OPT SCIENCES CORP

CIK:0000074688|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 01, 2015	Jul. 26, 2014	Aug. 01, 2015	Jul. 26, 2014
Income Statement [Abstract]
NET SALES	$ 1,974,700	$ 1,712,528	$ 5,554,066	$ 4,796,104
COST OF SALES	1,099,640	1,155,483	3,200,636	3,290,229
Gross profit on sales	875,060	557,045	2,353,430	1,505,875
OPERATING EXPENSES
Sales & delivery	8,006	7,582	15,559	15,408
General & administrative	290,343	267,293	878,633	792,212
Total operating expenses	298,349	274,875	894,192	807,620
Operating income	576,711	282,170	1,459,238	698,255
OTHER INCOME	119,261	117,593	321,112	380,218
Income before taxes	695,972	399,763	1,780,350	1,078,473
FEDERAL AND STATE INCOME TAXES	271,400	151,900	694,300	409,800
Net income	424,572	247,863	1,086,050	668,673
OTHER COMPREHENSIVE INCOME
Unrealized holding (losses) gains on marketable securities, net of taxes	(54,943)	(9,014)	(3,633)	33,267
Comprehensive income	$ 369,629	$ 238,849	$ 1,082,417	$ 701,940
EARNINGS PER SHARE OF COMMON STOCK	$ 0.55	$ 0.32	$ 1.40	$ 0.86
Average shares of stock outstanding	775,585	775,585	775,585	775,585

Consolidated Statements of Cash Flows(Unaudited) - USD ($)	9 Months Ended
	Aug. 01, 2015	Jul. 26, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,086,050	$ 668,673
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	101,510	105,466
Loss (gain) on sale of securities	15,747	(80,873)
Decrease (increase) in:
Accounts receivable	108,437	(34,615)
Inventories	(210,319)	34,233
Prepaid expenses	462	(6,767)
Prepaid income taxes	0	(40,279)
Loans and exchanges	(6,565)	915
Accrued interest receivable	(7,283)	(6,591)
Deposits	0	19,834
(Decrease) increase in:
Accounts payable	(5,555)	(2,779)
Accrued income taxes	211,142	(54,950)
Accrued salaries and wages	(75,961)	(78,717)
Accrued professional fees	(3,357)	(46,540)
Other current liabilities	4,502	(28,597)
Net cash provided by operating activities	1,218,810	448,413
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(119,016)	(90,021)
Purchases of securities	(2,288,217)	(1,336,649)
Proceeds from sale of securities	771,060	696,570
Net cash (used) by investing activities	(1,636,173)	(730,100)
(Decrease) in cash	(417,363)	(281,687)
Cash and cash equivalents at beginning of period	3,259,372	3,446,819
Cash and cash equivalents at end of period	2,842,009	3,165,132
SUPPLEMENTAL DISCLOSURES:
Income taxes paid	$ 483,158	$ 505,029

Consolidated Balance Sheets - USD ($)	Aug. 01, 2015	Nov. 01, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 2,842,009	$ 3,259,372
Marketable securities	9,493,239	8,001,647
Trade accounts receivable	1,387,270	1,495,707
Inventories	1,068,572	858,253
Prepaid expenses	16,607	17,069
Loans and exchanges	11,385	4,820
Accrued interest receivable	61,846	54,563
Total current assets	14,880,928	13,691,431
PROPERTY AND EQUIPMENT
Land	216,406	216,406
Building and improvements	993,441	980,398
Machinery and equipment	2,308,198	2,202,225
Total property and equipment	3,518,045	3,399,029
Less accumulated depreciation	2,478,590	2,377,080
Net property and equipment	1,039,455	1,021,949
OTHER ASSETS
Deposits	2,837	2,837
Total assets	15,923,220	14,716,217
CURRENT LIABILITIES
Accounts payable - trade	86,891	92,446
Accrued income taxes	231,455	20,313
Accrued salaries and wages	238,696	314,657
Accrued professional fees	35,000	38,357
Deferred income taxes	22,195	27,380
Other current liabilities	54,910	50,408
Total current liabilities	669,147	543,561
STOCKHOLDERS' EQUITY
Common capital stock -par value $0.25 per share - authorized and issued 1,000,000 shares	250,000	250,000
Additional paid in capital	272,695	272,695
Retained earnings	14,841,921	13,755,871
Accumulated other comprehensive income:
Unrealized holding gain on marketable securities	76,675	81,308
Less treasury stock at cost - 224,415 shares	(187,218)	(187,218)
Total stockholders' equity	15,254,073	14,172,656
Total liabilities and stockholders' equity	$ 15,923,220	$ 14,716,217