Click here to close now.




















Welcome!

News Feed Item

Precision Optics Corporation, Inc. Announces Operating Results for the Third Quarter and Nine Months Ended March 31, 2014

GARDNER, MA -- (Marketwired) -- 05/20/14 -- Precision Optics Corporation, Inc. (OTCQB: PEYE) (the "Company") today announced operating results on an unaudited basis for the third quarter and nine months ended March 31, 2014.

Highlights include:

  • Quarterly year-over-year sales increase of 27.2%
  • Nine months year-over-year sales increase of 60.0%
  • Reduction of year-over-year year-to-date operating loss
  • Reduction of year-over-year cash used in operating activities

Commenting on the quarter, Joseph Forkey, Chief Executive Officer of Precision Optics, said, "We are pleased with the significant and ongoing year-over-year increases in revenue and we believe there is opportunity for continuing revenue growth combined with increasing gross profit percentage in our existing business areas, particularly in engineering and manufacturing of high quality optical systems for medical device applications. In addition, we continue to pursue substantial future opportunities in the developing area of single-use, CMOS-based, small endoscopes that rely on POC's proprietary Microprecision™ lens and assembly technology."

The following table summarizes the third quarter and nine months results for the periods ended March 31, 2014 and 2013 (unaudited):


                               Three Months               Nine Months
                              Ended March 31,           Ended March 31,
                         ------------------------  ------------------------
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
Revenues                 $   833,451  $   655,341  $ 2,748,594  $ 1,717,406

Gross Profit                 189,232      158,761      654,882      368,572

Operating Expenses           569,666      508,755    1,498,490    1,428,885

Operating Loss              (380,434)    (349,994)    (843,608)  (1,060,313)

Net Loss                    (380,434)    (349,994)    (843,608)  (1,614,572)

Loss Per Share:
  Basic                  $     (0.09) $     (0.08) $     (0.19) $     (0.50)
                         ===========  ===========  ===========  ===========
  Diluted                $     (0.09) $     (0.08) $     (0.19) $     (0.50)
                         ===========  ===========  ===========  ===========

Weighted Average Common
 Shares Outstanding:
  Basic                    4,455,134    4,279,467    4,455,134    3,211,274
                         ===========  ===========  ===========  ===========
  Diluted                  4,455,134    4,279,467    4,455,134    3,211,274
                         ===========  ===========  ===========  ===========

Revenues for the quarter ended March 31, 2014 were $833,451, as compared to $655,341 for the same period in the prior year, and represented an increase of 27.2%. Revenues for the nine months ended March 31, 2014 were $2,748,594, as compared to $1,717,406 for the same period in the prior year, and represented an increase of 60.0%.

The increase in revenues for the quarter and nine months ended March 31, 2014 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 and net loss for the quarter ended March 31, 2014 was $380,434, as compared to $349,994 for the same period in the prior year, and represented an increase of $30,440. Operating loss for the nine months ended March 31, 2014 was $843,608, as compared to $1,060,313 for the same period in the prior year, and represented an improvement of $216,705.

The decrease in the operating loss for the nine months ended March 31, 2014 as compared to the same period 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. Non-cash stock-based expenses including consulting expenses of $182,822 and $73,913 are included in operating expenses for the nine months ended March 31, 2014 and 2013, respectively, and $88,606 and $52,898 in the three months ended March 31, 2014 and 2013, respectively.

Net loss for the nine months ended March 31, 2014 was $843,608, as compared to a net loss of $1,614,572 for the nine months ended March 31, 2013. Net loss in the nine months ended March 31, 2013 included a non-cash expense for settlement of claims for liquidated damages of $629,000, a non-cash gain on settlement of accounts payable of $76,149, and interest expense of $1,408.

Cash and cash equivalents were $364,863 at March 31, 2014, as compared to $1,034,587 at June 30, 2013, and represented a decrease in cash of $669,724. Cash used in operating activities was $219,236 for the quarter ended March 31, 2014, as compared to $343,539 for the quarter ended March 31, 2013, and represented an improvement of $124,303. Working capital (current assets minus current liabilities) at March 31, 2014 was $951,775, and represented a decrease of $726,366 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 of 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
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
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.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
SYS-CON Events announced today that DataClear Inc. 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. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...