Precision Optics cuts losses by 23 percent; improves efficiencies
Precision Optics, which manufactures optical equipment for the defense and medical fields, has been making all their components in Gardner since 1982.
Gardner’s Precision Optics Corporation shrunk its losses in its recently completed first quarter while revenue fell slightly.
The optical components manufacturer reported $849,548 in revenue for its first quarter of the year, which ended Sept. 30. This was down from $858,427 in revenue for the first quarter the year before. However, gross margin was 19.7 percent compared to 15.4 percent in fiscal year 2016.
The company’s net loss decreased by 23 percent to $293,408 from $381,890 the year before. That’s a loss of 6 cents per diluted share, according to Precision Optics. Operating expenses also fell by nearly 11 percent.
The company’s gross margin grew because of improvements in manufacturing efficiencies, according to Joseph Forkey, Precision’s CEO. Forkey said he expects revenue to grow through conversion of engineering service contracts. Gross margins will continue to increase as revenues do, and as operating expenses continue to fall, Forkey said.
“We are also seeing continued interest in our development capabilities as we evaluate new requests from existing and new potential customers for our engineering services on various medical device visualization systems that can benefit from our unique technologies and know-how,” he said.
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