operated with 101 full-time equivalent employees.
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v3.23.2
Accounting Policies
|
9 Months Ended |
Jul. 02, 2023 |
Accounting Policies [Abstract] |
|
Accounting Policies |
Note
2 - Accounting Policies
Basis
of Presentation
Principles
of Consolidation: The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary,
Optex Systems, Inc. All significant inter-company balances and transactions have been eliminated in consolidation.
The
condensed consolidated financial statements of Optex Systems Holdings included herein have been prepared by Optex Systems Holdings, without
audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote
disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make
the information presented not misleading.
These
condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and
the notes thereto included in the Optex Systems Holdings’ Form 10-K for the year ended October 2, 2022 and other reports filed
with the SEC.
The
accompanying unaudited interim condensed consolidated financial statements reflect all adjustments of a normal and recurring nature which
are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of Optex
Systems Holdings for the interim periods presented. The results of operations for these periods are not necessarily comparable to, or
indicative of, results of any other interim period or for the fiscal year taken as a whole. Certain information that is not required
for interim financial reporting purposes has been omitted.
Inventory:
As of July 2, 2023 and October 2, 2022, inventory included:
Schedule of Inventory
| |
July
2, 2023 | | |
October
2, 2022 | |
| |
(Thousands) | |
| |
July
2, 2023 | | |
October
2, 2022 | |
Raw
Material | |
$ | 7,428 | | |
$ | 6,953 | |
Work
in Process | |
| 5,050 | | |
| 2,722 | |
Finished
Goods | |
| 615 | | |
| 348 | |
Gross
Inventory | |
$ | 13,093 | | |
$ | 10,023 | |
Less:
Inventory Reserves | |
| (811 | ) | |
| (811 | ) |
Net
Inventory | |
$ | 12,282 | | |
$ | 9,212 | |
Concentration
of Credit Risk: Optex Systems Holdings’ accounts receivables as of July 2, 2023 consisted of U.S. government agencies (18%),
seven major U.S. defense contractors (12%, 12%, 9%, 6%, 6%, 6%, and 5%, respectively), one commercial customer (16%) and all other customers
(10%). The Company does not believe that this concentration results in undue credit risk because of the financial strength of the customers
and the Company’s long history with these customers.
Accrued
Warranties: Optex Systems Holdings accrues product warranty liabilities based on the historical return rate against period shipments
as they occur and reviews and adjusts these accruals quarterly for any significant changes in estimated costs or return rates. The accrued
warranty liability includes estimated costs to repair or replace returned warranty backlog units currently in-house plus estimated costs
for future warranty returns that may be incurred against warranty covered products previously shipped as of the period end date. As of
July 2, 2023, and October 2, 2022, the Company had warranty reserve balances of $241 and $169 thousand, respectively.
Schedule
of Warranty Reserves
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
| |
Three
months ended | | |
Nine
months ended | |
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
Beginning
balance | |
$ | 266 | | |
$ | 155 | | |
$ | 169 | | |
$ | 78 | |
| |
| | | |
| | | |
| | | |
| | |
Incurred
costs for warranties satisfied during the period | |
| (82 | ) | |
| (1 | ) | |
| (99 | ) | |
| (3 | ) |
| |
| | | |
| | | |
| | | |
| | |
Warranty
Expenses: | |
| | | |
| | | |
| | | |
| | |
Warranties
reserved for new product shipped during the period(1) | |
| 57 | | |
| 52 | | |
| 177 | | |
| 131 | |
Change
in estimate for pre-existing warranty liabilities(2) | |
| - | | |
| (10 | ) | |
| (6 | ) | |
| (10 | ) |
Warranty
Expense | |
| 57 | | |
| 42 | | |
| 171 | | |
| 122 | |
| |
| | | |
| | | |
| | | |
| | |
Ending
balance | |
$ | 241 | | |
$ | 196 | | |
$ | 241 | | |
$ | 196 | |
(1) |
Warranty
expenses accrued to cost of sales (based on current period shipments and historical warranty return rate.) |
|
|
(2) |
Changes
in estimated warranty liabilities recognized in cost of sales associated with: the period end customer returned warranty backlog,
or the actual costs of repaired/replaced warranty units which were shipped to the customer during the current period. |
Use
of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from the estimates.
Fair
Value of Financial Instruments: Fair value estimates discussed herein are based upon certain market assumptions and pertinent
information available to management as of the financial statement presentation date.
The
carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, are carried at, or approximate,
fair value as of the reporting date because of their short-term nature. The credit facility is reported at fair value as it bears market
rates of interest.
The
fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value and requires that assets and liabilities
carried at fair value be classified and disclosed in one of the following three categories:
Level
1: Quoted market prices in active markets for identical assets or liabilities.
Level
2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level
3: Unobservable inputs reflecting the reporting entity’s own assumptions.
The
accounting guidance establishes a hierarchy which requires an entity to maximize the use of quoted market prices and minimize the use
of unobservable inputs. An asset or liability’s level is based on the lowest level of input that is significant to the fair value
measurement. Fair value estimates are reviewed at the origination date and again at each applicable measurement date and interim or annual
financial reporting dates, as applicable for the financial instrument, and are based upon certain market assumptions and pertinent information
available to management at those times.
Revenue
Recognition: The majority of the Company’s contracts and customer orders originate with fixed determinable unit prices
for each deliverable quantity of goods defined by the customer order line item (performance obligation) and include the specific due
date for the transfer of control and title of each of those deliverables to the customer at pre-established payment terms, which are
generally within thirty to sixty days from the transfer of title and control. We have elected to account for shipping and handling costs
as fulfillment costs after the customer obtains control of the goods. In addition, the Company has one ongoing service contract which
relates to optimized weapon system support (OWSS) and includes ongoing program maintenance, repairs and spare inventory support for the
customer’s existing fleet units in service during the duration of the contract. Revenue recognition for this program has been recorded
by the Company, and compensated by the customer, at fixed monthly increments over time, consistent with the defined contract maintenance
period. During the three and nine months ended July 2, 2023 and July 3, 2022, there was $115 thousand and $340 thousand in 2023 and $120
thousand and $352 thousand in 2022 in service contract revenue recognized over time.
During
the three- and nine-month periods ended July 2, 2023, there was zero and $223 thousand of revenue recognized from customer deposit liabilities
(deferred contract revenue). During the three- and nine-month periods ended July 3, 2022, there were no revenues recognized from customer
deposit liabilities (deferred contract revenue). As of July 2, 2023, customer deposit liabilities were $131 thousand.
As
of October 2, 2022 and July 2, 2023, there was zero and $336 thousand in accrued selling expenses and zero and $336 thousand in contract
assets related to a new $3.4 million contract booked in November 2022. The costs will be amortized against the revenue for the contract
deliveries expected to begin in first quarter of fiscal year 2024 and extend through fiscal year 2025.
Contract
Loss Reserves: The
Company records loss provisions in the event that the current estimated total revenue against a contract and the total estimated cost
remaining to fulfill the contract indicate a loss upon completion. When the estimated costs indicate a loss, we record the entire value
of the loss against the contract loss reserve in the period the determination is made. The Company has several long-term fixed price
contracts that are currently indicative of a loss condition due to recent inflationary pressures on material and labor, combined with
increased manufacturing overhead costs. Some of these long-term contracts have option year ordering periods ending in February 2025 with
deliveries that may extend into February 2026. As of July 2, 2023 and October 2, 2022, the accrued contract loss reserves were $133
thousand and $289
thousand, respectively. During the three and
nine months ended July 2, 2023, the Company recognized $20
thousand and $72
thousand in loss reserves on new contract awards,
made shipments resulting in reductions of zero
and $171
thousand against existing loss reserves, and
recognized a gain on changes in accrued loss estimates of zero
and $57
thousand. During the three and nine months ended July 3, 2022, the Company recognized $15
thousand and $61
thousand in loss reserves on new contract awards,
made shipments resulting in reductions of $26
thousand and $79
thousand against existing loss reserves. There were no changes in loss estimates during the three and nine months
ended July 3, 2022.
Income
Tax/Deferred Tax: As of July 2, 2023 and October 2, 2022, Optex Systems, Inc. has a deferred tax asset valuation allowance of
($0.8) million against deferred tax assets of $1.6 million and $1.8 million, respectively, for a net deferred tax asset of $0.8 million
and $1.0 million. The valuation allowance has been established due to historical losses resulting in a Net Operating Loss Carryforward
for each of the fiscal years 2011 through 2016 which may not be fully recognized due to an IRS Section 382 limitation related to a change
in control. During the nine months ended July 2, 2023, our deferred tax assets decreased by $0.2 million related to temporary tax adjustments.
Earnings
per Share: Basic earnings per share is computed by dividing income available for common shareholders (the numerator) by the weighted
average number of common shares outstanding (the denominator) for the period. Diluted earnings per share reflect the potential dilution
that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
The
Company has potentially dilutive securities outstanding, which include unvested restricted stock units and unvested shares of restricted
stock. The Company uses the Treasury Stock Method to compute the dilutive effect of any dilutive shares. Unvested restricted stock units
and shares of restricted stock that are anti-dilutive are excluded from the calculation of diluted earnings per common share.
For
the three months ended July 2, 2023, 120,000
shares of unvested restricted stock and 36,000
unvested restricted stock units (which convert to an aggregate of 43,141
incremental shares) were included in the diluted earnings per share calculation and 135,000 performance shares were excluded from diluted earnings per share as they were below the target share
price.
For
the three months ended July 3, 2022, 66,000 unvested restricted stock units and 180,000 shares of unvested restricted stock (which convert
to an aggregate of 98,678 incremental shares) were included in the diluted earnings per share calculation.
For
the nine months ended July 2, 2023, 120,000
unvested restricted stock units and 36,000
shares of unvested restricted stock (which convert
to an aggregate of 35,011
incremental shares) were included in the diluted
earnings per share calculation and 135,000 performance shares were excluded from diluted earnings per share as they were below the target
share price. For the nine months ended June 3, 2022, 66,000
unvested restricted stock units and 180,000
shares of unvested restricted stock (which convert
to an aggregate of 73,849
incremental shares) were included in the diluted
earnings per share calculation.
|
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-1
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v3.23.2
Segment Reporting
|
9 Months Ended |
Jul. 02, 2023 |
Segment Reporting [Abstract] |
|
Segment Reporting |
Note
3 - Segment Reporting
The
Company’s two reportable segments, Applied Optics Center and Optex Systems – Richardson (“Optex Systems”), are
strategic businesses offering similar products to similar markets and customers; however, they are operated and managed separately due
to differences in manufacturing technology, equipment, geographic location, and specific product mix. Applied Optics Center was acquired
as a unit, and management at the time of the acquisition was retained.
The
Applied Optics Center segment also serves as the key supplier of laser coated filters used in the production of periscope assemblies
for the Optex Systems segment. Intersegment sales and transfers are accounted for at annually agreed to pricing rates based on estimated
segment product cost, which includes segment direct manufacturing and general and administrative costs, but exclude profits that would
apply to third party external customers.
Optex
Systems (OPX) – Richardson, Texas
Optex
Systems revenues are primarily in support of prime and subcontracted military customers. Military sales to prime and subcontracted customers
represented approximately 96% and sales to commercial customers represented approximately 4% of the external segment revenue for the
nine months ended July 2, 2023. The Optex Systems segment revenue is comprised of approximately 85% domestic military customers and 11%
foreign military customers. For the nine months ended July 2, 2023, Optex Systems – Richardson represented 44% of the Company’s
total consolidated revenue and consisted of revenue from the U.S. government (17%), two major U.S. defense contractors (14% and 6%),
and all other customers (7%).
Optex
Systems is located in Richardson Texas, with leased premises consisting of approximately 49,100 square feet. As of July 2, 2023, the
Richardson facility operated with 56 full time equivalent employees in a single shift operation which includes 8 home office support
employees. The facilities at Optex Systems, Richardson serve as the home office for both the Optex Systems and Applied Optics Center
segments.
Applied
Optics Center (AOC) – Dallas, Texas
The
Applied Optics Center serves primarily domestic U.S. customers. Sales to commercial customers represented approximately 50% and military
sales to prime and subcontracted customers represented approximately 50% of the external segment revenue for the nine months ended July
2, 2023. Approximately 95% of the AOC revenue was derived from external customers and approximately 5% was related to intersegment sales
to Optex Systems in support of military contracts. For the nine months ended July 2, 2023, AOC represented 56% of the Company’s
total consolidated revenue and consisted of revenue from one major defense contractor (5%), one commercial customer (27%), and all other
customers (24%).
The
Applied Optics Center is located in Dallas, Texas with leased premises consisting of approximately 44,867 square feet of space. As of
July 2, 2023, AOC operated with 45 full time equivalent employees in a single shift operation.
The
financial tables below present information on the reportable segments’ profit or loss for each period, as well as segment assets
as of each period end. The Company does not allocate interest expense, income taxes or unusual items to segments.
Schedule
of Segment Reporting Information
| |
Reportable
Segment Financial Information (thousands) | |
| |
As
of and for the three months ended July 2, 2023 | |
| |
Optex
Systems
Richardson
| | |
Applied
Optics Center
Dallas
| | |
Other
(non-allocated
costs and intersegment eliminations)
| | |
Consolidated
Total
| |
| |
| | | |
| | | |
| | | |
| | |
Revenues
from external customers | |
$ | 3,069 | | |
$ | 4,103 | | |
$ | - | | |
$ | 7,172 | |
Intersegment
revenues | |
| - | | |
| 265 | | |
| (265 | ) | |
| - | |
Total
revenue | |
$ | 3,069 | | |
$ | 4,368 | | |
$ | (265 | ) | |
$ | 7,172 | |
| |
| | | |
| | | |
| | | |
| | |
Interest
expense | |
$ | - | | |
$ | - | | |
$ | 22 | | |
$ | 22 | |
| |
| | | |
| | | |
| | | |
| | |
Depreciation
and amortization | |
$ | 14 | | |
$ | 72 | | |
$ | - | | |
$ | 86 | |
| |
| | | |
| | | |
| | | |
| | |
Income
(loss) before taxes | |
$ | ) | |
$ | | |
$ | ) | |
$ | |
| |
| | | |
| | | |
| | | |
| | |
Other
significant noncash items: | |
| | | |
| | | |
| | | |
| | |
Allocated
home office expense | |
$ | (386 | ) | |
$ | 386 | | |
$ | - | | |
$ | - | |
Stock
compensation expense | |
$ | - | | |
$ | - | | |
$ | 81 | | |
$ | 81 | |
Warranty
expense | |
$ | - | | |
$ | 57 | | |
$ | - | | |
$ | 57 | |
| |
| | | |
| | | |
| | | |
| | |
Segment
assets | |
$ | 11,671 | | |
$ | 9,293 | | |
$ | - | | |
$ | 20,964 | |
Expenditures
for segment assets | |
$ | - | | |
$ | 222 | | |
$ | - | | |
$ | 222 | |
|
|
Reportable
Segment Financial Information
(thousands) |
|
|
|
As
of and for the three months ended July 3, 2022 |
|
|
|
Optex
Systems
Richardson
|
|
|
Applied
Optics Center
Dallas
|
|
|
Other
(non-allocated
costs and intersegment eliminations) |
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
from external customers |
|
$ |
2,653 |
|
|
$ |
3,517 |
|
|
$ |
- |
|
|
$ |
6,170 |
|
Intersegment
revenues |
|
|
- |
|
|
|
258 |
|
|
|
(258 |
) |
|
|
- |
|
Total
revenue |
|
$ |
2,653 |
|
|
$ |
3,775 |
|
|
$ |
(258 |
) |
|
$ |
6,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
$ |
8 |
|
|
$ |
66 |
|
|
$ |
- |
|
|
$ |
74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before taxes |
|
$ |
|
|
$ |
|
|
$ |
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
home office expense |
|
$ |
(268 |
) |
|
$ |
268 |
|
|
$ |
- |
|
|
$ |
- |
|
Stock
compensation expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
36 |
|
|
$ |
36 |
|
Warranty
expense |
|
$ |
- |
|
|
|
42 |
|
|
|
- |
|
|
|
42 |
|
|
|
|
|
|
|
$ |
|
|
|
$ |
- |
|
|
$ |
|
|
Segment
assets |
|
$ |
14,676 |
|
|
$ |
6,637 |
|
|
$ |
- |
|
|
$ |
21,313 |
|
Expenditures
for segment assets |
|
$ |
49 |
|
|
$ |
69 |
|
|
$ |
- |
|
|
$ |
118 |
|
|
|
Reportable
Segment Financial Information
(thousands) |
|
|
|
As
of and for the nine months ended July 2, 2023 |
|
|
|
Optex
Systems
Richardson
|
|
|
Applied
Optics Center
Dallas
|
|
|
Other
(non-allocated
costs and intersegment eliminations) |
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
from external customers |
|
$ |
7,742 |
|
|
$ |
9,840 |
|
|
$ |
- |
|
|
$ |
17,582 |
|
Intersegment
revenues |
|
|
- |
|
|
|
511 |
|
|
|
(511 |
) |
|
|
- |
|
Total
revenue |
|
$ |
7,742 |
|
|
$ |
10,351 |
|
|
$ |
(511 |
) |
|
$ |
17,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
31 |
|
|
$ |
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
$ |
38 |
|
|
$ |
214 |
|
|
$ |
- |
|
|
$ |
252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before taxes |
|
$ |
) |
|
$ |
|
|
$ |
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
home office expense |
|
$ |
(978 |
) |
|
$ |
978 |
|
|
$ |
- |
|
|
$ |
- |
|
Stock
compensation expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
134 |
|
|
$ |
134 |
|
Warranty
expense |
|
$ |
- |
|
|
$ |
171 |
|
|
$ |
- |
|
|
$ |
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
assets |
|
$ |
11,671 |
|
|
$ |
9,293 |
|
|
$ |
- |
|
|
$ |
20,964 |
|
Expenditures
for segment assets |
|
$ |
25 |
|
|
$ |
343 |
|
|
$ |
- |
|
|
$ |
368 |
|
|
|
Reportable
Segment Financial Information
(thousands) |
|
|
|
As
of and for the nine months ended July 3, 2022 |
|
|
|
Optex
Systems
Richardson
|
|
|
Applied
Optics Center
Dallas
|
|
|
Other
(non-allocated
costs and intersegment eliminations) |
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
from external customers |
|
$ |
6,588 |
|
|
$ |
9,057 |
|
|
$ |
- |
|
|
$ |
15,645 |
|
Intersegment
revenues |
|
|
- |
|
|
|
693 |
|
|
|
(693 |
) |
|
|
- |
|
Total
revenue |
|
$ |
6,588 |
|
|
$ |
9,750 |
|
|
$ |
(693 |
) |
|
$ |
15,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
$ |
28 |
|
|
$ |
193 |
|
|
$ |
- |
|
|
$ |
221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before taxes |
|
$ |
(276 |
) |
|
$ |
|
|
$ |
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
home office expense |
|
$ |
(802 |
) |
|
$ |
802 |
|
|
$ |
- |
|
|
$ |
- |
|
Stock
compensation expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
127 |
|
|
$ |
127 |
|
Warranty
expense |
|
$ |
- |
|
|
|
122 |
|
|
|
- |
|
|
|
122 |
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Segment
assets |
|
$ |
14,676 |
|
|
$ |
6,637 |
|
|
$ |
- |
|
|
$ |
21,313 |
|
Expenditures
for segment assets |
|
$ |
55 |
|
|
$ |
181 |
|
|
$ |
- |
|
|
$ |
236 |
|
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
Commitments and Contingencies
|
9 Months Ended |
Jul. 02, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
4 - Commitments and Contingencies
Non-cancellable
Operating Leases
Optex
Systems Holdings leases its office and manufacturing facilities for the Optex Systems, Inc., Richardson location and the Applied Optics
Center Dallas location. The Company also leases certain office equipment under non-cancellable operating leases.
The
facility leased by Optex Systems Inc. located at 1420 Presidential Drive, Richardson, Texas consists of 49,100 square feet of space at
the premises. The previous lease term for this location expired March 31, 2021 and the monthly base rent was $24.6 thousand through March
31, 2021. On January 11, 2021 the Company executed a sixth amendment extending the terms of the lease for eighty-six (86) months, commencing
on April 1, 2021 and ending on May 31, 2028. The initial base rent is set at $25.3 thousand and escalates 3% on April 1 each year thereafter.
The initial term included 2 months of rent abatement for April and May of 2021. The monthly rent includes approximately $11.9 thousand
for additional Common Area Maintenance fees and taxes (“CAM”), to be adjusted annually based on actual expenses incurred
by the landlord.
The
facility leased by Applied Optics Center located at 9839 and 9827 Chartwell Drive, Dallas, Texas, consists of 44,867 square feet of space
at the premises. The previous lease term for this location expired on October 31, 2021 and the monthly base rent was $21.9 thousand through
the end of the lease. On January 11, 2021 the Company executed a first amendment extending the terms of the lease for eighty-six (86)
months, commencing on November 1, 2021 and ending on December 31, 2028. The initial base rent is set at $23.6 thousand as of January
1, 2022 and escalates 2.75% on January 1 each year thereafter. The initial term included 2 months of rent abatement for November and
December of 2021. The amendment provides for a five-year renewal option at the end of the lease term at the greater of the then “prevailing
rental rate” or the then current base rental rate. Our obligations to make payments under the lease are secured by a $125,000 standby
letter of credit. The monthly rent includes approximately $7.9 thousand for additional CAM, to be adjusted annually based on actual expenses
incurred by the landlord.
The
Company had one non-cancellable office equipment lease with a commencement date of October 1, 2018 and a term of 39 months. The lease
cost for the equipment was $1.5 thousand per month from October 1, 2018 through December 31, 2021. The lease was renewed on November
18, 2021 for an additional 48 months at a cost of $1.2 thousand per month. The start of the lease was delayed until April 2022 due to
temporary equipment shortages. The lease renewal resulted in the recognition of an additional right of use asset and a lease liability
of $51 thousand, respectively during the nine months ended July 2, 2022.
As
of July 2, 2023, the remaining minimum lease and estimated CAM payments under the non-cancelable facility space leases are as follows:
Schedule
of Non-cancellable Operating Leases Minimum Payments
Non-cancellable
Operating Leases Minimum Payments
Fiscal
Year |
|
Facility
Lease Payments |
|
|
Facility
Lease Payments |
|
|
Lease
Payments |
|
|
Total
Lease Payments |
|
|
Total
Variable CAM Estimate |
|
|
|
(Thousands) |
|
|
|
|
|
|
|
|
|
Optex
Richardson |
|
|
Applied
Optics Center |
|
|
Office
Equipment |
|
|
Consolidated |
|
Fiscal
Year |
|
Facility
Lease Payments |
|
|
Facility
Lease Payments |
|
|
Lease
Payments |
|
|
Total
Lease Payments |
|
|
Total
Variable CAM Estimate |
|
2023
Base year lease |
|
$ |
80 |
|
|
$ |
73 |
|
|
$ |
4 |
|
|
$ |
157 |
|
|
$ |
63 |
|
2024
Base year lease |
|
|
327 |
|
|
|
296 |
|
|
|
15 |
|
|
|
638 |
|
|
|
256 |
|
2025
Base year lease |
|
|
336 |
|
|
|
305 |
|
|
|
15 |
|
|
|
656 |
|
|
|
261 |
|
2026
Base year lease |
|
|
346 |
|
|
|
313 |
|
|
|
3 |
|
|
|
662 |
|
|
|
266 |
|
2027
Base year lease |
|
|
357 |
|
|
|
322 |
|
|
|
- |
|
|
|
679 |
|
|
|
272 |
|
2028
Base year lease |
|
|
242 |
|
|
|
330 |
|
|
|
- |
|
|
|
572 |
|
|
|
198 |
|
2029
Base year lease |
|
|
- |
|
|
|
83 |
|
|
|
- |
|
|
|
83 |
|
|
|
30 |
|
Total
base lease payments |
|
$ |
1,688 |
|
|
$ |
1,722 |
|
|
$ |
37 |
|
|
$ |
3,447 |
|
|
$ |
1,346 |
|
Imputed
interest on lease payments (1) |
|
|
(198 |
) |
|
|
(225 |
) |
|
|
(2 |
) |
|
|
(425 |
) |
|
|
|
|
Total
Operating Lease Liability(2) |
|
$ |
1,490 |
|
|
$ |
1,497 |
|
|
$ |
35 |
|
|
$ |
3,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use
Asset(3) |
|
$ |
1,403 |
|
|
$ |
1,425 |
|
|
$ |
35 |
|
|
$ |
2,863 |
|
|
|
|
|
(1) |
Assumes
a discount borrowing rate of 5.0% on the new lease amendments effective as of January 11, 2021. |
(2) |
Includes
$159 thousand of unamortized deferred rent. |
|
|
(3) |
Short-term
and Long-term portion of Operating Lease Liability is $616 thousand and $2,406 thousand, respectively. |
Total
expense under both facility lease agreements for the three months ended July 2, 2023 and July 3, 2022 was $206 and $215 thousand, respectively.
Total office equipment rentals included in operating expenses was $9 and $7 thousand for the three months ended July 2, 2023 and July
3, 2022, respectively.
Total
expense under both facility lease agreements for the nine months ended July 2, 2023 and July 3, 2022 was $644 and $635 thousand, respectively.
Total office equipment rentals included in operating expenses was $18 thousand and $19 thousand for the nine months ended July 2, 2023
and July 3, 2022, respectively.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
Debt Financing
|
9 Months Ended |
Jul. 02, 2023 |
Debt Disclosure [Abstract] |
|
Debt Financing |
Note
5 - Debt Financing
Credit
Facility — PNC Bank (formerly BBVA, USA)
On
April 16, 2020, Optex Systems Holdings, Inc. and its subsidiary, Optex Systems, Inc. (collectively, the “Borrowers”), entered
into a line of credit facility (the “PNC Facility”) with BBVA, USA. In June 2021, PNC Bank completed its acquisition of BBVA,
USA and the bank name changed to PNC Bank (“PNC”). The substantive terms were as follows:
|
● |
The
principal amount of the PNC Facility was $2.25 million. The PNC Facility matured on April 15, 2022. The interest rate was variable
based on PNC’s prime rate minus 0.25%, initially set at 3% at loan origination, and all accrued and unpaid interest was payable
monthly in arrears starting on May 15, 2020; and the principal amount was due in full with all accrued and unpaid interest and any
other fees on April 15, 2022. |
|
|
|
|
● |
There
were commercially standard covenants including, but not limited to, covenants regarding maintenance of corporate existence, not incurring
other indebtedness except trade debt, not changing more than 25% stock ownership of Borrowers, and a Fixed Charge Coverage Ratio
of 1.25:1, with the Fixed Charge Coverage Ratio defined as (earnings before taxes, amortization, depreciation, amortization and rent
expense less cash taxes, distribution, dividends and fair value of warrants) divided by (current maturities on long term debt plus
interest expense plus rent expense). |
|
|
|
|
● |
The
PNC Facility contained commercially standard events of default including, but not limited to, not making payments when due; incurring
a judgment of $10,000 or more not covered by insurance; not maintaining collateral and others. |
|
|
|
|
● |
The
PNC Facility was secured by a first lien on all of the assets of Borrowers. |
On
April 12, 2022, the Borrowers entered into an Amended and Restated Loan Agreement (the “PNC Loan Agreement”) with PNC, pursuant
to which the PNC Facility was decreased from $2.25 million to $1.125 million, and the maturity date was extended from April 15, 2022
to April 15, 2023.
On
November 21, 2022, the Borrowers issued an Amended and Restated Revolving Line of Credit Note (the “PNC Line of Credit Note”)
to PNC in connection with an increase of the PNC Facility from $1.125 million to $2.0 million. Obligations outstanding under the PNC
Facility accrued interest at a rate equal to PNC’s prime rate minus 0.25%.
The
PNC Line of Credit Note and PNC Loan Agreement contained customary events of default and negative covenants, including but not limited
to those governing indebtedness, liens, fundamental changes, investments, and restricted payments. The PNC Facility was secured by substantially
all of the operating assets of the Borrowers as collateral. The Borrowers’ obligations under the PNC Facility were subject to acceleration
upon the occurrence of an event of default as defined in the PNC Line of Credit Note and PNC Loan Agreement.
As
of October 2, 2022 the outstanding balance under the PNC facility was zero.
The PNC facility was replaced by the Texas Capital Facility on March 22, 2023.
Credit
Facility — Texas Capital Bank
On
March 22, 2023, the Borrowers entered into a Business Loan Agreement (the “Loan Agreement”) with Texas Capital Bank (the
“Lender”), pursuant to which the Lender will make available to the Borrowers a revolving line of credit in the principal
amount of $3 million (the “Texas Capital Facility”). The Texas Capital Facility replaced the $2 million PNC Facility.
The
commitment period for advances under the Texas Capital Facility is twenty-six months expiring on May 22, 2025. We refer to the expiration
of that time period as the “Maturity Date.” Outstanding advances under the Texas Capital Facility will accrue interest at
a rate equal to the secured overnight financing rate (SOFR) plus a specified margin, subject to a specified floor interest rate. As of
July 2, 2023 the interest rate was 7.827% per annum.
The
Loan Agreement contains customary events of default (including a 25% change in ownership) and negative covenants, including but not limited
to those governing indebtedness, liens, fundamental changes (including changes in management), investments, and restricted payments (including
cash dividends). The Loan Agreement also requires the Borrowers to maintain a fixed charge coverage ratio of at least 1.25:1 and a total
leverage ratio of 3.00:1. The Texas Capital Facility is secured by substantially all of the operating assets of the Borrowers as collateral.
The Borrowers’ obligations under the Texas Capital Facility are subject to acceleration upon the occurrence of an event of default
as defined in the Loan Agreement. The Loan Agreement further provides for a $125,000 Letter of Credit sublimit.
The
outstanding balance under the Texas Capital Facility was $1.2 million as of July 2, 2023.
For
the three months and nine months ended July 2, 2023, the total interest expense under the above facilities was $22
thousand and $31
thousand.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
Stock Based Compensation
|
9 Months Ended |
Jul. 02, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock Based Compensation |
Note
6 - Stock Based Compensation
Restricted
Stock, Performance Shares and Restricted Stock Units issued to Directors, Officers and Employees
The
following table summarizes the status of Optex Systems Holdings’ aggregate non-vested restricted stock and restricted stock units,
and performance shares:
Schedule
of Aggregate Non-vested Restricted Stock and Restricted Stock Units Granted and Performance Shares
| |
Restricted
Stock Units | | |
Weighted
Average Grant Date Fair Value | | |
Restricted
Shares | | |
Weighted
Average Grant Date Fair Value | | |
Performance
Shares | | |
Weighted
Average Grant Date Fair Value | |
Outstanding
at October 3, 2021 | |
| 99,000 | | |
$ | 1.59 | | |
| 240,000 | | |
$ | 1.75 | | |
| — | | |
| — | |
Granted | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Vested | |
| (33,000 | ) | |
| 1.73 | | |
| (60,000 | ) | |
| 1.75 | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding
at October 2, 2022 | |
| 66,000 | | |
$ | 1.52 | | |
| 180,000 | | |
$ | 1.75 | | |
| — | | |
| — | |
Granted | |
| 39,000 | | |
| 3.00 | | |
| 40,000 | | |
| 3.09 | | |
| 135,000 | | |
| 2.37 | |
Vested | |
| (66,000 | ) | |
| 1.52 | | |
| (60,000 | ) | |
| 1.75 | | |
| — | | |
| — | |
Forfeited | |
| (3,000 | ) | |
| 3.00 | | |
| (40,000 | ) | |
| 1.75 | | |
| — | | |
| — | |
Outstanding
at July 2, 2023 | |
| 36,000 | | |
$ | 3.00 | | |
| 120,000 | | |
$ | 2.20 | | |
| 135,000 | | |
$ | 2.37 | |
On
January 2, 2019, the Company granted 150,000 and 50,000 restricted stock units with a January 2, 2019 grant date to Danny Schoening and
Karen Hawkins, respectively, vesting as of January 1 each year subsequent to the grant date over a three-year period at a rate of 34%
in year one, and 33% each year thereafter. The stock price at grant date was $1.32 per share. Effective December 1, 2021, the vesting
terms of Danny Schoening’s Restricted Stock Unit (RSU) grant from January 2019 were revised as described below. The Company amortizes
the grant date fair value of $264 thousand to stock compensation expense on a straight-line basis across the three-year vesting period
beginning on January 2, 2019. As of January 1, 2023, there was no unrecognized compensation cost relating to this award.
On
February 17, 2020, the Company granted 50,000 restricted stock units to Bill Bates, General Manager of the Applied Optics Center.
The restricted stock units vest as of January 1 each year subsequent to the grant date over a three-year period at a rate of 34%
in year one, and 33% each year thereafter. The stock price at grant date was $2.13 per share. The Company amortized the grant
date fair value of $107 thousand to stock compensation expense on a straight-line basis across the three-year vesting period beginning
on February 17, 2020.
On
April 30, 2020, the Board of Directors held a meeting and voted to increase the annual board compensation for the three independent directors
from $22,000 to
$36,000 with an
effective date of January 1, 2020, in addition to granting 100,000 shares of restricted stock to each independent director which vest
at a rate of 20% per year (20,000 shares) each January 1st through January 1, 2025. The
total fair value for the 300,000 shares was $525 thousand based on the stock price of $1.75 as of April 30, 2020.
The Company amortizes the grant date fair value to stock compensation expense on a straight-line basis across the five-year vesting
period beginning on April 30, 2020. On each of January 1, 2021, January 1, 2022, and January 1, 2023, 60,000 of the restricted
director shares vested. On February 16, 2022, 40,000 of the unvested restricted shares were forfeited and cancelled when one
of the independent directors departed the Board. As of July 2, 2023, there were 80,000 unvested restricted shares outstanding.
The
Company entered into an amended and restated employment agreement with Danny Schoening dated December 1, 2021. The updated employment
agreement also served to amend Mr. Schoening’s RSU Agreement, dated January 2, 2019, by changing the third and final vesting date
for the restricted stock units granted under such agreement from January 1, 2022 to the “change of control date,” that being
the first of the following to occur with respect to the Company: (i) any “Person,” as that term is defined in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with certain exclusions, is or becomes
the “Beneficial Owner” (as that term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities;
or (ii) the Company is merged or consolidated with any other corporation or other entity, other than: (A) a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting
power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or
(B) the Company engages in a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction)
in which no “Person” (as defined above) acquires fifty percent (50%) or more of the combined voting power of the Company’s
then outstanding securities. The amended RSU Agreement contains certain exceptions to the definition of change of control.
As
of the December 1, 2021 modification date related to the third and final vesting date of the 49,500 unvested restricted stock
units held by Danny Schoening, there was no change in the fair value of the modified award as compared to the original award immediately
prior to the modification date. The restricted stock units initially were certain to vest on January 1, 2022, but due to the modification,
they were less certain to vest, contingent on a “change in control” occurring, which change in control, in case Mr. Schoening
was terminated by the Company without cause or he resigns with good reason prior to such change in control, was required to occur prior
to March 13, 2023. As of the modification date, there was $5 thousand of unrecognized compensation cost associated with the original
award. As a matter of expediency, the unrecognized compensation expense as of the modification date was fully expensed through January
1, 2022. There is no additional compensation expense associated with the modification of the restricted stock unit agreement.
On
January 4, 2022, the Company issued 23,216 common shares to Karen Hawkins, CFO, and Bill Bates (AOC GM), net of tax withholding
of $19 thousand, in settlement of 33,000 restricted stock units which vested on January 1, 2022.
On
November 28, 2022, the Company entered into a new employment agreement with Danny Schoening which amended Mr. Schoening’s RSU Agreement,
dated January 2, 2019, which had been previously amended as of December 1, 2021, by changing the third and final vesting date for the
restricted stock units granted under such agreement from the “change of control date” to January 1, 2023.
On
January 4, 2023, the Company issued 46,432 common shares to Danny Schoening, CEO, and Bill Bates (AOC GM), net of tax withholding
of $58 thousand, in settlement of 66,000 restricted stock units which vested on January 1, 2023. As of July 2, 2023, there
are zero unvested restricted stock units outstanding.
On
May 1, 2023, the Company granted an aggregate of 39,000 restricted stock units to eleven employees under its 2023 Equity Incentive
Plan. The restricted stock units will vest at a rate of 33.33% annually on the anniversary date of the grant and any unvested restricted
stock units will be forfeited if employment terminates prior to the relevant vesting date. As of the grant date, assuming a 23.1% forfeiture
rate based on expected turnover across the three years, the aggregate value of the restricted stock units is $90 thousand which
will be amortized across the three-year period on a straight-line basis. During the three months ended July 2, 2023, there were 3,000
restricted stock units forfeited.
On
May 3, 2023, the Board of Directors approved a grant of 100,000 and 35,000 performance shares to Danny
Schoening, CEO, and Karen Hawkins, CFO, respectively. Each performance share represents a contingent right to receive one share of
common stock. The performance shares vest in five equal increments if, in each case and during a five-year performance period
beginning on October 2, 2023, the average VWAP per share of common stock over a 30 consecutive trading day period equals or exceeds
$3.70, $4.45, $5.35, $6.40, or $7.70. The fair value of the shares, as of the grant date, is $320 thousand and will be amortized
through December 31, 2025 based on the derived service periods using a Monte Carlo simulation valuation model.
The
assumptions and results for the Monte Carlo simulation are as follows:
Schedule
of Assumptions and Results for the Monte Carlo Simulation
| |
Assumptions | |
Performance
Period Start | |
| 10/2/2023 | |
Performance
Period End | |
| 10/1/2028 | |
Term
of simulation (1) | |
| 5.42
years | |
Time
steps in simulation | |
| 1,365 | |
Time
steps per year | |
| 252 | |
Common
share price at valuation date (2) | |
$ | 3.04 | |
Volatility
(annual) (4) | |
| 50.0 | % |
Risk-free
rate (annual) (5) | |
| 3.37 | % |
Cost
of equity (6) | |
| 11.5 | % |
Dividend
yield (3) | |
| 0.0 | % |
| |
Tranche
1 | | |
Tranche
2 | | |
Tranche
3 | | |
Tranche
4 | | |
Tranche
5 | |
Number
of performance shares in the Tranche (1) | |
| 27,000 | | |
| 27,000 | | |
| 27,000 | | |
| 27,000 | | |
| 27,000 | |
Fair
Value of One Performance share (7) | |
$ | 2.75 | | |
$ | 2.58 | | |
$ | 2.39 | | |
$ | 2.18 | | |
$ | 1.93 | |
Total
Fair Value of Tranche | |
$ | 74,345 | | |
$ | 69,742 | | |
$ | 64,446 | | |
$ | 58,819 | | |
$ | 52,238 | |
Derived
Service Period (Years) (7) | |
| 0.71 | | |
| 1.13 | | |
| 1.60 | | |
| 2.06 | | |
| 2.48 | |
| (1) | Based
on the terms of the Performance Shares agreement issued by the Company on May 3, 2023. |
| (2) | Closing
price of OPXS shares on the Valuation Date, as obtained via S&P Capital IQ. |
| (3) | Expected
dividends provided by management. |
| (4) | Based
on historical volatility of OPXS and comparable public companies. |
| (5) | Interest
rate for US Treasury commensurate with the Performance Shares holding period, as of the Valuation
Date, as obtained via S&P Capital IQ. |
| (6) | Estimated
cost of equity for OPXS as of the Valuation Date. |
| (7) | Based
on Monte Carlo simulation. |
On
May 9, 2023, the Board of Directors approved a grant of 40,000 shares of restricted stock to independent board member Dayton
Judd. The shares vest 50% on each of January 1, 2024 and January 1, 2025. As of the grant date, the fair value of the shares was
$124 thousand, to be amortized on a straight-line basis through December 31, 2024.
Stock
Based Compensation Expense
Equity
compensation is amortized based on a straight-line basis across the vesting or service period as applicable. The recorded compensation
costs for restricted shares granted and restricted stock units and performance shares awarded as well as the unrecognized compensation
costs are summarized in the table below:
Schedule of Unrecognized Compensation Costs
| |
Stock
Compensation | |
| |
(thousands) | |
| |
Recognized
Compensation
Expense | | |
Unrecognized Compensation
Expense | |
| |
Three
months ended | | |
Nine
months ended | | |
As
of period ended | |
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
October
2, 2022 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Restricted
Shares | |
$ | 33 | | |
$ | 27 | | |
$ | 78 | | |
$ | 79 | | |
$ | 213 | | |
$ | 236 | |
Performance
Shares | |
| 43 | | |
| - | | |
| 43 | | |
| - | | |
| 277 | | |
| - | |
Restricted
Stock Units | |
| 5 | | |
| 9 | | |
| 13 | | |
| 48 | | |
| 85 | | |
| 9 | |
Total
Stock Compensation | |
$ | 81 | | |
$ | 36 | | |
$ | 134 | | |
$ | 127 | | |
$ | 575 | | |
$ | 245 | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
Stockholders’ Equity
|
9 Months Ended |
Jul. 02, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
7 - Stockholders’ Equity
Dividends
No
dividends were declared or paid during the three and nine months ended July 2, 2023 or the twelve months ended October 2, 2022.
Common
stock
On
September 22, 2021, the Company announced authorization of a $1 million stock repurchase program. The shares authorized to be repurchased
under the repurchase program may be purchased from time to time at prevailing market prices, through open market transactions or in negotiated
transactions, depending upon market conditions and subject to Rule 10b-18 as promulgated by the SEC.
During
the three and nine months ended July 2, 2023, there were zero common shares repurchased under the program. A summary of the purchases
under the program through October 2, 2022 follows (all shares purchased have been cancelled):
Summary of Purchases Under Plan
Fiscal
Period | | |
Total
number of shares purchased | | |
Total
purchase cost (thousands) | | |
Average
price paid per share (with commission) | | |
Maximum
dollar value that may yet be purchased under the plan (thousands) | |
October
4, 2021 through October 31, 2021 | | |
| 18,265 | | |
$ | 37 | | |
| 2.01 | | |
$ | 894 | |
November
1, 2021 through November 28, 2021 | | |
| 4,415 | | |
| 9 | | |
| 2.04 | | |
| 885 | |
November
29, 2021 through January 2, 2022 | | |
| 14,558 | | |
| 28 | | |
| 1.93 | | |
| 857 | |
January
3, 2022 through January 30, 2022 | | |
| 15,585 | | |
| 29 | | |
| 1.89 | | |
| 828 | |
January
31, 2022 through February 27, 2022 | | |
| 27,618 | | |
| 49 | | |
| 1.75 | | |
| 779 | |
February
28, 2022 through April 3, 2022 | | |
| 35,530 | | |
| 70 | | |
| 1.98 | | |
| 709 | |
April
4, 2022 through May 1, 2022 | | |
| 12,304 | | |
| 27 | | |
| 2.22 | | |
| 682 | |
May
2, 2022 through May 29, 2022 | | |
| 10,482 | | |
| 22 | | |
| 2.11 | | |
| 660 | |
May
30, 2022 through July 3, 2022 | | |
| 49,657 | | |
| 95 | | |
| 1.90 | | |
| 565 | |
July
4, 2022 through July 25,2022 | | |
| 610 | | |
| 1 | | |
| 2.10 | | |
| 564 | |
July
26, 2022 through August 13, 2022 | | |
| 1,930 | | |
| 4 | | |
| 2.09 | | |
| 560 | |
| | |
| | | |
| | | |
| | | |
| | |
Total
shares repurchased period ended October 2, 2022 | | |
| 190,954 | | |
$ | 371 | | |
$ | 1.94 | | |
$ | 560 | |
Furthermore,
on August 18, 2022, the Company announced the commencement of a tender offer to purchase up to $4.25 million in value of shares of its
common stock. On September 15, 2022, the Company’s “modified Dutch auction” tender offer expired. In accordance with
the terms and conditions of the tender offer, the Company accepted for purchase 1,603,773 shares of common stock at a price of $2.65
per share, for an aggregate cost of approximately $4.25 million, excluding fees and expenses relating to the tender offer. The transaction
cost associated with the tender offer was $0.1 million. The shares were immediately cancelled upon completion of the transaction.
As
of July 2, 2023 and October 2, 2022, total outstanding common shares were 6,763,070 and 6,716,638, respectively.
|
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- DefinitionThe entire disclosure for equity.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
Accounting Policies (Policies)
|
9 Months Ended |
Jul. 02, 2023 |
Accounting Policies [Abstract] |
|
Principles of Consolidation |
Principles
of Consolidation: The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary,
Optex Systems, Inc. All significant inter-company balances and transactions have been eliminated in consolidation.
The
condensed consolidated financial statements of Optex Systems Holdings included herein have been prepared by Optex Systems Holdings, without
audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote
disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make
the information presented not misleading.
These
condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and
the notes thereto included in the Optex Systems Holdings’ Form 10-K for the year ended October 2, 2022 and other reports filed
with the SEC.
The
accompanying unaudited interim condensed consolidated financial statements reflect all adjustments of a normal and recurring nature which
are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of Optex
Systems Holdings for the interim periods presented. The results of operations for these periods are not necessarily comparable to, or
indicative of, results of any other interim period or for the fiscal year taken as a whole. Certain information that is not required
for interim financial reporting purposes has been omitted.
|
Inventory |
Inventory:
As of July 2, 2023 and October 2, 2022, inventory included:
Schedule of Inventory
| |
July
2, 2023 | | |
October
2, 2022 | |
| |
(Thousands) | |
| |
July
2, 2023 | | |
October
2, 2022 | |
Raw
Material | |
$ | 7,428 | | |
$ | 6,953 | |
Work
in Process | |
| 5,050 | | |
| 2,722 | |
Finished
Goods | |
| 615 | | |
| 348 | |
Gross
Inventory | |
$ | 13,093 | | |
$ | 10,023 | |
Less:
Inventory Reserves | |
| (811 | ) | |
| (811 | ) |
Net
Inventory | |
$ | 12,282 | | |
$ | 9,212 | |
|
Concentration of Credit Risk |
Concentration
of Credit Risk: Optex Systems Holdings’ accounts receivables as of July 2, 2023 consisted of U.S. government agencies (18%),
seven major U.S. defense contractors (12%, 12%, 9%, 6%, 6%, 6%, and 5%, respectively), one commercial customer (16%) and all other customers
(10%). The Company does not believe that this concentration results in undue credit risk because of the financial strength of the customers
and the Company’s long history with these customers.
|
Accrued Warranties |
Accrued
Warranties: Optex Systems Holdings accrues product warranty liabilities based on the historical return rate against period shipments
as they occur and reviews and adjusts these accruals quarterly for any significant changes in estimated costs or return rates. The accrued
warranty liability includes estimated costs to repair or replace returned warranty backlog units currently in-house plus estimated costs
for future warranty returns that may be incurred against warranty covered products previously shipped as of the period end date. As of
July 2, 2023, and October 2, 2022, the Company had warranty reserve balances of $241 and $169 thousand, respectively.
Schedule
of Warranty Reserves
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
| |
Three
months ended | | |
Nine
months ended | |
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
Beginning
balance | |
$ | 266 | | |
$ | 155 | | |
$ | 169 | | |
$ | 78 | |
| |
| | | |
| | | |
| | | |
| | |
Incurred
costs for warranties satisfied during the period | |
| (82 | ) | |
| (1 | ) | |
| (99 | ) | |
| (3 | ) |
| |
| | | |
| | | |
| | | |
| | |
Warranty
Expenses: | |
| | | |
| | | |
| | | |
| | |
Warranties
reserved for new product shipped during the period(1) | |
| 57 | | |
| 52 | | |
| 177 | | |
| 131 | |
Change
in estimate for pre-existing warranty liabilities(2) | |
| - | | |
| (10 | ) | |
| (6 | ) | |
| (10 | ) |
Warranty
Expense | |
| 57 | | |
| 42 | | |
| 171 | | |
| 122 | |
| |
| | | |
| | | |
| | | |
| | |
Ending
balance | |
$ | 241 | | |
$ | 196 | | |
$ | 241 | | |
$ | 196 | |
(1) |
Warranty
expenses accrued to cost of sales (based on current period shipments and historical warranty return rate.) |
|
|
(2) |
Changes
in estimated warranty liabilities recognized in cost of sales associated with: the period end customer returned warranty backlog,
or the actual costs of repaired/replaced warranty units which were shipped to the customer during the current period. |
|
Use of Estimates |
Use
of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from the estimates.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments: Fair value estimates discussed herein are based upon certain market assumptions and pertinent
information available to management as of the financial statement presentation date.
The
carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, are carried at, or approximate,
fair value as of the reporting date because of their short-term nature. The credit facility is reported at fair value as it bears market
rates of interest.
The
fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value and requires that assets and liabilities
carried at fair value be classified and disclosed in one of the following three categories:
Level
1: Quoted market prices in active markets for identical assets or liabilities.
Level
2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level
3: Unobservable inputs reflecting the reporting entity’s own assumptions.
The
accounting guidance establishes a hierarchy which requires an entity to maximize the use of quoted market prices and minimize the use
of unobservable inputs. An asset or liability’s level is based on the lowest level of input that is significant to the fair value
measurement. Fair value estimates are reviewed at the origination date and again at each applicable measurement date and interim or annual
financial reporting dates, as applicable for the financial instrument, and are based upon certain market assumptions and pertinent information
available to management at those times.
|
Revenue Recognition |
Revenue
Recognition: The majority of the Company’s contracts and customer orders originate with fixed determinable unit prices
for each deliverable quantity of goods defined by the customer order line item (performance obligation) and include the specific due
date for the transfer of control and title of each of those deliverables to the customer at pre-established payment terms, which are
generally within thirty to sixty days from the transfer of title and control. We have elected to account for shipping and handling costs
as fulfillment costs after the customer obtains control of the goods. In addition, the Company has one ongoing service contract which
relates to optimized weapon system support (OWSS) and includes ongoing program maintenance, repairs and spare inventory support for the
customer’s existing fleet units in service during the duration of the contract. Revenue recognition for this program has been recorded
by the Company, and compensated by the customer, at fixed monthly increments over time, consistent with the defined contract maintenance
period. During the three and nine months ended July 2, 2023 and July 3, 2022, there was $115 thousand and $340 thousand in 2023 and $120
thousand and $352 thousand in 2022 in service contract revenue recognized over time.
During
the three- and nine-month periods ended July 2, 2023, there was zero and $223 thousand of revenue recognized from customer deposit liabilities
(deferred contract revenue). During the three- and nine-month periods ended July 3, 2022, there were no revenues recognized from customer
deposit liabilities (deferred contract revenue). As of July 2, 2023, customer deposit liabilities were $131 thousand.
As
of October 2, 2022 and July 2, 2023, there was zero and $336 thousand in accrued selling expenses and zero and $336 thousand in contract
assets related to a new $3.4 million contract booked in November 2022. The costs will be amortized against the revenue for the contract
deliveries expected to begin in first quarter of fiscal year 2024 and extend through fiscal year 2025.
|
Contract Loss Reserves |
Contract
Loss Reserves: The
Company records loss provisions in the event that the current estimated total revenue against a contract and the total estimated cost
remaining to fulfill the contract indicate a loss upon completion. When the estimated costs indicate a loss, we record the entire value
of the loss against the contract loss reserve in the period the determination is made. The Company has several long-term fixed price
contracts that are currently indicative of a loss condition due to recent inflationary pressures on material and labor, combined with
increased manufacturing overhead costs. Some of these long-term contracts have option year ordering periods ending in February 2025 with
deliveries that may extend into February 2026. As of July 2, 2023 and October 2, 2022, the accrued contract loss reserves were $133
thousand and $289
thousand, respectively. During the three and
nine months ended July 2, 2023, the Company recognized $20
thousand and $72
thousand in loss reserves on new contract awards,
made shipments resulting in reductions of zero
and $171
thousand against existing loss reserves, and
recognized a gain on changes in accrued loss estimates of zero
and $57
thousand. During the three and nine months ended July 3, 2022, the Company recognized $15
thousand and $61
thousand in loss reserves on new contract awards,
made shipments resulting in reductions of $26
thousand and $79
thousand against existing loss reserves. There were no changes in loss estimates during the three and nine months
ended July 3, 2022.
|
Income Tax/Deferred Tax |
Income
Tax/Deferred Tax: As of July 2, 2023 and October 2, 2022, Optex Systems, Inc. has a deferred tax asset valuation allowance of
($0.8) million against deferred tax assets of $1.6 million and $1.8 million, respectively, for a net deferred tax asset of $0.8 million
and $1.0 million. The valuation allowance has been established due to historical losses resulting in a Net Operating Loss Carryforward
for each of the fiscal years 2011 through 2016 which may not be fully recognized due to an IRS Section 382 limitation related to a change
in control. During the nine months ended July 2, 2023, our deferred tax assets decreased by $0.2 million related to temporary tax adjustments.
|
Earnings per Share |
Earnings
per Share: Basic earnings per share is computed by dividing income available for common shareholders (the numerator) by the weighted
average number of common shares outstanding (the denominator) for the period. Diluted earnings per share reflect the potential dilution
that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
The
Company has potentially dilutive securities outstanding, which include unvested restricted stock units and unvested shares of restricted
stock. The Company uses the Treasury Stock Method to compute the dilutive effect of any dilutive shares. Unvested restricted stock units
and shares of restricted stock that are anti-dilutive are excluded from the calculation of diluted earnings per common share.
For
the three months ended July 2, 2023, 120,000
shares of unvested restricted stock and 36,000
unvested restricted stock units (which convert to an aggregate of 43,141
incremental shares) were included in the diluted earnings per share calculation and 135,000 performance shares were excluded from diluted earnings per share as they were below the target share
price.
For
the three months ended July 3, 2022, 66,000 unvested restricted stock units and 180,000 shares of unvested restricted stock (which convert
to an aggregate of 98,678 incremental shares) were included in the diluted earnings per share calculation.
For
the nine months ended July 2, 2023, 120,000
unvested restricted stock units and 36,000
shares of unvested restricted stock (which convert
to an aggregate of 35,011
incremental shares) were included in the diluted
earnings per share calculation and 135,000 performance shares were excluded from diluted earnings per share as they were below the target
share price. For the nine months ended June 3, 2022, 66,000
unvested restricted stock units and 180,000
shares of unvested restricted stock (which convert
to an aggregate of 73,849
incremental shares) were included in the diluted
earnings per share calculation.
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v3.23.2
Accounting Policies (Tables)
|
9 Months Ended |
Jul. 02, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Inventory |
Schedule of Inventory
| |
July
2, 2023 | | |
October
2, 2022 | |
| |
(Thousands) | |
| |
July
2, 2023 | | |
October
2, 2022 | |
Raw
Material | |
$ | 7,428 | | |
$ | 6,953 | |
Work
in Process | |
| 5,050 | | |
| 2,722 | |
Finished
Goods | |
| 615 | | |
| 348 | |
Gross
Inventory | |
$ | 13,093 | | |
$ | 10,023 | |
Less:
Inventory Reserves | |
| (811 | ) | |
| (811 | ) |
Net
Inventory | |
$ | 12,282 | | |
$ | 9,212 | |
|
Schedule of Warranty Reserves |
Schedule
of Warranty Reserves
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
| |
Three
months ended | | |
Nine
months ended | |
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | |
Beginning
balance | |
$ | 266 | | |
$ | 155 | | |
$ | 169 | | |
$ | 78 | |
| |
| | | |
| | | |
| | | |
| | |
Incurred
costs for warranties satisfied during the period | |
| (82 | ) | |
| (1 | ) | |
| (99 | ) | |
| (3 | ) |
| |
| | | |
| | | |
| | | |
| | |
Warranty
Expenses: | |
| | | |
| | | |
| | | |
| | |
Warranties
reserved for new product shipped during the period(1) | |
| 57 | | |
| 52 | | |
| 177 | | |
| 131 | |
Change
in estimate for pre-existing warranty liabilities(2) | |
| - | | |
| (10 | ) | |
| (6 | ) | |
| (10 | ) |
Warranty
Expense | |
| 57 | | |
| 42 | | |
| 171 | | |
| 122 | |
| |
| | | |
| | | |
| | | |
| | |
Ending
balance | |
$ | 241 | | |
$ | 196 | | |
$ | 241 | | |
$ | 196 | |
(1) |
Warranty
expenses accrued to cost of sales (based on current period shipments and historical warranty return rate.) |
|
|
(2) |
Changes
in estimated warranty liabilities recognized in cost of sales associated with: the period end customer returned warranty backlog,
or the actual costs of repaired/replaced warranty units which were shipped to the customer during the current period. |
|
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v3.23.2
Segment Reporting (Tables)
|
9 Months Ended |
Jul. 02, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information |
Schedule
of Segment Reporting Information
| |
Reportable
Segment Financial Information (thousands) | |
| |
As
of and for the three months ended July 2, 2023 | |
| |
Optex
Systems
Richardson
| | |
Applied
Optics Center
Dallas
| | |
Other
(non-allocated
costs and intersegment eliminations)
| | |
Consolidated
Total
| |
| |
| | | |
| | | |
| | | |
| | |
Revenues
from external customers | |
$ | 3,069 | | |
$ | 4,103 | | |
$ | - | | |
$ | 7,172 | |
Intersegment
revenues | |
| - | | |
| 265 | | |
| (265 | ) | |
| - | |
Total
revenue | |
$ | 3,069 | | |
$ | 4,368 | | |
$ | (265 | ) | |
$ | 7,172 | |
| |
| | | |
| | | |
| | | |
| | |
Interest
expense | |
$ | - | | |
$ | - | | |
$ | 22 | | |
$ | 22 | |
| |
| | | |
| | | |
| | | |
| | |
Depreciation
and amortization | |
$ | 14 | | |
$ | 72 | | |
$ | - | | |
$ | 86 | |
| |
| | | |
| | | |
| | | |
| | |
Income
(loss) before taxes | |
$ | ) | |
$ | | |
$ | ) | |
$ | |
| |
| | | |
| | | |
| | | |
| | |
Other
significant noncash items: | |
| | | |
| | | |
| | | |
| | |
Allocated
home office expense | |
$ | (386 | ) | |
$ | 386 | | |
$ | - | | |
$ | - | |
Stock
compensation expense | |
$ | - | | |
$ | - | | |
$ | 81 | | |
$ | 81 | |
Warranty
expense | |
$ | - | | |
$ | 57 | | |
$ | - | | |
$ | 57 | |
| |
| | | |
| | | |
| | | |
| | |
Segment
assets | |
$ | 11,671 | | |
$ | 9,293 | | |
$ | - | | |
$ | 20,964 | |
Expenditures
for segment assets | |
$ | - | | |
$ | 222 | | |
$ | - | | |
$ | 222 | |
|
|
Reportable
Segment Financial Information
(thousands) |
|
|
|
As
of and for the three months ended July 3, 2022 |
|
|
|
Optex
Systems
Richardson
|
|
|
Applied
Optics Center
Dallas
|
|
|
Other
(non-allocated
costs and intersegment eliminations) |
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
from external customers |
|
$ |
2,653 |
|
|
$ |
3,517 |
|
|
$ |
- |
|
|
$ |
6,170 |
|
Intersegment
revenues |
|
|
- |
|
|
|
258 |
|
|
|
(258 |
) |
|
|
- |
|
Total
revenue |
|
$ |
2,653 |
|
|
$ |
3,775 |
|
|
$ |
(258 |
) |
|
$ |
6,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
$ |
8 |
|
|
$ |
66 |
|
|
$ |
- |
|
|
$ |
74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before taxes |
|
$ |
|
|
$ |
|
|
$ |
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
home office expense |
|
$ |
(268 |
) |
|
$ |
268 |
|
|
$ |
- |
|
|
$ |
- |
|
Stock
compensation expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
36 |
|
|
$ |
36 |
|
Warranty
expense |
|
$ |
- |
|
|
|
42 |
|
|
|
- |
|
|
|
42 |
|
|
|
|
|
|
|
$ |
|
|
|
$ |
- |
|
|
$ |
|
|
Segment
assets |
|
$ |
14,676 |
|
|
$ |
6,637 |
|
|
$ |
- |
|
|
$ |
21,313 |
|
Expenditures
for segment assets |
|
$ |
49 |
|
|
$ |
69 |
|
|
$ |
- |
|
|
$ |
118 |
|
|
|
Reportable
Segment Financial Information
(thousands) |
|
|
|
As
of and for the nine months ended July 2, 2023 |
|
|
|
Optex
Systems
Richardson
|
|
|
Applied
Optics Center
Dallas
|
|
|
Other
(non-allocated
costs and intersegment eliminations) |
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
from external customers |
|
$ |
7,742 |
|
|
$ |
9,840 |
|
|
$ |
- |
|
|
$ |
17,582 |
|
Intersegment
revenues |
|
|
- |
|
|
|
511 |
|
|
|
(511 |
) |
|
|
- |
|
Total
revenue |
|
$ |
7,742 |
|
|
$ |
10,351 |
|
|
$ |
(511 |
) |
|
$ |
17,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
31 |
|
|
$ |
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
$ |
38 |
|
|
$ |
214 |
|
|
$ |
- |
|
|
$ |
252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before taxes |
|
$ |
) |
|
$ |
|
|
$ |
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
home office expense |
|
$ |
(978 |
) |
|
$ |
978 |
|
|
$ |
- |
|
|
$ |
- |
|
Stock
compensation expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
134 |
|
|
$ |
134 |
|
Warranty
expense |
|
$ |
- |
|
|
$ |
171 |
|
|
$ |
- |
|
|
$ |
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
assets |
|
$ |
11,671 |
|
|
$ |
9,293 |
|
|
$ |
- |
|
|
$ |
20,964 |
|
Expenditures
for segment assets |
|
$ |
25 |
|
|
$ |
343 |
|
|
$ |
- |
|
|
$ |
368 |
|
|
|
Reportable
Segment Financial Information
(thousands) |
|
|
|
As
of and for the nine months ended July 3, 2022 |
|
|
|
Optex
Systems
Richardson
|
|
|
Applied
Optics Center
Dallas
|
|
|
Other
(non-allocated
costs and intersegment eliminations) |
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
from external customers |
|
$ |
6,588 |
|
|
$ |
9,057 |
|
|
$ |
- |
|
|
$ |
15,645 |
|
Intersegment
revenues |
|
|
- |
|
|
|
693 |
|
|
|
(693 |
) |
|
|
- |
|
Total
revenue |
|
$ |
6,588 |
|
|
$ |
9,750 |
|
|
$ |
(693 |
) |
|
$ |
15,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
$ |
28 |
|
|
$ |
193 |
|
|
$ |
- |
|
|
$ |
221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before taxes |
|
$ |
(276 |
) |
|
$ |
|
|
$ |
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
home office expense |
|
$ |
(802 |
) |
|
$ |
802 |
|
|
$ |
- |
|
|
$ |
- |
|
Stock
compensation expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
127 |
|
|
$ |
127 |
|
Warranty
expense |
|
$ |
- |
|
|
|
122 |
|
|
|
- |
|
|
|
122 |
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Segment
assets |
|
$ |
14,676 |
|
|
$ |
6,637 |
|
|
$ |
- |
|
|
$ |
21,313 |
|
Expenditures
for segment assets |
|
$ |
55 |
|
|
$ |
181 |
|
|
$ |
- |
|
|
$ |
236 |
|
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.23.2
Commitments and Contingencies (Tables)
|
9 Months Ended |
Jul. 02, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of Non-cancellable Operating Leases Minimum Payments |
As
of July 2, 2023, the remaining minimum lease and estimated CAM payments under the non-cancelable facility space leases are as follows:
Schedule
of Non-cancellable Operating Leases Minimum Payments
Non-cancellable
Operating Leases Minimum Payments
Fiscal
Year |
|
Facility
Lease Payments |
|
|
Facility
Lease Payments |
|
|
Lease
Payments |
|
|
Total
Lease Payments |
|
|
Total
Variable CAM Estimate |
|
|
|
(Thousands) |
|
|
|
|
|
|
|
|
|
Optex
Richardson |
|
|
Applied
Optics Center |
|
|
Office
Equipment |
|
|
Consolidated |
|
Fiscal
Year |
|
Facility
Lease Payments |
|
|
Facility
Lease Payments |
|
|
Lease
Payments |
|
|
Total
Lease Payments |
|
|
Total
Variable CAM Estimate |
|
2023
Base year lease |
|
$ |
80 |
|
|
$ |
73 |
|
|
$ |
4 |
|
|
$ |
157 |
|
|
$ |
63 |
|
2024
Base year lease |
|
|
327 |
|
|
|
296 |
|
|
|
15 |
|
|
|
638 |
|
|
|
256 |
|
2025
Base year lease |
|
|
336 |
|
|
|
305 |
|
|
|
15 |
|
|
|
656 |
|
|
|
261 |
|
2026
Base year lease |
|
|
346 |
|
|
|
313 |
|
|
|
3 |
|
|
|
662 |
|
|
|
266 |
|
2027
Base year lease |
|
|
357 |
|
|
|
322 |
|
|
|
- |
|
|
|
679 |
|
|
|
272 |
|
2028
Base year lease |
|
|
242 |
|
|
|
330 |
|
|
|
- |
|
|
|
572 |
|
|
|
198 |
|
2029
Base year lease |
|
|
- |
|
|
|
83 |
|
|
|
- |
|
|
|
83 |
|
|
|
30 |
|
Total
base lease payments |
|
$ |
1,688 |
|
|
$ |
1,722 |
|
|
$ |
37 |
|
|
$ |
3,447 |
|
|
$ |
1,346 |
|
Imputed
interest on lease payments (1) |
|
|
(198 |
) |
|
|
(225 |
) |
|
|
(2 |
) |
|
|
(425 |
) |
|
|
|
|
Total
Operating Lease Liability(2) |
|
$ |
1,490 |
|
|
$ |
1,497 |
|
|
$ |
35 |
|
|
$ |
3,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use
Asset(3) |
|
$ |
1,403 |
|
|
$ |
1,425 |
|
|
$ |
35 |
|
|
$ |
2,863 |
|
|
|
|
|
(1) |
Assumes
a discount borrowing rate of 5.0% on the new lease amendments effective as of January 11, 2021. |
(2) |
Includes
$159 thousand of unamortized deferred rent. |
|
|
(3) |
Short-term
and Long-term portion of Operating Lease Liability is $616 thousand and $2,406 thousand, respectively. |
|
X |
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- DefinitionTabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.
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v3.23.2
Stock Based Compensation (Tables)
|
9 Months Ended |
Jul. 02, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Aggregate Non-vested Restricted Stock and Restricted Stock Units Granted and Performance Shares |
The
following table summarizes the status of Optex Systems Holdings’ aggregate non-vested restricted stock and restricted stock units,
and performance shares:
Schedule
of Aggregate Non-vested Restricted Stock and Restricted Stock Units Granted and Performance Shares
| |
Restricted
Stock Units | | |
Weighted
Average Grant Date Fair Value | | |
Restricted
Shares | | |
Weighted
Average Grant Date Fair Value | | |
Performance
Shares | | |
Weighted
Average Grant Date Fair Value | |
Outstanding
at October 3, 2021 | |
| 99,000 | | |
$ | 1.59 | | |
| 240,000 | | |
$ | 1.75 | | |
| — | | |
| — | |
Granted | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Vested | |
| (33,000 | ) | |
| 1.73 | | |
| (60,000 | ) | |
| 1.75 | | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding
at October 2, 2022 | |
| 66,000 | | |
$ | 1.52 | | |
| 180,000 | | |
$ | 1.75 | | |
| — | | |
| — | |
Granted | |
| 39,000 | | |
| 3.00 | | |
| 40,000 | | |
| 3.09 | | |
| 135,000 | | |
| 2.37 | |
Vested | |
| (66,000 | ) | |
| 1.52 | | |
| (60,000 | ) | |
| 1.75 | | |
| — | | |
| — | |
Forfeited | |
| (3,000 | ) | |
| 3.00 | | |
| (40,000 | ) | |
| 1.75 | | |
| — | | |
| — | |
Outstanding
at July 2, 2023 | |
| 36,000 | | |
$ | 3.00 | | |
| 120,000 | | |
$ | 2.20 | | |
| 135,000 | | |
$ | 2.37 | |
|
Schedule of Assumptions and Results for the Monte Carlo Simulation |
The
assumptions and results for the Monte Carlo simulation are as follows:
Schedule
of Assumptions and Results for the Monte Carlo Simulation
| |
Assumptions | |
Performance
Period Start | |
| 10/2/2023 | |
Performance
Period End | |
| 10/1/2028 | |
Term
of simulation (1) | |
| 5.42
years | |
Time
steps in simulation | |
| 1,365 | |
Time
steps per year | |
| 252 | |
Common
share price at valuation date (2) | |
$ | 3.04 | |
Volatility
(annual) (4) | |
| 50.0 | % |
Risk-free
rate (annual) (5) | |
| 3.37 | % |
Cost
of equity (6) | |
| 11.5 | % |
Dividend
yield (3) | |
| 0.0 | % |
| |
Tranche
1 | | |
Tranche
2 | | |
Tranche
3 | | |
Tranche
4 | | |
Tranche
5 | |
Number
of performance shares in the Tranche (1) | |
| 27,000 | | |
| 27,000 | | |
| 27,000 | | |
| 27,000 | | |
| 27,000 | |
Fair
Value of One Performance share (7) | |
$ | 2.75 | | |
$ | 2.58 | | |
$ | 2.39 | | |
$ | 2.18 | | |
$ | 1.93 | |
Total
Fair Value of Tranche | |
$ | 74,345 | | |
$ | 69,742 | | |
$ | 64,446 | | |
$ | 58,819 | | |
$ | 52,238 | |
Derived
Service Period (Years) (7) | |
| 0.71 | | |
| 1.13 | | |
| 1.60 | | |
| 2.06 | | |
| 2.48 | |
| (1) | Based
on the terms of the Performance Shares agreement issued by the Company on May 3, 2023. |
| (2) | Closing
price of OPXS shares on the Valuation Date, as obtained via S&P Capital IQ. |
| (3) | Expected
dividends provided by management. |
| (4) | Based
on historical volatility of OPXS and comparable public companies. |
| (5) | Interest
rate for US Treasury commensurate with the Performance Shares holding period, as of the Valuation
Date, as obtained via S&P Capital IQ. |
| (6) | Estimated
cost of equity for OPXS as of the Valuation Date. |
| (7) | Based
on Monte Carlo simulation. |
|
Schedule of Unrecognized Compensation Costs |
Schedule of Unrecognized Compensation Costs
| |
Stock
Compensation | |
| |
(thousands) | |
| |
Recognized
Compensation
Expense | | |
Unrecognized Compensation
Expense | |
| |
Three
months ended | | |
Nine
months ended | | |
As
of period ended | |
| |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
July
3, 2022 | | |
July
2, 2023 | | |
October
2, 2022 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Restricted
Shares | |
$ | 33 | | |
$ | 27 | | |
$ | 78 | | |
$ | 79 | | |
$ | 213 | | |
$ | 236 | |
Performance
Shares | |
| 43 | | |
| - | | |
| 43 | | |
| - | | |
| 277 | | |
| - | |
Restricted
Stock Units | |
| 5 | | |
| 9 | | |
| 13 | | |
| 48 | | |
| 85 | | |
| 9 | |
Total
Stock Compensation | |
$ | 81 | | |
$ | 36 | | |
$ | 134 | | |
$ | 127 | | |
$ | 575 | | |
$ | 245 | |
|
X |
- DefinitionTabular disclosure of the changes in outstanding nonvested restricted stock units.
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v3.23.2
Stockholders’ Equity (Tables)
|
9 Months Ended |
Jul. 02, 2023 |
Equity [Abstract] |
|
Summary of Purchases Under Plan |
Summary of Purchases Under Plan
Fiscal
Period | | |
Total
number of shares purchased | | |
Total
purchase cost (thousands) | | |
Average
price paid per share (with commission) | | |
Maximum
dollar value that may yet be purchased under the plan (thousands) | |
October
4, 2021 through October 31, 2021 | | |
| 18,265 | | |
$ | 37 | | |
| 2.01 | | |
$ | 894 | |
November
1, 2021 through November 28, 2021 | | |
| 4,415 | | |
| 9 | | |
| 2.04 | | |
| 885 | |
November
29, 2021 through January 2, 2022 | | |
| 14,558 | | |
| 28 | | |
| 1.93 | | |
| 857 | |
January
3, 2022 through January 30, 2022 | | |
| 15,585 | | |
| 29 | | |
| 1.89 | | |
| 828 | |
January
31, 2022 through February 27, 2022 | | |
| 27,618 | | |
| 49 | | |
| 1.75 | | |
| 779 | |
February
28, 2022 through April 3, 2022 | | |
| 35,530 | | |
| 70 | | |
| 1.98 | | |
| 709 | |
April
4, 2022 through May 1, 2022 | | |
| 12,304 | | |
| 27 | | |
| 2.22 | | |
| 682 | |
May
2, 2022 through May 29, 2022 | | |
| 10,482 | | |
| 22 | | |
| 2.11 | | |
| 660 | |
May
30, 2022 through July 3, 2022 | | |
| 49,657 | | |
| 95 | | |
| 1.90 | | |
| 565 | |
July
4, 2022 through July 25,2022 | | |
| 610 | | |
| 1 | | |
| 2.10 | | |
| 564 | |
July
26, 2022 through August 13, 2022 | | |
| 1,930 | | |
| 4 | | |
| 2.09 | | |
| 560 | |
| | |
| | | |
| | | |
| | | |
| | |
Total
shares repurchased period ended October 2, 2022 | | |
| 190,954 | | |
$ | 371 | | |
$ | 1.94 | | |
$ | 560 | |
|
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Organization and Operations (Details Narrative)
|
9 Months Ended |
Jul. 02, 2023
ft²
Integer
|
Product Information [Line Items] |
|
Area of land | ft² |
93,967
|
Number of employees | Integer |
101
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | UNITED STATES |
|
Product Information [Line Items] |
|
Concentration risk, percentage |
95.00%
|
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|
Product Information [Line Items] |
|
Concentration risk, percentage |
5.00%
|
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|
Product Information [Line Items] |
|
Concentration risk, percentage |
29.00%
|
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|
Product Information [Line Items] |
|
Concentration risk, percentage |
20.00%
|
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|
Product Information [Line Items] |
|
Concentration risk, percentage |
17.00%
|
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|
Product Information [Line Items] |
|
Concentration risk, percentage |
6.00%
|
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|
Product Information [Line Items] |
|
Concentration risk, percentage |
5.00%
|
All Other Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
Product Information [Line Items] |
|
Concentration risk, percentage |
23.00%
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v3.23.2
Schedule of Inventory (Details) - USD ($) $ in Thousands |
Jul. 02, 2023 |
Oct. 02, 2022 |
Accounting Policies [Abstract] |
|
|
Raw Material |
$ 7,428
|
$ 6,953
|
Work in Process |
5,050
|
2,722
|
Finished Goods |
615
|
348
|
Gross Inventory |
13,093
|
10,023
|
Less: Inventory Reserves |
(811)
|
(811)
|
Net Inventory |
$ 12,282
|
$ 9,212
|
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v3.23.2
Accounting Policies (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
|
Jul. 02, 2023 |
Jul. 03, 2022 |
Jul. 02, 2023 |
Jul. 03, 2022 |
Oct. 02, 2022 |
Apr. 02, 2023 |
Nov. 30, 2022 |
Apr. 03, 2022 |
Oct. 03, 2021 |
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Warranty reserve |
$ 241
|
$ 196
|
$ 241
|
$ 196
|
$ 169
|
$ 266
|
|
$ 155
|
$ 78
|
Revenue from customer deposit liabilities |
0
|
0
|
223
|
0
|
|
|
|
|
|
Customer deposit liabilities |
131
|
|
131
|
|
|
|
|
|
|
Accrued selling expenses |
|
|
336
|
|
0
|
|
|
|
|
Contract assets |
|
|
336
|
|
0
|
|
|
|
|
Contract value |
|
|
|
|
|
|
$ 3,400
|
|
|
Contract loss reserves current |
133
|
|
133
|
|
289
|
|
|
|
|
Loss reserves on new contract awards |
20
|
15
|
72
|
61
|
|
|
|
|
|
Amount shipped against existing loss reserves |
0
|
$ 26
|
171
|
$ 79
|
|
|
|
|
|
Gain loss on estimates for contract loss reserves |
0
|
|
57
|
|
|
|
|
|
|
Deferred tax assets, valuation allowance |
800
|
|
800
|
|
800
|
|
|
|
|
Deferred tax assets, gross |
1,600
|
|
1,600
|
|
1,800
|
|
|
|
|
Deferred tax assets, net |
$ 800
|
|
800
|
|
$ 1,000
|
|
|
|
|
Increase deferred tax assets related to temporary tax adjustment |
|
|
$ 200
|
|
|
|
|
|
|
Unvested Rectricted Stock [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Dilutive securities included in calculation of earning per share |
120,000
|
180,000
|
36,000
|
180,000
|
|
|
|
|
|
Number of incremental shares |
43,141
|
98,678
|
35,011
|
73,849
|
|
|
|
|
|
Unvested Rectricted Stock Units [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Dilutive securities included in calculation of earning per share |
36,000
|
66,000
|
120,000
|
66,000
|
|
|
|
|
|
Performance Shares [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Antidilutive shares |
|
|
|
135,000
|
|
|
|
|
|
Service [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Service contract revenue |
$ 115
|
$ 120
|
$ 340
|
$ 352
|
|
|
|
|
|
U.S. Government Agencies [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
18.00%
|
|
|
|
|
|
|
Major U.S. Defense Contractor One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
12.00%
|
|
|
|
|
|
|
Major U.S. Defense Contractor Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
12.00%
|
|
|
|
|
|
|
Major U S Defense Contractor Three [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
9.00%
|
|
|
|
|
|
|
Major U S Defense Contractor Four [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
6.00%
|
|
|
|
|
|
|
Major U.S. Defense Contractor Five [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
6.00%
|
|
|
|
|
|
|
Major US Defense Contractor Six [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
6.00%
|
|
|
|
|
|
|
Major US Defense Contractor Seven [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
5.00%
|
|
|
|
|
|
|
One Commercial Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
16.00%
|
|
|
|
|
|
|
All Other Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
10.00%
|
|
|
|
|
|
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v3.23.2
Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Jul. 02, 2023 |
Jul. 03, 2022 |
Jul. 02, 2023 |
Jul. 03, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
$ 7,172
|
$ 6,170
|
$ 17,582
|
$ 15,645
|
Interest expense |
22
|
|
31
|
|
Depreciation and amortization |
86
|
74
|
252
|
221
|
Income (loss) before taxes |
730
|
510
|
1,055
|
334
|
Allocated home office expense |
|
|
|
|
Stock compensation expense |
81
|
36
|
134
|
127
|
Warranty expense |
57
|
42
|
171
|
122
|
Segment assets |
20,964
|
21,313
|
20,964
|
21,313
|
Expenditures for segment assets |
222
|
118
|
368
|
236
|
Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
7,172
|
6,170
|
17,582
|
15,645
|
Intersegment Eliminations [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
(265)
|
(258)
|
(511)
|
(693)
|
Interest expense |
22
|
|
31
|
|
Depreciation and amortization |
|
|
|
|
Income (loss) before taxes |
(103)
|
(36)
|
(165)
|
(127)
|
Allocated home office expense |
|
|
|
|
Stock compensation expense |
81
|
36
|
134
|
127
|
Warranty expense |
|
|
|
|
Segment assets |
|
|
|
|
Expenditures for segment assets |
|
|
|
|
Optex Systems (OPX) - Richardson, Texas [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Interest expense |
|
|
|
|
Depreciation and amortization |
14
|
8
|
38
|
28
|
Allocated home office expense |
(386)
|
(268)
|
(978)
|
(802)
|
Stock compensation expense |
|
|
|
|
Warranty expense |
|
|
|
|
Segment assets |
11,671
|
14,676
|
11,671
|
14,676
|
Expenditures for segment assets |
|
49
|
25
|
55
|
Optex Systems (OPX) - Richardson, Texas [Member] | Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
3,069
|
2,653
|
7,742
|
6,588
|
Income (loss) before taxes |
(60)
|
185
|
(527)
|
(276)
|
Applied Optics Center (AOC) - Dallas [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Interest expense |
|
|
|
|
Depreciation and amortization |
72
|
66
|
214
|
193
|
Allocated home office expense |
386
|
268
|
978
|
802
|
Stock compensation expense |
|
|
|
|
Warranty expense |
57
|
42
|
171
|
122
|
Segment assets |
9,293
|
6,637
|
9,293
|
6,637
|
Expenditures for segment assets |
222
|
69
|
343
|
181
|
Applied Optics Center (AOC) - Dallas [Member] | Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
4,368
|
3,775
|
10,351
|
9,750
|
Income (loss) before taxes |
893
|
361
|
1,747
|
737
|
Revenues from External Customers [Member] | Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
7,172
|
6,170
|
17,582
|
15,645
|
Revenues from External Customers [Member] | Intersegment Eliminations [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
|
|
|
|
Revenues from External Customers [Member] | Optex Systems (OPX) - Richardson, Texas [Member] | Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
3,069
|
2,653
|
7,742
|
6,588
|
Revenues from External Customers [Member] | Applied Optics Center (AOC) - Dallas [Member] | Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
4,103
|
3,517
|
9,840
|
9,057
|
Intersegment Revenues [Member] | Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
|
|
|
|
Intersegment Revenues [Member] | Intersegment Eliminations [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
(265)
|
(258)
|
(511)
|
(693)
|
Intersegment Revenues [Member] | Optex Systems (OPX) - Richardson, Texas [Member] | Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
|
|
|
|
Intersegment Revenues [Member] | Applied Optics Center (AOC) - Dallas [Member] | Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenue |
$ 265
|
$ 258
|
$ 511
|
$ 693
|
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v3.23.2
Segment Reporting (Details Narrative)
|
9 Months Ended |
Jul. 02, 2023
ft²
Integer
|
Revenue, Major Customer [Line Items] |
|
Leased facilities | ft² |
93,967
|
Number of employees | Integer |
101
|
Optex Systems (OPX) - Richardson, Texas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Leased facilities | ft² |
49,100
|
Number of employees | Integer |
56
|
Applied Optics Center (AOC) - Dallas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Leased facilities | ft² |
44,867
|
Number of employees | Integer |
45
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Revenues from External Customers [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
95.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Optex Systems (OPX) - Richardson, Texas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
44.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Applied Optics Center (AOC) - Dallas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
56.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Applied Optics Center (AOC) - Dallas [Member] | Commercial Customers [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
50.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Applied Optics Center (AOC) - Dallas [Member] | Major U.S. Defense Contractor One [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
5.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Applied Optics Center (AOC) - Dallas [Member] | One Commercial Customers [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
27.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Applied Optics Center (AOC) - Dallas [Member] | All Other Customers [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
24.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Subcontracted Customers [Member] | Optex Systems (OPX) - Richardson, Texas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
96.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Subcontracted Customers [Member] | Applied Optics Center (AOC) - Dallas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
50.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Commercial Customers [Member] | Optex Systems (OPX) - Richardson, Texas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
4.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Domestic Military Customers [Member] | Optex Systems (OPX) - Richardson, Texas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
85.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Foreign Military Customers [Member] | Optex Systems (OPX) - Richardson, Texas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
11.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | U.S. Government [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
20.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | U.S. Government [Member] | Optex Systems (OPX) - Richardson, Texas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
17.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | U.S. Defense Contractor One [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
17.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | U.S. Defense Contractor One [Member] | Optex Systems (OPX) - Richardson, Texas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
14.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | U S Defense Contractor Two [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
6.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | U S Defense Contractor Two [Member] | Optex Systems (OPX) - Richardson, Texas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
6.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | All Other Customers [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
23.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | All Other Customers [Member] | Optex Systems (OPX) - Richardson, Texas [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
7.00%
|
Intersegment Sales Revenue Net [Member] | Customer Concentration Risk [Member] | Applied Optics Center (AOC) - Dallas [Member] | Military Contracts [Member] |
|
Revenue, Major Customer [Line Items] |
|
Concentration risk percentage |
5.00%
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v3.23.2
Schedule of Non-cancellable Operating Leases Minimum Payments (Details) - USD ($) $ in Thousands |
Jul. 02, 2023 |
Oct. 02, 2022 |
Jul. 02, 2022 |
Loss Contingencies [Line Items] |
|
|
|
|
|
2023 Base year lease |
|
$ 157
|
|
|
|
2024 Base year lease |
|
638
|
|
|
|
2025 Base year lease |
|
656
|
|
|
|
2026 Base year lease |
|
662
|
|
|
|
2027 Base year lease |
|
679
|
|
|
|
2028 Base year lease |
|
572
|
|
|
|
2029 Base year lease |
|
83
|
|
|
|
Total base lease payments |
|
3,447
|
|
|
|
Imputed interest on lease payments |
[1] |
(425)
|
|
|
|
Total Operating Lease Liability |
|
3,022
|
[2] |
|
$ 51
|
Right-of-use Asset |
|
2,863
|
[3] |
$ 3,222
|
$ 51
|
Common Area Maintenance Estimate [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
2023 Base year lease |
|
63
|
|
|
|
2024 Base year lease |
|
256
|
|
|
|
2025 Base year lease |
|
261
|
|
|
|
2026 Base year lease |
|
266
|
|
|
|
2027 Base year lease |
|
272
|
|
|
|
2028 Base year lease |
|
198
|
|
|
|
2029 Base year lease |
|
30
|
|
|
|
Total base lease payments |
|
1,346
|
|
|
|
Optex Systems (OPX) - Richardson, Texas [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
2023 Base year lease |
|
80
|
|
|
|
2024 Base year lease |
|
327
|
|
|
|
2025 Base year lease |
|
336
|
|
|
|
2026 Base year lease |
|
346
|
|
|
|
2027 Base year lease |
|
357
|
|
|
|
2028 Base year lease |
|
242
|
|
|
|
2029 Base year lease |
|
|
|
|
|
Total base lease payments |
|
1,688
|
|
|
|
Imputed interest on lease payments |
[1] |
(198)
|
|
|
|
Total Operating Lease Liability |
[2] |
1,490
|
|
|
|
Right-of-use Asset |
[3] |
1,403
|
|
|
|
Applied Optics Center (AOC) - Dallas [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
2023 Base year lease |
|
73
|
|
|
|
2024 Base year lease |
|
296
|
|
|
|
2025 Base year lease |
|
305
|
|
|
|
2026 Base year lease |
|
313
|
|
|
|
2027 Base year lease |
|
322
|
|
|
|
2028 Base year lease |
|
330
|
|
|
|
2029 Base year lease |
|
83
|
|
|
|
Total base lease payments |
|
1,722
|
|
|
|
Imputed interest on lease payments |
[1] |
(225)
|
|
|
|
Total Operating Lease Liability |
[2] |
1,497
|
|
|
|
Right-of-use Asset |
[3] |
1,425
|
|
|
|
Office Equipment Lease [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
2023 Base year lease |
|
4
|
|
|
|
2024 Base year lease |
|
15
|
|
|
|
2025 Base year lease |
|
15
|
|
|
|
2026 Base year lease |
|
3
|
|
|
|
2027 Base year lease |
|
|
|
|
|
2028 Base year lease |
|
|
|
|
|
2029 Base year lease |
|
|
|
|
|
Total base lease payments |
|
37
|
|
|
|
Imputed interest on lease payments |
[1] |
(2)
|
|
|
|
Total Operating Lease Liability |
[2] |
35
|
|
|
|
Right-of-use Asset |
[3] |
$ 35
|
|
|
|
|
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v3.23.2
Commitments and Contingencies (Details Narrative)
|
3 Months Ended |
9 Months Ended |
|
|
Jul. 02, 2023
USD ($)
ft²
|
Jul. 03, 2022
USD ($)
|
Jul. 02, 2023
USD ($)
ft²
|
Jul. 03, 2022
USD ($)
|
Oct. 02, 2022
USD ($)
|
Jul. 02, 2022
USD ($)
|
Area of land | ft² |
|
93,967
|
|
|
93,967
|
|
|
|
|
Right use of assets |
|
$ 2,863,000
|
[1] |
|
$ 2,863,000
|
[1] |
|
$ 3,222,000
|
$ 51,000
|
Operating lease liability |
|
3,022,000
|
[2] |
|
3,022,000
|
[2] |
|
|
$ 51,000
|
Facility Lease Agreement [Member] |
|
|
|
|
|
|
|
|
|
Operating lease cost |
|
206,000
|
|
$ 215,000
|
644,000
|
|
$ 635,000
|
|
|
Rent expenses |
|
$ 9,000
|
|
$ 7,000
|
$ 18,000
|
|
$ 19,000
|
|
|
One Non-cancellable Office Equipment Lease [Member] |
|
|
|
|
|
|
|
|
|
Lessee operating lease description |
|
|
|
|
The
Company had one non-cancellable office equipment lease with a commencement date of October 1, 2018 and a term of 39 months. The lease
cost for the equipment was $1.5 thousand per month from October 1, 2018 through December 31, 2021. The lease was renewed on November
18, 2021 for an additional 48 months at a cost of $1.2 thousand per month. The start of the lease was delayed until April 2022 due to
temporary equipment shortages. The lease renewal resulted in the recognition of an additional right of use asset and a lease liability
of $51 thousand, respectively during the nine months ended July 2, 2022
|
|
|
|
|
Lease term |
|
39 months
|
|
|
39 months
|
|
|
|
|
Optex Systems (OPX) - Richardson, Texas [Member] |
|
|
|
|
|
|
|
|
|
Area of land | ft² |
|
49,100
|
|
|
49,100
|
|
|
|
|
Lessee operating lease description |
|
|
|
|
the monthly base rent was $24.6 thousand through March
31, 2021. On January 11, 2021 the Company executed a sixth amendment extending the terms of the lease for eighty-six (86) months, commencing
on April 1, 2021 and ending on May 31, 2028. The initial base rent is set at $25.3 thousand and escalates 3% on April 1 each year thereafter.
|
|
|
|
|
Expiration date |
|
|
|
|
May 31, 2028
|
|
|
|
|
Maintenance fee |
|
|
|
|
$ 11,900
|
|
|
|
|
Right use of assets |
[1] |
$ 1,403,000
|
|
|
1,403,000
|
|
|
|
|
Operating lease liability |
[2] |
$ 1,490,000
|
|
|
$ 1,490,000
|
|
|
|
|
Applied Optics Center (AOC) - Dallas [Member] |
|
|
|
|
|
|
|
|
|
Area of land | ft² |
|
44,867
|
|
|
44,867
|
|
|
|
|
Lessee operating lease description |
|
|
|
|
the monthly base rent was $21.9 thousand through
the end of the lease. On January 11, 2021 the Company executed a first amendment extending the terms of the lease for eighty-six (86)
months, commencing on November 1, 2021 and ending on December 31, 2028. The initial base rent is set at $23.6 thousand as of January
1, 2022 and escalates 2.75% on January 1 each year thereafter. The initial term included 2 months of rent abatement for November and
December of 2021. The amendment provides for a five-year renewal option at the end of the lease term at the greater of the then “prevailing
rental rate” or the then current base rental rate. Our obligations to make payments under the lease are secured by a $125,000 standby
letter of credit.
|
|
|
|
|
Expiration date |
|
|
|
|
Dec. 31, 2028
|
|
|
|
|
Maintenance fee |
|
|
|
|
$ 125,000
|
|
|
|
|
Maintenance fee |
|
|
|
|
7,900
|
|
|
|
|
Right use of assets |
[1] |
$ 1,425,000
|
|
|
1,425,000
|
|
|
|
|
Operating lease liability |
[2] |
$ 1,497,000
|
|
|
$ 1,497,000
|
|
|
|
|
|
|
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v3.23.2
Debt Financing (Details Narrative) - USD ($)
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
Mar. 22, 2023 |
Nov. 21, 2022 |
Nov. 20, 2022 |
Oct. 02, 2022 |
Apr. 12, 2022 |
Apr. 16, 2020 |
Jul. 02, 2023 |
Jul. 03, 2022 |
Jul. 02, 2023 |
Jul. 03, 2022 |
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
$ 22,000
|
|
$ 31,000
|
|
Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Line of credit principal amount |
|
$ 2,000,000.0
|
$ 1,125,000
|
|
|
|
|
|
|
|
Line of credit facility replace |
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
Debt change in ownership percentage |
25.00%
|
|
|
|
|
|
|
|
|
|
Revolving Credit Facility [Member] | Prime Rate [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
0.25%
|
|
|
|
|
|
|
|
|
Revolving Credit Facility [Member] | BBVA [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Line of credit principal amount |
|
|
|
$ 0
|
$ 2,250,000
|
$ 2,250,000
|
|
|
|
|
Maturity date |
|
|
|
|
|
Apr. 15, 2022
|
|
|
|
|
Line of credit origination fee percentage |
|
|
|
|
|
3.00%
|
|
|
|
|
Description of term period |
|
|
|
|
|
There
were commercially standard covenants including, but not limited to, covenants regarding maintenance of corporate existence, not incurring
other indebtedness except trade debt, not changing more than 25% stock ownership of Borrowers, and a Fixed Charge Coverage Ratio
of 1.25:1, with the Fixed Charge Coverage Ratio defined as (earnings before taxes, amortization, depreciation, amortization and rent
expense less cash taxes, distribution, dividends and fair value of warrants) divided by (current maturities on long term debt plus
interest expense plus rent expense).
|
|
|
|
|
Litigation fee |
|
|
|
|
|
$ 10,000
|
|
|
|
|
Line of credit decrease amount |
|
|
|
|
$ 1,125,000
|
|
|
|
|
|
Maturity date description |
|
|
|
|
the maturity date was extended from April 15, 2022
to April 15, 2023
|
|
|
|
|
|
Revolving Credit Facility [Member] | BBVA [Member] | Prime Rate [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
0.25%
|
|
|
|
|
Revolving Credit Facility [Member] | Texas Capital Bank [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Line of credit principal amount |
$ 3,000,000
|
|
|
|
|
|
|
|
|
|
Maturity date |
May 22, 2025
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
|
7.827%
|
|
Description of term period |
The Loan Agreement also requires the Borrowers to maintain a fixed charge coverage ratio of at least 1.25:1 and a total
leverage ratio of 3.00:1
|
|
|
|
|
|
|
|
|
|
Letter of credit |
$ 125,000
|
|
|
|
|
|
|
|
|
|
Revolving Credit Facility [Member] | Texas Capital Facility [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Line of credit facility, Fair value of amount outstanding |
|
|
|
|
|
|
1,200,000
|
|
$ 1,200,000
|
|
Interest Expense |
|
|
|
|
|
|
$ 22,000
|
|
$ 31,000
|
|
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v3.23.2
Schedule of Aggregate Non-vested Restricted Stock and Restricted Stock Units Granted and Performance Shares (Details) - $ / shares
|
9 Months Ended |
12 Months Ended |
Jul. 02, 2023 |
Oct. 02, 2022 |
Restricted Stock Units (RSUs) [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares, outstanding |
66,000
|
99,000
|
Weighted average grant date fair value, outstanding |
$ 1.52
|
$ 1.59
|
Shares, granted |
39,000
|
|
Weighted average grant date fair value, granted |
$ 3.00
|
|
Shares, vested |
(66,000)
|
(33,000)
|
Weighted average grant date fair value, vested |
$ 1.52
|
$ 1.73
|
Shares, vested |
66,000
|
33,000
|
Shares, forfeited |
(3,000)
|
|
Weighted average grant date fair value, forfeited |
$ 3.00
|
|
Shares, forfeited |
3,000
|
|
Shares, ending balance |
36,000
|
66,000
|
Weighted average grant date fair value, outstanding |
$ 3.00
|
$ 1.52
|
Restricted Stock [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares, outstanding |
180,000
|
240,000
|
Weighted average grant date fair value, outstanding |
$ 1.75
|
$ 1.75
|
Shares, granted |
40,000
|
|
Weighted average grant date fair value, granted |
$ 3.09
|
|
Shares, vested |
(60,000)
|
(60,000)
|
Weighted average grant date fair value, vested |
$ 1.75
|
$ 1.75
|
Shares, vested |
60,000
|
60,000
|
Shares, forfeited |
(40,000)
|
|
Weighted average grant date fair value, forfeited |
$ 1.75
|
|
Shares, forfeited |
40,000
|
|
Shares, ending balance |
120,000
|
180,000
|
Weighted average grant date fair value, outstanding |
$ 2.20
|
$ 1.75
|
Performance Shares [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares, outstanding |
|
|
Weighted average grant date fair value, outstanding |
|
|
Shares, granted |
135,000
|
|
Weighted average grant date fair value, granted |
$ 2.37
|
|
Shares, vested |
|
|
Weighted average grant date fair value, vested |
|
|
Shares, vested |
|
|
Shares, forfeited |
|
|
Weighted average grant date fair value, forfeited |
|
|
Shares, forfeited |
|
|
Shares, ending balance |
135,000
|
|
Weighted average grant date fair value, outstanding |
$ 2.37
|
|
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v3.23.2
Schedule of Assumptions and Results for the Monte Carlo Simulation (Details) $ / shares in Units, shares in Thousands, $ in Thousands |
9 Months Ended |
Jul. 02, 2023
USD ($)
$ / shares
|
Jul. 02, 2023
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Performance period start |
|
|
Oct. 02, 2023
|
|
Performance period end |
|
|
Oct. 01, 2028
|
|
Term of simulation |
|
|
5 years 5 months 1 day
|
[1] |
Time steps in simulation |
|
|
1,365
|
|
Time steps per year |
|
|
252
|
|
Common share price at valuation date |
$ 3.04
|
[2] |
$ 3.04
|
[2] |
Volatility (annual) |
|
|
50.00%
|
[3] |
Risk-free rate (annual) |
3.37%
|
[4] |
|
|
Cost of equity |
|
|
11.50%
|
[5] |
Dividend yield |
|
|
0.00%
|
[6] |
Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of performance shares in the tranch | shares |
|
|
27,000
|
[1] |
Fair value of one performance share |
$ 2.75
|
[7] |
$ 2.75
|
[7] |
Total fair value of tranch | $ |
$ 74,345
|
|
$ 74,345
|
|
Derived service period |
|
|
8 months 15 days
|
[7] |
Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of performance shares in the tranch | shares |
|
|
27,000
|
[1] |
Fair value of one performance share |
$ 2.58
|
[7] |
$ 2.58
|
[7] |
Total fair value of tranch | $ |
$ 69,742
|
|
$ 69,742
|
|
Derived service period |
|
|
1 year 1 month 17 days
|
[7] |
Share-Based Payment Arrangement, Tranche Three [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of performance shares in the tranch | shares |
|
|
27,000
|
[1] |
Fair value of one performance share |
$ 2.39
|
[7] |
$ 2.39
|
[7] |
Total fair value of tranch | $ |
$ 64,446
|
|
$ 64,446
|
|
Derived service period |
|
|
1 year 7 months 6 days
|
[7] |
Share Based Compensation Award Tranche Four [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of performance shares in the tranch | shares |
|
|
27,000
|
[1] |
Fair value of one performance share |
$ 2.18
|
[7] |
$ 2.18
|
[7] |
Total fair value of tranch | $ |
$ 58,819
|
|
$ 58,819
|
|
Derived service period |
|
|
2 years 21 days
|
[7] |
Share Based Compensation Award Tranche Five [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of performance shares in the tranch | shares |
|
|
27,000
|
[1] |
Fair value of one performance share |
$ 1.93
|
[7] |
$ 1.93
|
[7] |
Total fair value of tranch | $ |
$ 52,238
|
|
$ 52,238
|
|
Derived service period |
|
|
2 years 5 months 23 days
|
[7] |
|
|
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X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.23.2
Stock Based Compensation (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Jan. 01, 2025 |
May 09, 2023 |
May 09, 2023 |
May 03, 2023 |
May 01, 2023 |
Jan. 04, 2023 |
Jan. 04, 2022 |
Jan. 01, 2022 |
Dec. 01, 2021 |
Apr. 30, 2020 |
Feb. 17, 2020 |
Jan. 02, 2019 |
Jul. 02, 2023 |
Jul. 02, 2023 |
Oct. 02, 2022 |
Sep. 15, 2022 |
Feb. 16, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
[1] |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3.04
|
$ 3.04
|
|
|
|
Amortization of grant date fair market value |
|
|
|
$ 124,000
|
$ 320,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
80,000
|
80,000
|
|
|
40,000
|
Unrecognized compensation cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 575,000
|
$ 575,000
|
$ 245,000
|
|
|
Forfeiture rate |
|
|
|
|
|
23.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock, vesting rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
50.00%
|
50.00%
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2.65
|
|
Performance share, description |
|
|
|
|
performance period
beginning on October 2, 2023, the average VWAP per share of common stock over a 30 consecutive trading day period equals or exceeds
$3.70, $4.45, $5.35, $6.40, or $7.70.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock, grant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,000
|
|
|
|
Share based compensation payment vested in period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,000
|
33,000
|
|
|
Unrecognized compensation cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 85,000
|
$ 85,000
|
$ 9,000
|
|
|
Dilutive securities included in calculation of earning per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
Number of shares forfeited |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
|
|
Employment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employment agreement description |
|
|
|
|
|
|
|
|
|
The updated employment
agreement also served to amend Mr. Schoening’s RSU Agreement, dated January 2, 2019, by changing the third and final vesting date
for the restricted stock units granted under such agreement from January 1, 2022 to the “change of control date,” that being
the first of the following to occur with respect to the Company: (i) any “Person,” as that term is defined in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with certain exclusions, is or becomes
the “Beneficial Owner” (as that term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities;
or (ii) the Company is merged or consolidated with any other corporation or other entity, other than: (A) a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting
power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or
(B) the Company engages in a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction)
in which no “Person” (as defined above) acquires fifty percent (50%) or more of the combined voting power of the Company’s
then outstanding securities. The amended RSU Agreement contains certain exceptions to the definition of change of control.
|
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock, grant |
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares |
|
|
|
|
|
|
46,432
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock value shares issued net |
|
|
|
|
|
|
$ 58,000
|
|
|
|
|
|
|
|
|
|
|
|
Vested restricted stock units |
|
|
|
|
|
|
66,000
|
|
|
|
|
|
|
|
|
|
|
|
Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock, grant |
|
|
|
|
35,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares |
|
|
|
|
|
|
|
23,216
|
|
|
|
|
|
|
|
|
|
|
Restricted stock value shares issued net |
|
|
|
|
|
|
|
$ 19,000
|
|
|
|
|
|
|
|
|
|
|
Vested restricted stock units |
|
|
|
|
|
|
|
33,000
|
|
|
|
|
|
|
|
|
|
|
Three Independent Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted shares description |
|
|
|
|
|
|
|
|
|
|
an
effective date of January 1, 2020, in addition to granting 100,000 shares of restricted stock to each independent director which vest
at a rate of 20% per year (20,000 shares) each January 1st through January 1, 2025.
|
|
|
|
|
|
|
|
Shares issued payment arrangement, before forfeiture |
|
|
|
|
|
|
|
|
|
|
300,000
|
|
|
|
|
|
|
|
Shares issued, value payment arrangement, before forfeiture |
|
|
|
|
|
|
|
|
|
|
$ 525,000
|
|
|
|
|
|
|
|
Stock price per share |
|
|
|
|
|
|
|
|
|
|
$ 1.75
|
|
|
|
|
|
|
|
Vesting period of shares |
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
Three Independent Directors [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee benefits and share based compensation |
|
|
|
|
|
|
|
|
|
|
$ 22,000
|
|
|
|
|
|
|
|
Three Independent Directors [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee benefits and share based compensation |
|
|
|
|
|
|
|
|
|
|
$ 36,000
|
|
|
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation payment vested in period |
|
|
|
|
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
Independent Board Member [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock, grant |
|
|
40,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock, vesting rate |
|
50.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Restricted Stock Unit Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested restricted stock units |
|
|
|
|
|
|
|
|
|
49,500
|
|
|
|
|
|
|
|
|
Unrecognized compensation cost |
|
|
|
|
|
|
|
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
2016 Restricted Stock Unit Plan [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock, grant |
|
|
|
|
|
|
|
|
|
|
|
|
150,000
|
|
|
|
|
|
Amortization of grant date fair market value |
|
|
|
|
|
|
|
|
|
|
|
|
$ 264,000
|
|
|
|
|
|
2016 Restricted Stock Unit Plan [Member] | Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock, grant |
|
|
|
|
|
|
|
|
|
|
|
|
50,000
|
|
|
|
|
|
2016 Restricted Stock Unit Plan [Member] | Bill Bates [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock, grant |
|
|
|
|
|
|
|
|
|
|
|
50,000
|
|
|
|
|
|
|
Vesting percentage, next twelve months |
|
|
|
|
|
|
|
|
|
|
|
34.00%
|
34.00%
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
$ 2.13
|
|
|
|
|
|
2016 Restricted Stock Unit Plan [Member] | Bill Gates [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting percentage, thereafter |
|
|
|
|
|
|
|
|
|
|
|
33.00%
|
33.00%
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.32
|
|
|
|
|
|
Amortization of grant date fair market value |
|
|
|
|
|
|
|
|
|
|
|
$ 107,000
|
|
|
|
|
|
|
2023 Equity Incentive Plan [Member] | Eleven Employees [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock, grant |
|
|
|
|
|
39,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock vest rate percentage |
|
|
|
|
|
33.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units value |
|
|
|
|
|
$ 90,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.2
Summary of Purchases Under Plan (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended |
12 Months Ended |
Aug. 13, 2022 |
Jul. 25, 2022 |
Jul. 03, 2022 |
May 29, 2022 |
May 01, 2022 |
Apr. 03, 2022 |
Feb. 27, 2022 |
Jan. 30, 2022 |
Jan. 02, 2022 |
Nov. 28, 2021 |
Oct. 31, 2021 |
Oct. 02, 2022 |
Equity [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
|
Total number of shares purchased |
1,930
|
610
|
49,657
|
10,482
|
12,304
|
35,530
|
27,618
|
15,585
|
14,558
|
4,415
|
18,265
|
190,954
|
Total purchase cost |
$ 4
|
$ 1
|
$ 95
|
$ 22
|
$ 27
|
$ 70
|
$ 49
|
$ 29
|
$ 28
|
$ 9
|
$ 37
|
$ 371
|
Average price paid per share |
$ 2.09
|
$ 2.10
|
$ 1.90
|
$ 2.11
|
$ 2.22
|
$ 1.98
|
$ 1.75
|
$ 1.89
|
$ 1.93
|
$ 2.04
|
$ 2.01
|
$ 1.94
|
Maximum dollar value |
$ 560
|
$ 564
|
$ 565
|
$ 660
|
$ 682
|
$ 709
|
$ 779
|
$ 828
|
$ 857
|
$ 885
|
$ 894
|
$ 560
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v3.23.2
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
Sep. 15, 2022 |
Aug. 18, 2022 |
Jul. 02, 2023 |
Jul. 02, 2023 |
Oct. 02, 2022 |
Sep. 22, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Tender shares repurchased price per share |
[1] |
|
|
$ 3.04
|
$ 3.04
|
|
|
Common shares outstanding |
|
|
|
6,763,070
|
6,763,070
|
6,716,638
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Tender shares repurchased, value |
|
$ 4,250,000
|
$ 4,250,000
|
|
|
|
|
Tender shares repurchased, shares |
|
1,603,773
|
|
|
|
|
|
Tender shares repurchased price per share |
|
$ 2.65
|
|
|
|
|
|
Transaction costs |
|
$ 100,000
|
|
|
|
|
|
Stock Repurchase Plan [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Stock repurchase program authorized amount |
|
|
|
|
|
|
$ 1,000,000
|
Dividend Paid [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Dividends |
|
|
|
$ 0
|
$ 0
|
$ 0
|
|
|
|
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