Precision Optics narrows losses by 65%
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Precision Optics is located in Gardner.
Gardner manufacturer of advanced optical equipment Precision Optics has reduced its losses in fiscal 2018 by more than 65 percent, according to its fiscal year end earnings report.
On Thursday, the precision medical device firm said it reported a fiscal 2018 loss of $351,390 compared to a loss of more than $1 million in 2017.
The company made up much of that ground in the last quarter, reporting a net income of nearly $17,000 compared to a loss of $237,601 in the last quarter of 2017.
Its fourth-quarter revenue of more than $1.4 million appears to be a major factor in that turnaround, as it’s more than double the $720,000 reported at the end of 2017.
Its full year revenues of $4 million were a sharp increase over 2017 revenues of $3.1 million.
CEO Joseph Forkey commented on the company’s successful year, calling it one of Precision Optic’s strongest in many years.
“During the last few years, we have balanced use of our resources on both engineering and production projects, anticipating that overall revenue increases would result from maintenance of existing, ongoing, production orders combined with new projects moving from engineering development to production,” Forkey said.
Accoring to Forkey, 2018 revenues came with a 129-percent increase in production revenues compared to revenues in this year’s third quarter.
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