Precision Optics income boosted by PPP loan forgiveness
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Precision Optics in Gardner
Gardner optical equipment manufacturer Precision Optics reported a profit for the third quarter as a result of forgiveness of its federal Paycheck Protection Program loan.
Net income for the quarter was $552,280, a stark contrast to the third quarter of 2020 where the company had reported a loss of $466,000, according to a release from the company. However, the company still reported an operating loss of $256,018 for the quarter.
The company’s positive net income included $809,000 of other Income due to the forgiveness of its PPP loan from the U.S. Small Business Administration, as well as $86,000 of stock-based compensation.
The company’s other figures reflected moderate increases, with revenue for the quarter at $2.46 million compared to $2.37 million in the same quarter of the previous fiscal year.
"While our ongoing production levels continue to be depressed due to the pandemic, the increase in engineering pipeline activity has helped to cushion the impact on overall revenues,” Precision Optics CEO Joseph Forkey said in a release.
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