Precision Optics increases revenue 89% and losses 337%
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Precision Optics in Gardner
Gardner optical equipment manufacturer Precision Optics reported a second-quarter revenue increase of 89%, but losses topped $500,000 amid stock-based compensation.
Revenue for the second quarter, which ended on Dec. 31, was $2.8 million compared to $1.5 million in the same quarter of the previous fiscal year, an increase of 89%. Revenue from Ross Optical, a Texas firm acquired last year for $2 million, was the primary driver of this increased revenue. Gross profit was also up, reaching $917,939 compared to $355,722 in the previous year’s second quarter.
However, the company still reported $550,825 in net losses, which is an increase from $125,948 in losses for the previous year’s second quarter. According to Precision Optics' CEO Joseph Forkey, the investments the company made in certain products advancing through their complex engineering phases negatively impacted our gross margins again this quarter.
"However, as these new products come to market, we believe they will contribute to a higher level of top line revenue as well as a return to higher blended gross margins," Forkey said in a press release.
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