(PR NEWSWIRE) Precision Optics Corporation Announces Second Quarter Results
Precision Optics Corporation Announces Second Quarter Results
GARDNER, Mass., Jan. 14 /PRNewswire/ --
Precision Optics Corporation, Inc. (Nasdaq: POCI) announced today operating
results on an unaudited basis for the second quarter and six months of fiscal
year 2000 ended December 31, 1999.
Revenues for the quarter were $587,403 compared to $857,090 for the same
period in fiscal year 1999, a decrease of 31.5%. Net loss was $698,583, or
$0.09 per share, compared to $338,079, or $0.05 per share, for the same period
last year.
For the six months ended December 31, 1999, revenues were $1,304,288
compared to $1,536,985 for the same period last year, a decrease of 15.1%. Net
loss was $1,150,885, or $0.15 per share, compared to $762,163 or $0.11 per
share, for the same period last year.
As previously announced, shipments of 200GHz DWDM filters to a major
customer resumed in late December 1999, and production and shipments to this
customer are expected to continue ramping up over the next several months.
During the quarter ending December 31, 1999 however, shipments of DWDM filters
to this customer were not material.
The decrease in revenues for the second quarter and the six months ended
December 31, compared to last year reflects expected lower sales of medical
and night vision products, partially offset by higher sales of DWDM filters.
The Company has continued its investments in research and development and
capital equipment, particularly in the Dense Wavelength Division Multiplexer
(DWDM) and other telecommunication areas. During the six months ending
December 31, 1999, research and development expenses were approximately
$857,000 (up 73% from last year), and capital equipment expenditures were
approximately $260,000 compared to approximately $320,000 for the same period
last year. The Company continues to work closely with a number of current and
potential customers to evaluate and refine prototype filters.
Forward-looking statements contained in this news release are made under
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995 and involve a number of risks and uncertainties that could materially
affect future results. Among these risk factors are general economic and
business conditions and growth in the optical communications and medical
product markets, the impact of competitive products and pricing, availability
of third-party components, cost and yields associated with production of the
Company's optical communications and other products and the other risk factors
and cautionary statements listed from time to time in the Company's periodic
reports filed with the Securities and Exchange Commission, including but not
limited to, the Company's Annual Report on Form 10-KSB for the year ended
June 30, 1999.
Precision Optics Corporation provides high quality optical thin film
coatings used in a variety of high technology applications including optical
communications, Microlithography, Semiconductor Processing, Photomasks, and
Advanced Imaging. In addition, Precision Optics Corporation designs, develops,
manufactures and markets specialized optical systems and components. Its
products and services as an original equipment manufacturer include a line of
laparoscopes and arthroscopes as well as other medical instruments, industrial
optical systems, lens systems for night-vision equipment, and advanced optical
systems design and development.
PRECISION OPTICS CORPORATION
SECOND QUARTER AND SIX MONTHS ENDED DECEMBER 31, 1999
Second Quarter Ended December 31,
1999 1998
Revenues $587,403 $857,090
Net Income (Loss) ($698,583) ($338,079)
Common Shares Outstanding 7,751,239 6,677,595
Basic and Diluted Earnings
(Loss) Per Share ($0.09) ($0.05)
Six Months Ended December 31,
1999 1998
Revenues $1,304,288 $1,536,985
Net Income (Loss) ($1,150,885) ($762,163)
Common Shares Outstanding 7,469,417 6,661,204
Basic and Diluted Earnings
(Loss) Per Share ($0.15) ($0.11)
December 31, 1999 June 30, 1999
Cash and Cash Equivalents $1,503,866 $480,732
Working Capital $1,919,813 $1,102,643
Long-Term Debt $118,146 $166,312
SOURCE Precision Optics Corporation, Inc.
-0- 1/14/2000
/CONTACT: Jack Dreimiller of Precision Optics Corporation, Inc.,
978-630-1800/
/Web site: poci.com /
(POCI)
CO: Precision Optics Corporation, Inc.
ST: Massachusetts, Minnesota
IN: HEA
SU: ERN
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