October 2, 2007
New products, new losses for Precision
By Matthew L. Brown
Precision Optics Corp. of Gardner lost more money in 2007 than it did in 2006 despite strong revenue increases for the year and the fourth quarter.
The company, which makes optical eqipment for surgical applications, reported fourth quarter revenue of $1.1 million compared to revenue of $573,105 in the fourth quarter of 2006. For the year, the company reported revenue of $2.4 million compared to $2.1 million for the same period a year ago.
The increases were the result of the sale of equipment to "a significant new customer," the company said.
Precision's net loss for the fourth quarter was $594,556. During the same quarter of 2006, the company reported a net loss of $594,035. For the year, Precision reported a net loss of $2.8 million, an increase of $617,356 over the $2.2 million net loss reported in 2006.
The company said the year's loss was the result of costly new product start-up efforts, nearly$200,000 in charges related to the company's stock-based compensation expenses, increased research and development expenses, increased sales and marketing efforts and higher professional fees.
The company, which makes optical eqipment for surgical applications, reported fourth quarter revenue of $1.1 million compared to revenue of $573,105 in the fourth quarter of 2006. For the year, the company reported revenue of $2.4 million compared to $2.1 million for the same period a year ago.
The increases were the result of the sale of equipment to "a significant new customer," the company said.
Precision's net loss for the fourth quarter was $594,556. During the same quarter of 2006, the company reported a net loss of $594,035. For the year, Precision reported a net loss of $2.8 million, an increase of $617,356 over the $2.2 million net loss reported in 2006.
The company said the year's loss was the result of costly new product start-up efforts, nearly$200,000 in charges related to the company's stock-based compensation expenses, increased research and development expenses, increased sales and marketing efforts and higher professional fees.
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