Precision Optics Corporation Announces Operating Results For The Fourth Quarter And Fiscal Year Ended June 30, 2017
Published: Sep 29, 2017
GARDNER, Mass., Sept. 28, 2017 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (OTCQB:PEYE) (the “Company”) today announced operating results on an unaudited basis for its fourth quarter and fiscal year ended June 30, 2017.
Financial highlights include:
- 19% year-over-year decrease in annual revenue in fiscal 2017 versus 2016;
- Year-over-year increase in gross margin percentage on lower revenues in fiscal 2017 versus 2016;
- $221,000 year-over-year decrease in annual operating expenses in fiscal 2017 versus 2016;
- Nearing the conversion point of multiple development projects into production level orders.
Precision Optics’ CEO, Joseph Forkey, commented, “Fourth quarter and annual revenues were down for fiscal 2017 compared to the previous year, with the vast majority of this decline due to a reduction in shipments of traditional products. Engineering, design and development revenues continued to be strong at nearly the same levels as the previous year. While we are disappointed by the lower revenues from traditional products, we continue to believe that the robustness of our engineering, design and development work is a strong indicator of the future potential of the Company. Demand from our customers for our cutting-edge Microprecision™ technology continues to increase with additional projects added to the pipeline this past year. During fiscal 2017, we used our unique capabilities to develop a new camera with diameter less than 1 millimeter, that we jointly announced with OmniVision Technologies, Inc. in June, 2017. We are excited about the positioning of our unique Microprecision™ technologies and the increasing demand for our micro-optical systems in the medical device industry."
Dr. Forkey continued, “From an operational standpoint, efforts we have made during the last few years have had a positive impact on gross margins and operating expenses. Gross margin percentage for fiscal year 2017 was slightly higher than the previous year, despite lower sales. This positions us well to take full advantage of new production orders. Additionally, we reduced operating expenses by $221,000 or 11% in fiscal 2017 compared to fiscal 2016. We believe that the combination of a steady pipeline of new and progressing engineering projects, anticipated conversion of some of these into increases in production revenue, and efficient margins and operating expenses will generate sales growth as well as improved financial performance.”
The following table summarizes the fourth quarter and year results for the periods ended June 30, 2017 and 2016 (unaudited):