Gardner's Precision Optics' Losses Widen
Gardner-based Precision Optics Corp. increased its sales in the second quarter by 1 percent, but its losses nearly doubled due to several settlements with investors, it reported this week.
Precision, which makes optical instruments, such as endoscopes for minimally invasive surgeries, saw a $4,900 uptick in revenue for the quarter to $498,700.
Revenue for the first six months of the company's fiscal year was up 6.4 percent to $1.1 million, largely due to higher unit sales of a spinal surgery visualization system.
While revenue improved, Precision's loss widened to $906,500 from $324,900 during the same quarter a year ago.
That was due to three settlements reached Feb. 12 with stockholders, one of which alleged that the company failed to maintain a current registration statement for the sale of stock it had purchased in 2007 and 2008. Precision avoided a cash payout in the matter, instead agreeing to issue 350,000 shares of common stock. The company issued 20,000 shares to two other shareholders. The total cash value of the settlements was $629,000, the company said.
For the first six months of the year, the company has lost $1.3 million, compared to a profit of $1.7 million during the same period in fiscal 2012.
Precision, whose stock trades on the OTC Markets, had 25 full-time employees as of June 2012. It ended its recent quarter with $1.6 million in cash.
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