SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): APRIL 7, 1998
OPTICAL CABLE CORPORATION
VIRGINIA 0-27022 54-1237042
(State of incorporation) (Commission file number) (I.R.S. Employer
Identification No.)
5290 CONCOURSE DRIVE (540) 265-0690
ROANOKE, VA, 24019 (Telephone Number)
(Address of principal
executive offices)
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ITEM 5. OTHER EVENTS
On April 7, 1998, Optical Cable Corporation (the "Company") announced
that the Board of Directors of the Company expanded the Company's stock
repurchase plan by authorizing the repurchase of an aggregate of up to $10
million of the Company's common stock, which is an increase of $5 million from
the $5 million in stock repurchases authorized by the Board of Directors in
October 1997. The repurchases will be made in the open market or in privately
negotiated transactions. A copy of the press release announcing this stock
repurchase authorization is filed as an exhibit to this Report on Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Press release of Optical Cable Corporation, dated April 7,
1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused the report to be signed on its behalf by the
undersigned, thereunto duly authorized, on the 13th day of April, 1998.
OPTICAL CABLE CORPORATION
By: /s/ Kenneth W. Harber
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Kenneth W. Harber
Vice President of Finance,
Treasurer and Secretary
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INDEX TO EXHIBITS
Document Page No.
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99.1 Press release of Optical Cable Corporation, dated April 7, 1998...
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Exhibit 99.1
NEWS RE: OPTICAL CABLE CORPORATION
BULLETIN 5290 Concourse Drive
Roanoke, VA 24019
FRB (Nasdaq: OCCF)
The Financial Relations Board, Inc.
For further information
AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD:
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Robert Kopstein Ken Harber Alison Ziegler -- General Info.
Chairman & CEO VP of Finance Jordan Darrow -- Analyst Info.
(540) 265-0690 (540) 265-0690 Claudine Cornelis - Media Info.
[email protected] [email protected] (212) 661-8030
FOR IMMEDIATE RELEASE
OPTICAL CABLE CORPORATION AUTHORIZES
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EXPANSION OF STOCK REPURCHASE PROGRAM
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ROANOKE, Virginia -- April 7, 1998 -- Optical Cable Corporation (Nasdaq:
OCCF) today announced that its Board of Directors has amended it stock
repurchase plan to allow the repurchase of up to $10 million of the Company's
common stock in the open market or in privately negotiated transactions over the
next twelve months. The Company's original plan, authorized in October 1997,
allowed for the repurchase of up to $5 million of common stock.
Robert Kopstein, President and Chief Executive Officer stated, "The
decision to repurchase our shares reflects management's continued confidence in
our business and in our strengthening global position within the fiber optic
cable industry. Although our second fiscal quarter does not end until April 30,
1998, we are encouraged by primilinary indications of improvement in sales and
gross margins. Sales for the first two months of the quarter have exceeded the
comparable 1997 fiscal period by approximately 27% and our gross margin reflects
a 1% improvement from first quarter levels. In addition, orders have been
firming in our large projects, as well as the geophysical and oil exploration
areas."
Optical Cable Corporation, which is celebrating its 15 year anniversary in
1998, manufactures and markets a broad range of fiber optic cables for "high
bandwidth" transmission of data, video and audio communications over moderate
distances. Optical Cable Corporation's cables can be used both indoors and
outdoors and utilize a tight-buffered coating that protects the optical fiber.
--MORE--
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Note: This news release contains certain forward looking statements that
are subject to risks and uncertainties that could cause actual results to differ
materially from those protected or forecasted. Such risks and uncertainties
include, but are not limited to, those disclosed in the Company's Annual Report
and Form 10-K for fiscal year 1997.
NOTE: Further information on Optical Cable Corporation is available through
our website on the World Wide Web at http://www.occfiber.com.
To receive additional information on Optical Cable Corporation,
via fax, at no charge, dial 1-800-PRO-INFO
and enter code OCCF.
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