Precision Optics sees Q2 revenue drop 37%
Courtesy
Precision Optics, which manufactures optical equipment for the defense and medical fields, has been making all their components in Gardner since 1982.
Gardner-based Precision Optics Corp. saw a 37-percent decline in sales for a net loss in the second quarter ending Dec. 31, according to an earnings statement issued Tuesday.
The decline in revenue to $601,590 occured in the company’s engineering service and production categories, according to CEO Joseph Forkey, and resulted mostly from timing delays in engineering product development and production schedules, as well as cyclical purchasing patterns of certain products. The company ended the quarter with a net loss of $312,095, compared to a $281,310 loss a year earlier.
“We continue to see robust activity in existing and prospective customer demand … and believe this quarter’s revenue decline will be temporary,” Forkey said in the statement.
WBJ Web Partners
Most Recent
Most Recent
0 Comments