Click here to close now.


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 Investors can find Real-Time Quotes and market information for the Company on

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.

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
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...