POCI news came out around 5:30 pm:
Precision Optics Corporation Announces: Increased Revenues for Second Quarter, First Production Shipment of 100 GHz DWDM Filters Achieved in January 2001, Negotiations Concerning Lower DWDM Filter Prices Proceeding
GARDNER, Mass., Feb. 7 /PRNewswire/ --
Precision Optics Corporation, Inc. (Nasdaq: POCI - news) announced today operating results on an unaudited basis for the second quarter and six months of fiscal year 2001 ended December 31, 2000.
Operating Results
Revenues for the quarter were $778,534 compared to $587,403 for the same period in fiscal year 2000, an increase of 32.5%. Net loss was $855,895, or $0.08 per share, compared to $698,583, or $0.09 per share, for the same period last year. The weighted average common shares outstanding were 10,498,608 compared to 7,751,239 for the same period last year.
For the six months ended December 31, 2000, revenues were $1,666,833 compared to $1,304,288 for the same period last year, an increase of 27.8%. Net loss was $1,291,885, or $0.12 per share, compared to $1,150,885 or $0.15 per share, for the same period last year. The weighted average common shares outstanding were 10,447,425 compared to 7,469,417 for the same period last year.
The increase in revenues for the quarter ended December 31, 2000 over last year's second quarter was driven by a 45% increase in sales of medical products, due largely to higher sales of endoscopes, stereo endoscopes, and endoscopic cameras.
200 GHz DWDM Filters
Shipments of 200 GHz DWDM filters during the quarter were sharply curtailed pending the renegotiation of pricing and delivery terms on several large orders with two customers amidst downward pricing pressure in the DWDM filter market generally. Shipments of 200 GHz filters were resumed in early January under an interim pricing arrangement, and it is anticipated that shipments to these two customers under renegotiated terms will resume during the quarter ending March 31, 2001.
The number of 200 GHz DWDM filters manufactured during the quarter increased 17% over the previous quarter, continuing the trend of sequential increases over the past three consecutive quarters.
100 GHz DWDM Filters
The Company is pleased to announce that in January 2001 the first customer shipment of 100 GHz DWDM filters was achieved. The installation and commissioning of a new state-of-the-art 100 GHz production system should significantly increase filter production capacity beginning in March 2001. Volume production and deliveries of 100 GHz filters is expected to begin in April 2001.
Product and Infrastructure Development
The Company has continued to invest aggressively in research, development and capital equipment to support increased participation in the long-term opportunities the telecommunications industry offers. In particular, work has accelerated on improved, higher-capacity manufacturing processes for 200 GHz filter production, and development and commercialization of 100 GHz filters. For the six months ended December 31, 2000, research and development expenses were approximately $1.3 million (up 56% from last year's first half), and capital equipment expenditures were approximately $842,000, up more than 220% from the same period last year.
Several new state-of-the-art coating systems and ancillary equipment were installed in the Company's new Optical Thin Film Technology Center in the quarter ending December 31, 2000 and in January 2001. One of these is a proprietary high volume production system currently under development for both 100 GHz and 200 GHz DWDM filters. A new state-of-the-art system for the production of 200 GHz filters has been installed, is presently in final commissioning, and should be in production by the end of February 2001.
SOURCE: Precision Optics |
