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Precision Optics Corporation Announces First Quarter Results


11/16/2006 11:03:23 AM

GARDNER, Mass., Nov. 15 /PRNewswire-FirstCall/ -- Precision Optics Corporation, Inc. ("Precision Optics") today announced operating results on an unaudited basis for the first quarter of fiscal year 2007 ended September 30, 2006.

First Quarter Operating Results

Revenues -- For the quarter ended September 30, 2006, revenues were $474,154, compared to $419,582 for the same period last year, an increase of 13%.

Net Loss -- For the quarter ended September 30, 2006, net loss was $688,179, or $0.04 per share, an increase of $128,308 from the net loss of $559,871 or $0.08 per share, for the same period last year. The net loss for the quarter ended September 30, 2005 included a gain of $165,700, resulting from the sale of equipment previously used in the Company's discontinued telecommunication business. The increase in net loss includes a non-cash charge of $58,353 related to stock-based compensation expense following the implementation of Statement of Financial Accounting Standards No. 123 revised (SFAS No. 123R) as well as increased sales and marketing expenses in the quarter ended September 30, 2006. The weighted average common shares outstanding for the quarters ended September 30, 2006 and 2005 were 15,458,212 and 7,008,212, respectively.

Cash Flow and Expenditures -- For the quarter ended September 30, 2006, cash and cash equivalents decreased by $755,448 compared to a decrease of $539,375 for the same period last year. Cash receipts during the quarter ended September 30, 2005 included $162,000 received from the sale of equipment previously used in the Company's discontinued telecommunication business.

For the quarter ended September 30, 2006, research and development expenses were $207,824, compared to $208,111 a year earlier. While these expenses were virtually unchanged, they reflect a shift from previous activities aimed at the development of new technologies to applications of these technologies for customer-driven product development. The level of future quarterly R&D expenses will ultimately depend on the Company's assessment of new product opportunities and available cash resources.

Selling, general and administrative expenses were $483,787 for the quarter ended September 30, 2006, compared to $424,688 for the same period last year. The increase was primarily a result of a non-cash charge of $58,353 related to stock-based compensation expense following the implementation of SFAS No. 123R.

Outlook

The Company expects its recent pattern of quarter-to-quarter revenue fluctuations to continue, due to the uncertain timing of orders from customers and their size in relation to total revenues. The Company continues to move forward with new products and technical innovations. The Company believes that the recent introduction of several new products, along with new and ongoing customer relationships, will generate additional revenues. In the coming months the Company will continue to focus its efforts on marketing products recently introduced or redesigned. The Company believes that these marketing activities, if successful, may result in the continuation of its recent pattern of year-over-year sales growth.

About Precision Optics

Precision Optics Corporation, a leading developer and manufacturer of advanced optical instruments since 1982, designs and produces high-quality medical instruments, optical thin film coatings, and other advanced optical systems. The Company's medical instrumentation line includes laparoscopes, arthroscopes and endocouplers and a world-class product line of 3-D endoscopes for use in minimally invasive surgical procedures. The Company continues to advance products through technical innovation, including development of: the next generation (patent pending) of 3-D endoscopes; the extension of Lenslock(TM) technology (patent pending) to its entire line of endoscopes; instrumentation utilizing the Company's micro-precision(TM) lens technology (patent pending) for optical components; assemblies and endoscopes under 1 mm. Precision Optics Corporation is registered to ISO 9001:2000, ISO 13485:2003, and CMDCAS Quality Standards, and complies with the FDA Good Manufacturing Practices and the European Union Medical Device Directive for CE Marking of its medical products. The Company's Internet Website is http://www.poci.com .


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