Precision Optics Corporation Announces First Quarter Results and Receipt of Significant...( GARDNER Mass. Nov. 20 /- Precisio...),Health

GARDNER, Mass., Nov. 20 /PRNewswire-FirstCall/ -- Precision Optics Corporation, Inc. (OTC Bulletin Board: POCI), (the "Company") today announced operating results on an unaudited basis for the first quarter of fiscal year 2008 ended September 30, 2007.

First Quarter Operating Results

Revenues -- Total revenues for the quarter ended September 30, 2007 were $1,101,728, an increase of $674,103 or 158% from the same period in the prior year. This represents the second highest quarterly revenue in six years. The increase was due principally to shipments to a significant new customer of an advanced surgical visualization system, along with the introduction of other new products. The advanced surgical visualization system relied heavily on the Company's experience and superior technology in the area of medical optics systems, specifically in the area of advanced optical endoscopic instrumentation.

Net Loss -- For the quarter ended September 30, 2007, net loss was $466,848, or $0.02 per share, a decrease of $221,331 from the net loss of $688,179 or $0.04 per share, for the same period last year. The decrease in net loss is the result of higher sales volumes along with a corresponding increase in gross profit. Gross profit for the quarter ended September 30, 2007, as a percentage of revenues, increased from 10% for the quarter ended September 30, 2006 to 28%. The weighted average common shares outstanding for the quarters ended September 30, 2007 and 2006 were 25,458,212 and 15,458,212, respectively.

Cash Flow and Expenditures -- For the quarter ended September 30, 2007, cash and cash equivalents decreased by $300,450 compared to a decrease of $755,449 for the same period last year. The improved decrease in cash and cash equivalents for the quarter ended September 30, 2007 was due primarily from less cash being used in operating activities, mostly due to higher sales volumes along with an increase in gross profit, compared to the same period la
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