Precision Optics revenue hits a record
Precision Optics of Gardner closed its fiscal year by reaching a sales record while reducing losses, the company said Tuesday.
Precision, which makes optical instruments for medical device applications, generated revenue of $902,587 in the quarter ending June 30, and $3.65 million for the 2014 fiscal year, up from $802,337 and $2.52 million, respectively, over 2013.
In a statement, Precision Optics said its sales marked a 10-year high for the company, and rose nearly 45 percent over 2013.
"We are pleased to be able to report sales of over $3.6 million for fiscal year 2014 -- the highest in over 10 years and a 45% increase over the previous year,” Precision CEO Joseph Forkey said in a statement.
While the operating loss for the quarter rose from $172,196 to $316,118, or 7 cents per share, the loss for the year fell from $1.23 million to $1.16 million. The company tied the higher quarter loss to new project startup costs “that we believe will be non-recurring in the future.” But the increase in sales helped lower the annual operating loss, the company added.
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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