Precision Optics Corporation, Inc. Announces Operating Results for the First Quarter of Fiscal Year 2014 Ended September 30, ...
18 Novembre 2013 - 3:14PM
Marketwired
Precision Optics Corporation, Inc. Announces Operating Results for
the First Quarter of Fiscal Year 2014 Ended September 30, 2013
GARDNER, MA--(Marketwired - Nov 18, 2013) - On November 14,
2013, Precision Optics Corporation, Inc. (OTCQB: PEYE) (the
"Company") announced operating results on an unaudited basis for
the first quarter of its fiscal year 2014, the quarter ended
September 30, 2013.
Highlights include:
- Quarter-over-quarter sequential sales increase of 13.1%
- Quarterly year-over-year sales increase of 61.1%
- Reduced quarterly operating losses and cash used in operating
activities
Commenting on the quarter, Joseph Forkey, Chief Executive
Officer of Precision Optics, said, "With three consecutive quarters
of improving financial performance, we are beginning to see the
effects of deliveries of products that incorporate our new
proprietary technologies. We continue to see increasing interest
from existing and new customers in these types of products as the
medical device marketplace recognizes the value of Precision
Optics' unique capability to build small, cost-effective,
single-use cameras for applications in minimally invasive
surgery."
The following table summarizes the results for the quarters
ended September 30, 2013 and 2012 (unaudited):
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
2013 |
|
|
2012 |
|
Revenues |
|
$ |
907,426 |
|
|
$ |
563,398 |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
260,234 |
|
|
|
129,473 |
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
470,955 |
|
|
|
486,317 |
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
|
(210,721 |
) |
|
|
(356,844 |
) |
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
|
(210,721 |
) |
|
|
(358,094 |
) |
|
|
|
|
|
|
|
|
|
Loss Per Share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.05 |
) |
|
$ |
(0.27 |
) |
|
|
Diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.27 |
) |
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,455,134 |
|
|
|
1,341,919 |
|
|
|
Diluted |
|
|
4,455,134 |
|
|
|
1,341,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Revenues for the quarter ended September 30, 2013 were $907,426,
representing an increase of 61.1% as compared to revenues of
$563,398 for the same period in the prior year, and representing a
quarter-over-quarter sequential increase of 13.1% as compared to
revenues of $802,337 for the quarter ended June 30, 2013.
The increase in revenues for the quarter ended September 30,
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 September 30, 2013 was
$210,721, representing an improvement of $146,123, as compared to
$356,844 for the same period in the prior year.
The decrease in the operating loss in the quarter ended
September 30, 2013 as compared to the same period in the prior year
is primarily attributed to higher sales and gross profit and lower
research and development expenses, partially offset by higher
selling expenses.
Net loss for the quarter ended September 30, 2013 was $210,721,
as compared to a net loss of $358,094 for the quarter ended
September 30, 2012, representing an improvement of $147,373.
Cash and cash equivalents were $879,030 at September 30, 2013,
as compared to cash and cash equivalents of $1,034,587 at June 30,
2013. During the quarter ended September 30, 2013, the Company used
cash in operating activities of $147,033, an $89,152 improvement
from the cash used in operating activities of $236,185 recorded for
the quarter ended 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 the Company's
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 we file 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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