Precision Optics reduces loss by 85 percent
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Precision Optics, which manufactures optical equipment for the defense and medical fields, is reporting 85 percent net loss decrease.
Micro optical equipment manufacturer Precision Optics is reporting a strong fiscal year so far, continuing its positive momentum with net losses decreasing by 85 percent for the first six months.
For the year, the Gardner company is reporting a net loss of about $89,000, a drastic decrease from the $605,500 loss reported over the first six months of last fiscal year.
For the company’s second quarter, losses were $60,000, an 80-percent decrease from the $312,000 loss the company reported for the same period last year.
Revenues are up 28 percent for the year to $1.84 million. For the quarter, revenues of $813,000 represent a 35-percent increase.
Precision Optics said its gross margins have increased, 37 percent for the quarter.
The company has decreased its net loss each fiscal year since 2015, when its year end net loss totaled $363,000.
In a statement included in the earnings release, CEO Joseph Forkey said the company’s focus on controlling costs and optimizing the use of resources will continue to lead to an improved financial position.
The company’s operating expenses for the quarter decreased by nearly 22 percent from $460,000 to $360,000.
For the year, operating expenses have fallen more than 17 percent from $686,200 to $566,600.
Forkey added the company has several engineering projects transitioning to production, and the company has received production orders from three customers totaling more than $2.1 million. Those deliveries are scheduled over the next 18 months.
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