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November 15, 2023

Precision Optics production, revenue down as losses grow

Photo | Google Precision Optics in Gardner

Gardner optical manufacturer Precision Optics reported a low revenue quarter for the first of its fiscal 2024, which ended Sept. 30. Revenue for the quarter was down 15%, which the company attributed to purchaser reaction to a righting of the supply chain.

Revenue for the quarter was $4.3 million, compared to $5.1 million for the same quarter of the previous year, according to a Monday press release from the company. Production revenue was down $1 million, from $3.4 million to $2.4 million year-over-year.

Net loss increased, from $464,415 for the quarter this year, compared to $158,724 in the same quarter of last year.

“"As anticipated and discussed last quarter, the decline in revenue was attributable to timing differences between the exit of certain mature customer programs, reorders for ongoing products and the introduction of new customer programs, primarily in the areas of medical endoscopes, including single-use devices and new defense / aerospace commitments.  Revenue was also impacted by lower order volumes of optical components from our Ross Optical operation as customers sought to rebalance their inventories which had previously grown beyond sustainable levels due to increased ordering in response to concerns about supply chain disruptions,” Precision Optics CEO Joseph Forkey said  in the press release.

Precision Optics named a new CFO in June, a move the company said will help business growth planning.

The company’s engineering revenue level was up to $1.9 million for the quarter, from $1.6 during the same period the previous year, close to record levels, according to the press release.

“We continue to focus on building sustainable value in the business by engaging with customers at the onset of engineering through to commercial production, leveraging our unique technical resources and manufacturing capabilities to bring innovative new applications to market. Our engineering pipeline remains robust and we look forward to sustained growth in fiscal 2024 and beyond,” Forkey said.

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