Precision Optics lessens losses 90%
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Precision Optics, which manufactures optical equipment for the defense and medical fields, is reporting a 21-percent increase in revenues.
Gardner-based Precision Optics is reporting increased revenues and a reduction in net loss for the first quarter of the company’s fiscal 2018.
In a press release last week, the advanced optical equipment manufacturer said net loss for the quarter was $29,000, a drastic improvement from last year’s Q1 net loss of $293,000. Revenues for the quarter were $1.03 million compared to $850,000 last year’s Q1.
The company reported gross margins of 37.6 percent compared to 19.7 percent last year.
In a statement, CEO Joseph Forkey said revenues continued their up-and-down trend with a 21-percent increase.
Project-by-project margins were strong, and other non-production expenses were controlled, resulting in the improvement in gross margins and operating loss.
Compared to last year’s Q1, operating expenses were reduced by about $45,000 and gross profit more than doubled from $167,051 to $386,742.
Forkey said demand for the company’s Microprecision technology capabilities is strong and future projects are expected to transition from engineering and prototype phases to production orders shortly.
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