Precision Optics Corporation, Inc. Announces a 22.5% Increase in Quarterly
Revenue Over Last Year and Operating Results for the Fourth Quarter and Fiscal
Year Ended June 30, 2012
GARDNER, Mass., Oct. 17, 2012
GARDNER, Mass., Oct. 17, 2012 /PRNewswire/ --Precision Optics Corporation,
Inc. (OTCQB: PEYE) (the "Company") announces operating results for the fourth
quarter and fiscal year ended June 30, 2012.
Revenues for the quarter ended June 30, 2012, were $771,609 compared to
$630,041 for the same period last year, representing an increase of 22.5% and
the highest quarterly revenue in the last eight quarters. Net loss for the
quarter ended June 30, 2012, was $220,445, compared to $261,504, for the same
period last year, representing a 15.7% decrease in the quarterly net loss.
Revenues for the year ended June 30, 2012, were $2,152,396 compared to
$2,245,137 for the same period last year, a decrease of 4.1%. Net income for
the year ended June 30, 2012, was $960,972, or $.78 per fully-diluted share,
compared to a net loss of $1,052,613, or $1.06 per fully-diluted share, for
the year ended June 30, 2011. Net income in fiscal year 2012 includes a
non-recurring gain on the sale of patents of $2,276,286, which when removed,
leaves a pro forma net loss in fiscal 2012 of $1,315,314. The increase in the
net loss in fiscal 2012 as adjusted for the removal of the non-recurring gain,
is primarily attributable to lower sales in fiscal 2012, as well as lower
gross margins caused by new product start-up manufacturing costs expected to
be non-recurring in future periods.
Fiscal year 2012 fourth quarter sales were the highest in two years, driven in
part by initial shipments of newly developed products, including a custom
endoscope and custom surgical illuminator.
Research and development efforts over the last two years have yielded
significant advancements in the Company's capabilities and intellectual
property rights in the areas of Microprecision™ optics, micro medical camera
systems, and 3D endoscopy. During the last six months, these development
efforts have resulted in the receipt of two new production orders, one
representing approximately $1 million of net revenue, and the other
approximately $250,000. The products underlying these orders make use of the
Company's proprietary Microprecision™ optics technology for the manufacture of
very small endoscopes and micro medical cameras with diameters on the order of
1 millimeter and smaller.
Cash and cash equivalents were $145,923 at June 30, 2012. In September 2012,
the Company completed a private offering to accredited investors of units of
common stock and common stock purchase warrants generating gross proceeds of
approximately $2.5 million with net proceeds of approximately $2.2 million
available immediately for the Company's general working capital needs.
Commenting on these accomplishments, Company President and CEO, Joseph Forkey
said, "We are pleased by the progress we have made over the last 18 months,
particularly in translating new proprietary technologies into new product
offerings that we believe represent significant opportunities for future
growth. We have also bolstered our balance sheet by raising capital to
support our ongoing efforts, and have obtained new orders for products that
rely on our proprietary Microprecision™ technology. We look forward to
building upon these successes by executing on the scheduled deliveries
underlying the new orders, and by actively pursuing new sales opportunities
for products that utilize our Microprecision™ and 3D endoscope technologies.
We appreciate the confidence our shareholders have placed in our efforts, and
believe we are well positioned for future growth."
About Precision Optics Corporation
Precision Optics Corporation has been a leading developer and manufacturer of
advanced optical instruments since 1982. The Company designs and produces
next generation medical instruments, Microprecision™ micro-optics with
characteristic dimensions less than 1 millimeter, and other advanced optical
systems based on the Company's proprietary optical technologies. 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'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 our
intentions, beliefs, expectations, strategies, predictions or any other
statements related to our future activities or future events or conditions.
These statements are based on current expectations, estimates and projections
about our business based, in part, on assumptions made by our 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 our 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 we do 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
SOURCE Precision Optics Corporation, Inc.
Contact: Amy Ives, 1-978-630-1800, firstname.lastname@example.org
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