Precision Optics Posts Loss In Q3
Gardner's Precision Optics Corp., an optical instrument manufacturer, said its revenues were up 11.6 percent in its first quarter of fiscal year 2013, from $504,749 in the same period of the previous year to $563,398.
The growth was due to increases in the company's sale of previously-developed products and a newly designed addition to the company's line of surgical visualization products for use in spinal surgery.
However, precision reported a net loss for the period, which ended Sept. 30, of $358,094, or 27 cents per share. That's compared to profit of nearly $2 million, or $1.15 per share last year.
The company said the picture last year was so different because the quarter had included a non-recurring gain of $2.3 million for the sale of patents. Without including that, the company would have posted a loss of $277,845 that quarter.
The increase in losses last quarter were mainly due to lower gross margins from new product manufacturing costs and higher research and development expenses, the company said.
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