Precision Optics Corporation, Inc., a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, announced operating results on an unaudited basis for its fourth quarter and fiscal year ended June 30, 2019.
Conference Call Scheduled for today, September 26, 2019 at 5:00pm ET
GARDNER, Mass., Sept. 26, 2019 /PRNewswire/ -- Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, announced operating results on an unaudited basis for its fourth quarter and fiscal year ended June 30, 2019.
Fourth quarter fiscal 2019 highlights:
- Revenue for the quarter (ended June 30, 2019) was $2.4 million compared to $1.5 million in the same quarter of the previous fiscal year, an increase of 63% driven primarily by an increase in production revenue for medical devices that incorporate the Company’s Microprecision™ technology, as well as one month of contribution from Ross Optical.
- Ross Optical contributed $656,000 to Precision Optics’ revenue during the month of June 2019.
- Production revenue was $912,000 in the quarter, an increase of 18% compared to $770,000 in the same quarter of the previous fiscal year.
- Gross margins of 36% in the quarter continued to improve sequentially for the second consecutive quarter.
- Net loss of $109,000 during the quarter included $128,000 of business acquisition expenses and $117,000 of stock-based compensation.
Fiscal year 2019 highlights:
- Revenue for the fiscal year (ended June 30, 2019) was $6.8 million compared to $4.0 million in the previous fiscal year, an increase of 69%.
- Production revenue during the fiscal year increased 140% to $3.7 million compared to $1.5 million in the previous fiscal year.
- Excluding the one-month contribution from Ross Optical, the fiscal year revenue was $6.1 million, an increase of 52% compared to the previous fiscal year.
Pro forma (assuming a full year of Ross Optical) financial highlight:
- For the 12 months of fiscal year 2019 (ended June 30, 2019), pro forma financial results show a combined organization (Precision Optics and Ross Optical) with $10.5 million in sales and gross margin of approximately 36%.
Precision Optics’ CEO, Joseph Forkey, commented, “Our financial results from the fourth quarter and from fiscal year 2019 overall, continue to demonstrate the success of our business model. By utilizing our proprietary optical technology to develop and manufacture state-of-the art custom medical imaging products, we enable the world’s leading medical device companies to bring next generation, minimally invasive devices and 3D surgical robotic systems to market. The transition of a number of these Precision Optics enabled projects to commercialization by our customers drove a 140% increase in production revenues during fiscal 2019. Based on order visibility on currently commercialized products, as well as expected near-term commercialization of products currently in our pipeline, we believe fiscal 2020 should be another strong year for Precision Optics.”
Dr. Forkey continued, “Fiscal 2019 was a milestone year for us also because of the acquisition of Ross Optical Industries. We completed this acquisition – the first ever for Precision Optics - on July 1st. One of the benefits of the acquisition is that it expands our readily accessible customer base, particularly in the defense industry, where we believe there are opportunities for use of our Microprecision™ micro optics and imaging systems. The acquisition also extends our product offering to include a wider range of lens and optical system sizes, drives economies of scale within our organization, and allows the combined company to leverage our technical proficiency in offering end-to-end solutions to the expansive Ross Optical customer base. We look forward to the many opportunities we believe are available to drive further growth and efficiencies in 2020 and beyond.”
The following table summarizes the fourth quarter (unaudited) and year results for the periods ended June 30, 2019 and 2018:
| Three Months Ended June 30, | Year Ended June 30, | ||||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||||
| Revenues | $ | 2,380,406 | $ | 1,460,932 | $ | 6,804,169 | $ | 4,038,048 | |||||||||
| Gross Profit | 848,313 | 558,801 | 2,122,478 | 1,481,918 | |||||||||||||
| Stock Compensation Expenses | 105,990 | 10,339 | 462,093 | 43,672 | |||||||||||||
| Business Acquisition Expenses | 128,111 | - | 128,111 | - | |||||||||||||
| Other | 722,189 | 530,145 | 2,144,817 | 1,786,865 | |||||||||||||
| Total Operating Expenses | 956,290 | 540,484 | 2,735,021 | 1,830,537 | |||||||||||||
| Operating Income (Loss) | (107,977) | 18,317 | (612,543) | (348,619) | |||||||||||||
| Net Income (Loss) | (109,155) | 16,992 | (614,871) | (351,390) | |||||||||||||
| Income (Loss) Per Share: | |||||||||||||||||
| Basic and Diluted | $ | (0.01) | $ | 0.00 | $ | (0.05) | $ | (0.04) | |||||||||
| Weighted Average Common Shares Outstanding: | |||||||||||||||||
| Basic and Diluted | 12,061,710 | 10,131,007 | 11,486,079 | 9,826,151 | |||||||||||||
Conference Call Details
The Company has scheduled a conference call to discuss the fiscal year end and fourth quarter 2019 financial results for Thursday, September 26, 2019 at 5:00 p.m. EDT.
Call-in Information: Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789.
Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available at https://www.webcaster4.com/Webcast/Page/2109/31676.
Replay: A teleconference replay of the call will be available until October 3, 2019 at (877) 344-7529 or (412) 317-0088, confirmation #10135010. A webcast replay will be available at https://www.webcaster4.com/Webcast/Page/2109/31676.
About Precision Optics Corporation
Precision Optics Corporation enables innovation in minimally invasive surgery, diagnostics and treatment through optics and photonics. Precision Optics Corporation has been a leading developer and manufacturer of advanced optical instruments since 1982. Using proprietary optical technologies, the Company designs and produces next generation medical instruments, Microprecision™ micro-optics with characteristic dimensions less than 1 millimeter, and other advanced optical systems for market-leading medical device companies. The Company’s innovative medical instrumentation line includes state-of-the-art endoscopes and endocouplers as well as custom illumination and imaging products for use in minimally invasive surgical procedures. The Company believes that current advances in its proprietary micro-optics and 3D imaging technologies present significant opportunities for expanding applications to numerous potential medical products and procedures. The Company’s website is www.poci.com. Investors can find Real-Time Quotes and market information for the Company on www.otcmarkets.com/stock/PEYE/quote.
About Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company’s future activities or future events or conditions. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by the Company’s management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks discussed in the Company’s annual report on Form 10-K and in other documents that we file from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement, except as required by law.
Company Contact:
PRECISION OPTICS CORPORATION
22 East Broadway
Gardner, Massachusetts 01440-3338
Telephone: 978-630-1800
Investor Contact:
LYTHAM PARTNERS, LLC
Robert Blum
Phoenix | New York
Telephone: 602-889-9700
peye@lythampartners.com
View original content:http://www.prnewswire.com/news-releases/precision-optics-reports-fourth-quarter-and-fiscal-year-2019-financial-results-300926435.html
SOURCE Precision Optics Corporation
Company Codes: OTC-BB:PEYE, OTC-PINK:PEYE
