Precision Optics Corporation, Inc. Announces Operating Results for
the Third Quarter and Nine Months Ended March 31, 2014
GARDNER, MA--(Marketwired - May 20, 2014) - 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 Ended March 31, |
|
|
Nine Months 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
Grafico Azioni Precision Optics (QB) (USOTC:PEYE)
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