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Precision Optics Corporation, Inc. Announces Operating Results for the First Quarter of Fiscal Year 2018 Ended September 30, 2017

GARDNER, Mass., Nov. 14, 2017 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (OTCQB:PEYE) (the “Company”) today announced operating results on an unaudited basis for its first quarter ended September 30, 2017.

First quarter highlights include:

  • Revenues of $1,029,000 compared to $850,000 in the first quarter of fiscal 2017;
  • 37.6% gross margin compared to 19.7% in the first quarter of fiscal 2017;
  • Net loss of $29,000 compared to net loss of $293,000 in the first quarter of fiscal 2017; and
  • Across the board improved margins on engineering and production projects during the quarter.

/EIN News/ -- Commenting on the first quarter results, Joseph Forkey, Company CEO said, “Revenues continued their up and down trend this quarter with an increase of $179,000 or 21% compared to the same quarter last year.  Strong project-by-project margins and control of other non-production expenses resulted in significant improvements in gross margin and overall operating loss for the quarter. These results demonstrate the effectiveness of our concerted efforts to increase efficiencies both in production and in overall operations.”

Dr. Forkey continued, “Demand for our unique Microprecision™ technology capabilities remains strong and we expect certain projects to transition from engineering and prototype work to production orders in the near term. Our steadily improving financial performance at the current level of sales reinforces our on-going belief that moderate increases in sales from the current levels will result in further improved financial performance. Our current pipeline of engineering service projects remains strong as existing and new customers look to Precision Optics to assist them with the design, development, and manufacture of medical-grade cameras and endoscopes based on CMOS and other micro imaging and illumination technologies.”

The following table summarizes the first quarter results for the periods ended September 30, 2017 and 2016 (unaudited):

    Three Months Ended
September 30,
 
    2017     2016  
Revenues   $ 1,028,746     $ 849,548  
                 
Gross Profit     386,742       167,051  
                 
Operating Expenses     415,011       460,459  
                 
Net Loss     (28,785 )     (293,408 )
                 
Loss Per Share:                
Basic   $ (0.00 )   $ (0.04 )
Diluted   $ (0.00 )   $ (0.04 )
                 
Weighted Average Common Shares Outstanding:                
Basic and Diluted     9,108,423       7,539,582  
                 

Quarterly Conference Call Details

The Company has scheduled a conference call to discuss the fiscal first quarter 2017 financial results for Tuesday, November 14, 2017 at 5:00 PM Eastern. To participate in the conference call, please dial 1-844-826-3042 toll free from the U.S., or 1-412-317-5187 for international callers, and ask to be connected to the Precision Optics conference call.

An audio replay of the conference call will be available approximately one hour after the conclusion of the call and will be made available until November 28, 2017. The audio replay can be accessed by dialing 1-877-344-7529 toll free from the U.S., or 1-412-317-0088 for international callers, and enter conference ID number 10114363.

About Precision Optics Corporation
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, MicroprecisionTM micro-optics with characteristic dimensions less than 1 millimeter, and other advanced optical systems for a broad range of customers including some of the largest global 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 to reflect events or circumstances after the date of this report, except as required by law.   

Following are the Company’s consolidated balance sheets as of September 30, 2017 and June 30, 2016, and statements of operations for the three months ended September 30, 2017 and 2016 and statements of cash flows for the three months ended September 30, 2017 and 2016 (unaudited):

   
PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES  
CONSOLIDATED BALANCE SHEETS
 
(UNAUDITED)  
   
    September 30,
2017
    June 30,
2017
 
ASSETS                
CURRENT ASSETS                
Cash and Cash Equivalents   $ 194,714     $ 118,405  
Accounts Receivable, net     613,961       468,548  
Inventories, net     967,285       1,055,447  
Prepaid Expenses     51,394       55,985  
Total Current Assets     1,827,354       1,698,385  
PROPERTY AND EQUIPMENT                
Machinery and Equipment     2,507,190       2,507,190  
Leasehold Improvements     553,596       553,596  
Furniture and Fixtures     148,303       148,303  
      3,209,089       3,209,089  
                 
Less: Accumulated Depreciation and Amortization     (3,145,585 )     (3,136,835 )
Net Fixed Assets     63,504       72,254  
                 
Patents, net     30,086       30,086  
                 
TOTAL ASSETS   $ 1,920,944     $ 1,800,725  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
CURRENT LIABILITIES                
Current Portion of Capital Lease Obligation   $ 8,531     $ 8,391  
Accounts Payable     663,302       694,958  
Customer Advances     122,495       180,137  
Accrued Employee Compensation     144,873       189,783  
Accrued Professional Services     91,500       71,000  
Accrued Warranty Expense     25,000       25,000  
Other Accrued Liabilities     41,175       49,512  
Total Current Liabilities     1,096,876       1,218,781  
                 
Capital Lease Obligation, net of current portion     21,378       23,564  
                 
STOCKHOLDERS’ EQUITY                
Common Stock, $0.01 par value - Authorized - 50,000,000 shares; Issued and Outstanding – 9,428,472 shares at September 30, 2017 and 8,872,916 shares at June 30, 2017     94,285       88,729  
Additional Paid-in Capital     45,407,922       45,140,383  
Accumulated Deficit     (44,699,517 )     (44,670,732 )
Total Stockholders’ Equity     802,690       558,380  
                 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,920,944     $ 1,800,725  
                 


PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF OPERATIONS
 
FOR THE THREE MONTHS ENDED
 
SEPTEMBER 30, 2017 AND 2016
 
(UNAUDITED)  
   
    Three Months
Ended September 30,
 
    2017     2016  
Revenues   $ 1,028,746     $ 849,548  
                 
Cost of Goods Sold     642,004       682,497  
Gross Profit     386,742       167,051  
                 
Research and Development Expenses, net     118,427       116,992  
                 
Selling, General and Administrative Expenses     296,584       343,782  
                 
Gain on Sale of Assets           (315 )
Total Operating Expenses     415,011       460,459  
                 
Operating Loss     (28,269 )     (293,408 )
                 
Interest Expense     (516 )      
                 
Net Loss   $ (28,785 )   $ (293,408 )
                 
Loss Per Share:                
Basic   $ (0.00 )   $ (0.04
Diluted   $ (0.00 )   $ (0.04 )
                 
Weighted Average Common Shares Outstanding:                
Basic     9,108,423       7,539,582  
Diluted     9,108,423       7,539,582  
                 


PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
FOR THE THREE MONTHS ENDED
 
SEPTEMBER 30, 2017 AND 2016
 
(UNAUDITED)  
   
    Three Months
Ended September 30,
 
    2017     2016  
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net Loss   $ (28,785 )   $ (293,408 )
Adjustments to Reconcile Net Loss to Net Cash Provided From (Used In)
  Operating Activities -
               
Depreciation and Amortization     8,750       7,621  
Gain on Sale of Assets     -       (315 )
Stock-based Compensation Expense     26,057       60,901  
Non-cash Consulting Expense     (7,425 )     8,550  
Changes in Operating Assets and Liabilities -                
Accounts Receivable, net     (145,413 )     184,327  
Inventories, net     88,162       140,979  
Prepaid Expenses     4,591       6,297  
Accounts Payable     5,381       60,085  
Customer Advances     (57,642 )     11,025  
Accrued Liabilities     (25,322 )     (28,274 )
Net Cash Provided From (Used In) Operating Activities     (131,646 )     157,788  
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
Additional Patent Costs     -       (340 )
Purchases of Property and Equipment     -       (3,500 )
Proceeds from Sale of Assets     -       315  
Net Cash Used In Investing Activities     -       (3,525 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Payment of Capital Lease Obligation     (2,046 )     (1,916 )
Gross Proceeds from Private Placement of Common Stock     210,001       -  
Net Cash Provided From (Used In) Financing Activities     207,955       (1,916 )
                 
NET INCREASE IN CASH AND CASH EQUIVALENTS     76,309       152,347  
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD     118,405       50,059  
                 
CASH AND CASH EQUIVALENTS, END OF PERIOD   $ 194,714     $ 202,406  
                 
                 
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES:                
Issuance of Common Stock in Settlement of Accounts Payable   $ 40,000     $ -  
Offering Costs Included in Accounts Payable   $ 2,963     $ -  
                 

 

PRECISION OPTICS CORPORATION
                    22 EAST BROADWAY
                    GARDNER, MASSACHUSETTS 01440-3338
                    Telephone 978 / 630-1800
                    Telefax 978 / 630-1487

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