GARDNER, Mass., Aug. 19, 2021 /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 2021, ended June 30, 2021.
Precision Optics will issue complete fourth quarter and fiscal year end 2021 financial results and conduct a conference call as part of its complete financial results in September 2021.
Preliminary fourth quarter and fiscal year 2021 (ended June 30, 2021) highlights include:
Revenue for the fiscal year ended June 30, 2021 is expected to be $10.6 - $10.7 million compared to $9.9 million in the previous fiscal year, an increase of 8% and a new annual record for the Company. The record revenue is being driven by improvements from both the Company's production and engineering capabilities despite impacts during the year to certain projects due to the pandemic.
Revenue for the quarter ended June 30, 2021 is expected to be $2.6 - $2.7 million compared to $2.2 million in the same quarter of the previous fiscal year, an increase of 16-21% from the year ago period, and up 6-10% sequentially from $2.5 million in the third quarter of fiscal 2021.
The Company's cash balance at June 30, 2021 increased from the most recent sequential quarter to approximately $850,000 reflecting improved operating results and cash management initiatives.
Precision Optics' CEO, Joseph Forkey, commented, "We are excited to report record annual revenues during fiscal 2021, a tremendous achievement for Precision Optics in the face of a rather difficult environment for many of our production projects due to the pandemic. The ability to achieve annual growth is clearly a result of the strategic focus we have made over the past few years to enhance our sales and engineering capabilities to acquire and advance new pipeline projects. Our pipeline today is as large and robust as it has been any time in the company's recent history, and with a hopeful return by many of our production projects to pre-pandemic levels, we expect fiscal 2022 to show continued growth."
"The market opportunity for micro-optic and 3D-enabled devices and components in the medical and defense industries continues to be robust. Even during the pandemic our customers have continued to aggressively pursue development efforts for next generation applications that leverage the unique and proprietary capabilities of Precision Optics. This has resulted in a burgeoning product engineering pipeline for which customers compensate us for our work, and then ultimately, move to commercial production."
Dr. Forkey concluded, "With a second consecutive year of record revenue, a burgeoning engineering pipeline, a hopeful return to historical production levels for pandemic-impacted products and continued efficient managing of our operating expenses and cash flows, we look forward to fiscal 2022 with optimism."
About Precision Optics Corporation Founded in 1982, Precision Optics is a vertically integrated optics company primarily focused on leveraging its proprietary micro-optics and 3D imaging technologies to the healthcare and defense/aerospace industries by providing services ranging from new product concept through mass manufacture. Utilizing its leading-edge in-house design, prototype, regulatory and fabrication capabilities as well as its Ross Optical division's high volume world-wide sourcing, inspecting and production resources, the Company is able to design and manufacture next-generation product solutions to the most challenging customer requirements. Within healthcare, Precision Optics enables next generation medical device companies around the world to meet the increasing demands of the surgical community who require more enhanced and smaller imaging systems for minimally invasive surgery as well as 3D endoscopy systems to support the rapid proliferation of surgical robotic systems. In addition to these next generation applications, Precision Optics has supplied top tier medical device companies a wide variety of optical products for decades, including complex endocouplers and specialized endoscopes. The Company is also leveraging its technical proficiency in micro-optics to enable leading edge defense/aerospace applications which require the highest quality standards and the optimization of size, weight and power. For more information, please visit www.poci.com.
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