GARDNER, Mass., Aug. 13, 2020 /PRNewswire/ -- Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, today announced preliminary revenue for the fourth quarter and fiscal year end 2020, ended June 30, 2020.
Precision Optics will issue complete fiscal year end 2020 financial results as part of its Form 10-K to be filed during the last week of September 2020.
Preliminary fourth quarter and fiscal year 2020 (ended June 30, 2020) highlights include:
Revenue for the quarter ended June 30, 2020 was $2.24 million compared to $2.38 million in the same quarter of the previous fiscal year, a decrease of 6%. Revenue for the quarter was down year over year on an actual and pro forma basis due to impacts of the COVID-19 pandemic.
Revenue for the fiscal year ended June 30, 2020 was $9.9 million compared to $6.8 million in the previous fiscal year, an increase of 46% driven primarily by Ross Optical operating as a division of Precision Optics for the entire year. Revenue for the year was down year over year on a pro forma basis due to impacts of the COVID-19 pandemic.
The Company's cash balance at June 30, 2020 was $1.1 million reflecting the Company's aggressive cash management initiatives, coupled with proceeds from an equity financing in April 2020 and receipt of funding under the PPP.
Precision Optics' CEO, Joseph Forkey, commented, "Despite the impacts from COVID-19, we completed the fiscal year with good revenue and a strong cash balance as we continue to benefit from the addition of Ross Optical and the strength of some of our pipeline projects. Our three recently commercialized production programs all continue at levels similar to recent months. All of our employees continue to work diligently to limit the impact of COVID-19 on our existing operations and to aggressively pursue new project pipeline opportunities."
Dr. Forkey continued, "Although COVID-19 has had a significant impact on the overall economy, the markets we serve remain generally solid. We believe medical devices and defense / aerospace, our primary markets, are among the most economically resilient and vibrant industries to be selling into. The pandemic impacts our business in a few ways: by slowing the sales cycle, slowing production orders of existing clients, and impacting efficiency which adds costs. A few of our prospective partners have slowed development as they adjust to changes in their rollout strategies. For example, one pipeline project for a 3D endoscope for robotic surgery, was recently placed on hold by our customer. However, other pipeline projects are moving along on track, and we are pursuing several ongoing and new opportunities, some with significant revenue potential. I am pleased, in particular, to see opportunities we are pursuing as a combined Precision Optics and Ross Optical team. Recently we began prototype deliveries for a new defense / aerospace customer that we added to our project pipeline through our combined efforts. We do not yet know the long-term potential of this new project but the success of the Ross Optical and Precision Optics teams working together is a strong indicator of future potential to grow our project pipeline."
"I am proud of the accomplishments made by our team in the face of various impacts from COVID-19 on our business. Our recent short-term operations have been negatively impacted by supply chain issues, lower labor efficiency and higher resulting costs, but these impacts are now subsiding. We remain committed to our overall strategic operating plan and believe Precision Optics continues to be well positioned to drive significant long-term value," concluded Dr. Forkey.
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, Microprecision™ 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, 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 [email protected]