Precision Optics revenue drops 19%
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Precision Optics, which manufactures optical equipment for the defense and medical fields, is reporting a 19 percent revenue decline.
Gardner medical device provider Precision Optics Corp. reported a 19-percent revenue decrease in fiscal 2017, as the company had a total net loss of $1 million for the fiscal year.
Revenues for the year dropped to $3.2 million, compared to $3.9 million in fiscal 2016. The company was able to decrease its expenses for the year -- to $1.8 million from $2 million -- so its net loss of $1 million was nearly identical to its net loss of $1.03 million in fiscal 2016.
The earnings per share for fiscal 2017 were 12 cents.
CEO Joseph Forkey in a statement said the “vast majority’ of the decline is attributed to a reduction in shipments of traditional products.
Demand for the company’s products, including a new camera less than 1 millimeter in size, remains high, Forkey said.
“Engineering, design and development revenues continued to be strong
at nearly the same levels as the previous year,” Forkey said. “While we are disappointed by the lower revenues from traditional products, we continue to believe that the robustness of our engineering, design and development work is a strong indicator of the future potential of the company.”
WBJ Web Partners
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