Precision Optics Corporation, Inc. Announces Operating Results for
the Second Quarter and Six Months Ended December 31, 2013
GARDNER, MA--(Marketwired - Feb 18, 2014) - 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.
Highlights include:
- 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 Ended December 31, |
|
|
Six Months 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
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