Precision Optics Corporation, Inc. Announces Operating Results For The First Quarter Of Fiscal Year 2017 Ended September 30, 2016

GARDNER, Mass., Nov. 14, 2016 (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, 2016.

First quarter highlights include:
  • Revenues of $850 thousand, nearly the same as $856 thousand in the first quarter of fiscal 2016;
  • 19.7% gross margin, a relative improvement of 28% compared to gross margin of 15.4% in the first quarter of fiscal 2016;
  • 23% year-over-year decrease in quarterly net loss on similar level quarterly revenues; and
  • On-going progress toward conversion of multiple engineering projects to production orders.

Commenting on the first quarter results, Joseph Forkey, Company CEO said, "While our revenues in the first quarter of fiscal 2017 were nearly the same as a year ago, gross margin was significantly higher, reflecting, in part, improvements in manufacturing efficiencies that we have achieved over the past year.  As our overall revenues increase, we expect these efficiencies to continue to help us achieve higher margins.  These improved gross margins as well as lower operating expenses, contributed to reduced losses at the same level of revenues compared to the same quarter one year ago.

Dr. Forkey continued, "We are pleased with our improved performance at this level of sales while we continue our progress toward increased production revenues resulting from conversion of our engineering service contracts. We are also seeing continued interest in our development capabilities as we evaluate new requests from existing and new potential customers for our engineering services on various medical device visualization systems that can benefit from our unique technologies and know-how."

The following table summarizes the first quarter results for the periods ended September 30, 2016 and 2015 (unaudited):
    Three Months Ended September 30,  
    2016     2015    
Revenues   $ 849,548     $ 858,427    
                   
Gross Profit     167,051       132,338    
                   
Operating Expenses     460,459       514,228    
                   
Net Loss     (293,408 )     (381,890 )  
                   
Loss Per Share:                  
Basic   $ (0.04 )   $ (0.06 )  
Diluted   $ (0.06 )   $ (0.06 )  
                   
Weighted Average Common Shares Outstanding:                  
Basic and Diluted     7,539,582       6,389,806    

Quarterly Conference Call Details The Company has scheduled a conference call to discuss the fiscal first quarter 2017 financial results for Monday, November 14, 2016 at 5:00 PM Eastern. To participate in the conference call, please dial 1-866-652-5200 toll free from the U.S., or 1-412-317-6060, 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, 2016. The audio replay can be accessed by dialing 1-412-317-0088 locally or 1-877-344-7529, toll free then enter conference ID number 10093345.