Precision Optics Corporation, Inc. (OTCQB: PEYE) (the "Company")
today announced operating results on an unaudited basis for the
fourth quarter and year ended June 30, 2013.
Highlights include:
- Quarter-over-quarter sequential sales increase of 22.4%
- Year-over-year sales increase of 17.1%
- Reduction of year-over-year and quarter-over-quarter operating
loss
- Reduction of year-over-year and quarter-over-quarter cash used
in operating activities
"We are pleased by our accomplishments during fiscal year 2013,
including consistent improvements in revenues and financial
performance. We continue to make significant progress in marketing
our world-class imaging technologies for use in an expanding array
of medical devices and other instruments," said Joseph Forkey,
Precision Optics' Chief Executive Officer. "Our development efforts
over the last several years, particularly in the area of very
small, high precision lenses and assemblies, are beginning to pay
off as the medical device industry recognizes the value of our
unique micro-optics design and manufacturing capabilities. Our
proprietary technologies now serve as critical components in the
design and manufacture of products used in the developing market of
single-use medical imaging devices with the highest level of
imaging performance. We look forward to the ongoing adoption of
these new devices which are enabled by Precision Optics'
technology."
The following table summarizes the fourth quarter and year end
results for fiscal years ending June 30, 2013 and 2012
(unaudited):
Three Months Year
Ended June 30, Ended June 30,
------------------------ ------------------------
2013 2012 2013 2012
----------- ----------- ----------- -----------
Revenues $ 802,337 $ 771,609 $ 2,519,743 $ 2,152,396
Gross Profit 285,856 296,469 654,428 557,406
Operating Expenses 458,052 514,763 1,886,937 1,842,135
Operating Loss (172,196) (218,294) (1,232,509) (1,284,729)
Net Income (Loss) (173,108) (220,455) (1,787,680) 960,972
Income (Loss) Per Share:
Basic $ (0.04) $ (0.18) $ (0.51) $ 0.83
=========== =========== =========== ===========
Diluted $ (0.04) $ (0.18) $ (0.51) $ 0.78
=========== =========== =========== ===========
Weighted Average Common
Shares Outstanding:
Basic 4,455,134 1,249,339 3,521,387 1,163,775
=========== =========== =========== ===========
Diluted 4,455,134 1,249,339 3,521,387 1,275,938
=========== =========== =========== ===========
Revenues for the quarter ended June 30, 2013 were $802,337
compared to $771,669 for the same period last year, representing an
increase of 4.0%, and compared to revenues of $655,341 for the
quarter ending March 31, 2013, representing a quarter-over-quarter
sequential increase of 22.4%. Revenues for the year ended June 30,
2013 were $2,519,743 compared to $2,152,396 for the same period
last year, representing an increase of 17.1%.
The increase in revenues for the quarter and year ended June 30,
2013 resulted from increases in sales of the Company's products,
both previously and newly designed, most of which are designed for
use in medical applications.
Operating loss for the quarter ended June 30, 2013 was $172,196
compared to $218,294 for the same period last year, representing an
improvement of $46,098. Operating loss for the year ended June 30,
2013 was $1,232,509 compared to $1,284,729 for the same period last
year, representing an improvement of $52,220.
The decrease in the operating loss in the quarter and year ended
June 30, 2013 over the same periods last year is primarily
attributable to lower research and development expenses, and for
the fiscal year, higher sales and gross profit partially offset by
higher selling expenses.
Net loss for the quarter ended June 30, 2013 was $173,108
compared to a net loss of $220,455 for the quarter ended June 30,
2012, representing an improvement of $47,347.
Net loss for the year ended June 30, 2013 was $1,787,680
compared to net income of $960,972 for the year ended June 30,
2012. Net loss in the year ended June 30, 2013 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.
Net income in the year ended June 30, 2012 included a gain on the
sale of patents of $2,276,286.
Cash and cash equivalents were $1,034,587 at June 30, 2013
compared to $145,923 at June 30, 2012. During the quarter ended
June 30, 2013, the Company used cash in operating activities of
$236,185, a $137,354 improvement from the cash used in operating
activities of $373,539 recorded for the Company's previous quarter
ended March 31, 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. We believe that current advances in our
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.
Contact: Precision Optics Corporation, Inc. 978-630-1800
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