|By Marketwired .||
|February 18, 2014 04:16 PM EST||
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.
- 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
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Jul. 31, 2015 10:50 AM EDT
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Jul. 31, 2015 10:00 AM EDT Reads: 139
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Jul. 31, 2015 08:45 AM EDT Reads: 301
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Jul. 31, 2015 08:00 AM EDT Reads: 158
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Jul. 30, 2015 07:30 PM EDT Reads: 1,398
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Jul. 30, 2015 06:30 PM EDT Reads: 889
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Jul. 30, 2015 06:00 PM EDT Reads: 1,803
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Jul. 30, 2015 05:00 PM EDT Reads: 1,089
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
Jul. 30, 2015 04:00 PM EDT Reads: 2,204
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Jul. 30, 2015 03:45 PM EDT Reads: 450
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
Jul. 30, 2015 03:00 PM EDT Reads: 1,741
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Jul. 30, 2015 03:00 PM EDT Reads: 487
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with ...
Jul. 30, 2015 02:30 PM EDT
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...
Jul. 30, 2015 01:45 PM EDT Reads: 379
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Jul. 30, 2015 01:45 PM EDT Reads: 266