Revenue Up, Losses Down For Precision Optics
Precision Optics Corp. of Gardner posted significant revenue gains and smaller losses in its third quarter, thanks to growing sales of existing and newly developed products for medical applications.
The company, which develops and manufactures advanced optical instruments, generated $655,341 in the quarter ending March 31, up 71.4 percent from a year ago, according to a company statement. Revenue was up 24.4 percent for the year, at $1.71 million, compared to $1.38 million in 2012.
Sales gains brought the company's net loss down to $349,994 in the quarter, compared to $492,139 in 2012, though net income for the year lagged behind 2012, with losses of $1.61 million, compared to a $1.1-million gain in 2012.
According to the statement, net losses for the year included a settlement for liquidation damages, among other expenses, while net income a year ago included the sale of patents for $2.27 million.
Precision Optics CEO Joseph N. Forkey said that the company is pleased with its quarterly performance and reduction in cash usage as it moves toward profitability. In particular, Forkey said interest in the company's Microprecision lens technology is strong.
"It is now clear that demand for these types of medical devices is developing quickly and that we are well-positioned to play a pivotal role in this market, based on our proprietary micro lens and optical assembly technology," Forkey said.
Image source: Freedigitalphotos.net
WBJ Web Partners
Most Recent
Most Recent
0 Comments