Precision Optics of Gardner increased fiscal first-quarter revenue 61 percent while cutting its quarterly loss, the maker of optical systems announced Monday.
The company reported quarterly revenue of $907,426, up from $563,398 in the same quarter last year. That was primarily due to increased sales or previously developed and newly designed medical application products, Precision Optics said.
Losses dropped to $210,721, or 5 cents per share, an improvement over a loss of $358,094, or 27 cents per share, a year ago. Higher sales and lower research and development expenses were the main reasons losses declined, the company said.
“With three consecutive quarters of improving financial performance, we are beginning to see the effects of deliveries of products that incorporate new proprietary technologies,” CEO Joseph Forkey said in a statement.
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