Gardner Firm Ups Revenue, Cuts Quarterly Losses
Precision Optics of Gardner increased fourth-quarter revenue 4 percent and finished its fiscal year in June with a 17-percent jump in revenue, while cutting its quarterly loss, the maker of optical systems announced this week.
The company, which sells to medical and biomedical companies as well as other industries, reported quarterly revenue of $802,337, up from $771,609 in the same quarter last year. Its annual revenue, meanwhile, rose from $2.15 million to $2.52 million.
However, the company turned in a net loss for the fiscal year of $1.79 million, one year after posting a profit of $960,972. But Precision Optics did have an operating loss for its 2012 fiscal cycle of $1.28 million. This year’s loss amounted to 51 cents per share.
For the quarter, Precision Optics lost $173,108, or 4 cents per share, compared with $220,455, or 18 cents per share, for the same quarter in 2012.
Despite the losses, the company’s CEO exuded an optimistic tone in a statement. "We are pleased by our accomplishments during fiscal year 2013, including consistent improvements in revenues and financial performance,” Joseph Forkey said. “We continue to make significant progress in marketing our world-class imaging technologies for use in an expanding array of medical devices and other instruments.”
Forkey said recent development efforts for certain products “are beginning to pay off,” notably in the medical device industry.
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