Precision Optics Corp. of Gardner said it expects to post quarterly operating losses through 2008, and will lay off employees, put off product development initiatives and focus on selling products it expects to provide short-term revenue.
Precision reported a net loss of $466,848 for the first quarter of its 2008 fiscal year, which ended Sept. 30. The loss is less than the $688,179 net loss the company reported for the same period last year.
The company reported first quarter revenue of $1.1 million, an increase of $674,103 over the first quarter a year ago.
Precision said it sold more of its optical instruments during the quarter and managed to cut expenses. Still, the company said it would consider using private or public debt during the second or third quarter in order to raise capital in addition to the cost-cutting measures already underway in an effort to become profitable.
The company has 30 local employees.
