Precision Optics revenue climbs again
Revenue continued an upward climb for Gardner-based Precision Optics Corp. in its third fiscal quarter, as the company narrowed losses for the year thanks to increased sales and lower research and development expenses.
The company, which makes optical instruments for medical device applications, generated revenue of $833,451 in the quarter ending March 31, and $2.74 million in its first three quarters, up from $655,341 and $1.71 million respectively over 2013.
In a statement, Precision Optics said the increase is due to higher sales of new and old products, most of which are used for medical applications; sales increased 27 jumped in the third quarter, and 60 percent over the previous nine months, compared with 2013.
Meanwhile, the operating loss for the quarter was up slightly, from $349,994 in fiscal 2013 to $380,434 this year, or 9 cents per share. But for the year, the company’s operating loss decreased, from $1.06 million in fiscal 2013 to $843,608 as of March 31. That is attributed to “lower research and development expenses … along with higher reported sales and gross profit,” the company said.
“We are pleased with the significant and ongoing year-over-year increases and we believe there is opportunity for continuing revenue growth combined with increasing gross profit percentage in our existing business areas,” CEO Joseph Forkey said in a statement.
Forkey said the company is also pursuing new opportunities in developing endoscopes that rely on its proprietary lens and assembly technology, Microprecision.
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