Precision Optics losing $425K for the year despite 82% Q2 revenue bump
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Precision Optics is located in Gardner.
Optical instrument manufacturer Precision Optics said it raised quarterly revenues by 82 percent and 65 percent through two quarters, but the company was not able to turn a profit.
The Gardner-based company lost about $126,000 in the second quarter and $425,200 through the first six months of the fiscal year. Those losses are increases of 108 percent and 377 percent from last year, respectively.
CEO Joseph Forkey in a statement said the revenue increases were largely driven by three customer programs transitioned into production in 2018.
“We expect that production for all three of these programs will continue, with receipt of follow-on orders expected during the next few months,” Forkey said.
The bottom line was impacted by issues with two customer projects, one in manufacturing and another in engineering, Forkey said.
He said one particularly large engineering project impacted revenues and gross margins in the second quarter, but the company’s engineering pipeline looks strong.
Forkey said the company wants to take advantage of the growth of markets in microprecision micro-optics and 3D endoscope-based products.
“We are executing on our strategy of investment and expansion in order to take advantage of these market opportunities,” he said.
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