Precision Optics Boosts Revenue, Cuts Losses
Gardner-based medical instruments maker Precision Optics Corp. said its revenue climbed 22.5 percent in its fourth quarter, but fell short for the fiscal year.
The company loss shrunk in the quarter, and it turned a profit on the year compared to a loss in 2011.
The company brought in $771,609 in revenue compared to $630,041 during the fourth quarter of 2011. It was the highest quarterly revenue level in two years, the company said, and was driven by shipments of a newly developed endoscope and surgical illuminator.
But for the fiscal year ending June 30, the company’s revenue dipped 4.1 percent to $2.15 million.
The company booked a net loss of $220,445 in the fourth quarter, compared to a loss of $261,504 a year ago, a difference of 15.7 percent.
For the year, profits were $960,972, compared to a net loss of $1 million last year. The profitable 2012 was driven by a non-recurring gain of $2.27 million from the sale of patents. Excluding that sale, the company would have lost $1.3 million.
The company said it has received two orders totaling $1.25 million in revenue for products that use its “microprecision” optics technology to make small endoscopes and micro-medical cameras with diameters of one millimeter and smaller.
Joseph Forkey, president and CEO, said he’s pleased by the company’s progress in commercializing proprietary technology over the past 18 months and bolstering its balance sheet with a September stock sale to accredited investors, generating $2.2 million.
“We appreciate the confidence our shareholders have placed in our efforts, and we believe we are well positioned for future growth,” Forkey said.
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