Welcome!

News Feed Item

Precision Optics Corporation, Inc. Announces Operating Results for the Second Quarter and Six Months Ended December 31, 2013

GARDNER, MA -- (Marketwired) -- 02/18/14 -- Precision Optics Corporation, Inc. (OTCQB: PEYE) (the "Company") today announced operating results on an unaudited basis for the second quarter and six months ended December 31, 2013.

Highlights include:

  • Quarter-over-quarter sequential sales increase of 11.1%
  • Quarterly year-over-year sales increase of 102.1%
  • Reduction of year-over-year quarterly and year-to-date operating loss
  • Reduction of year-over-year cash used in operating activities

"The results of the quarter and six months ended December 31, 2013 continue to reflect significant and ongoing increases in our revenues. These revenue increases have been generated by an increase in the number and size of new projects that incorporate our Company's unique technology and capabilities," said Joseph Forkey, Precision Optics' Chief Executive Officer. "We are not only receiving new business from additional work with our current and existing customers, but we have been engaged by new medical device customers who are now beginning to recognize the potential of our proprietary technologies. While our gross margin percentage decreased during the last two quarters due to start-up costs associated with our new product introductions, we expect improvement in our gross margins as manufacturing procedures for these new products become more mature.

"We are particularly excited by recent progress on our next generation endoscope camera that utilizes a state-of-the art CMOS image sensor coupled with optics based on our Company's proprietary Microprecision™ lens technology. This endoscope represents the first of a new class of endoscopes that are able to achieve low per unit costs while still providing high quality, medical grade imaging. Satisfying both of these requirements simultaneously opens the medical device market to applications for single-use endoscopes, removing the requirement for re-sterilization and virtually eliminating the risk of cross-contamination from patient to patient."

The following table summarizes the second quarter and six months results for the periods ended December 31, 2013 and 2012 (unaudited):

                               Three Months               Six Months
                            Ended December 31,        Ended December 31,
                         ------------------------  ------------------------
                             2013         2012         2013         2012
                         -----------  -----------  -----------  -----------
Revenues                 $ 1,007,717  $   498,667  $ 1,915,143  $ 1,062,065

Gross Profit                 205,416       80,338      465,650      209,811

Operating Expenses           457,869      433,813      928,824      920,130

Operating Loss              (252,453)    (353,475)    (463,174)    (710,319)

Net Loss                    (252,453)    (906,484)    (463,174)  (1,264,578)

Loss Per Share:
  Basic                  $     (0.06) $     (0.22) $     (0.10) $     (0.47)
                         ===========  ===========  ===========  ===========
  Diluted                $     (0.06) $     (0.22) $     (0.10) $     (0.47)
                         ===========  ===========  ===========  ===========

Weighted Average Common
 Shares Outstanding:
  Basic                    4,455,134    4,035,656    4,455,134    2,688,788
                         ===========  ===========  ===========  ===========
  Diluted                  4,455,134    4,035,656    4,455,134    2,688,788
                         ===========  ===========  ===========  ===========

Revenues for the quarter ended December 31, 2013 were $1,007,717, as compared to $498,667 for the same period in the prior year, and represented an increase of 102.1%. Revenues for the quarter ended December 31, 2013 also represented a quarter-over-quarter sequential increase of 11.1% as compared to revenues of $907,426 for the quarter ending September 30, 2013. Revenues for the six months ended December 31, 2013 were $1,915,143, as compared to $1,062,065 for the same period in the prior year, and represented an increase of 80.3%.

The increase in revenues for the quarter and six months ended December 31, 2013 resulted from increases in the Company's ongoing sales of previously developed products, as well as sales of newly designed products, most of which are used for medical applications.

Operating loss for the quarter ended December 31, 2013 was $252,453, as compared to $353,475 for the same period in the prior year, and represented an improvement of $101,022. Operating loss for the six months ended December 31, 2013 was $463,174, as compared to $710,319 for the same period in the prior year, and represented an improvement of $247,145.

The decrease in the operating loss for the quarter and six months ended December 31, 2013 as compared to the same periods in the prior year is primarily attributed to lower research and development expenses incurred by the Company, along with higher reported sales and gross profit, partially offset by higher selling, consulting, legal and stock-based compensation expenses incurred.

Net loss for the quarter ended December 31, 2013 was $252,453, as compared to a net loss of $906,484 for the quarter ended December 31, 2012, and represented an improvement of $654,031.

Net loss for the six months ended December 31, 2013 was $463,174, as compared to a net loss of $1,264,578 for the six months ended December 31, 2012. Net loss in the quarter and six months ended December 31, 2012 included a non-cash expense for settlement of claims for liquidated damages of $629,000 and a non-cash gain on settlement of accounts payable of $76,149.

Cash and cash equivalents were $577,588 at December 31, 2013, as compared to $1,034,587 at June 30, 2013, and represented a decrease in cash of $456,999. Working capital (current assets minus current liabilities) at December 31, 2013 was $1,287,034, and represented a decrease of $391,107 as compared to working capital at June 30, 2013.

About Precision Optics Corporation
Precision Optics Corporation has been a leading developer and manufacturer of advanced optical instruments since 1982. Using proprietary optical technologies, the Company designs and produces next generation medical instruments, Microprecision™ micro-optics with characteristic dimensions less than 1 millimeter, and other advanced optical systems for a broad range of customers including some of the largest world-wide medical device companies. The Company's innovative medical instrumentation line includes state-of-the-art endoscopes and endocouplers as well as custom illumination and imaging products for use in minimally invasive surgical procedures. The Company believes that current advances in its proprietary micro-optics and 3D imaging technologies present significant opportunities for expanding applications to numerous potential medical products and procedures. The Company's website is www.poci.com. Investors can find Real-Time Quotes and market information for the Company on www.otcmarkets.com/stock/PEYE/quote.

About Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company's intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company's future activities or future events or conditions. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks discussed in the Company's annual report on Form 10-K and in other documents that it files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this report, except as required by law.

PRECISION OPTICS CORPORATION
22 EAST BROADWAY
GARDNER, MASSACHUSETTS 01440-3338
Telephone 978 / 630-1800
Telefax 978 / 630-1487

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
The now mainstream platform changes stemming from the first Internet boom brought many changes but didn’t really change the basic relationship between servers and the applications running on them. In fact, that was sort of the point. In his session at 18th Cloud Expo, Gordon Haff, senior cloud strategy marketing and evangelism manager at Red Hat, will discuss how today’s workloads require a new model and a new platform for development and execution. The platform must handle a wide range of rec...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of San...
For years the world's most security-focused and distributed organizations - banks, military/defense agencies, global enterprises - have sought to adopt cloud technologies that can reduce costs, future-proof against data growth, and improve user productivity. The challenges of cloud transformation for these kinds of secure organizations have centered around data security, migration from legacy systems, and performance. In our presentation, we will discuss the notion that cloud computing, properl...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...