GARDNER, Mass., Nov. 15, 2012 /PRNewswire/ -- Precision Optics Corporation, Inc. (OTCQB: PEYE) (the "Company") announces operating results for the first quarter of fiscal year 2013 ended September 30, 2012.
Revenues for the quarter ended September 30, 2012, were $563,398 compared to $504,749 for the same period last year, representing an increase of 11.6%.
Net loss for the quarter ended September 30, 2012, was $358,094, or $.27 per fully-diluted share, compared to net income of $1,998,441, or $1.15 per fully-diluted share, for the quarter ended September 30, 2011. Net income in the quarter ended September 30, 2011 includes a non-recurring gain on the sale of patents of $2,276,286, which when removed, leaves a pro forma net loss in the quarter ended September 30, 2011 of $277,845. The increase in the net loss in the quarter ended September 30, 2012 over the pro forma net loss in the quarter ended September 30, 2011, as adjusted for the removal of the non-recurring gain, is primarily attributable to lower gross margins as a result of new product start-up manufacturing costs and higher research and development expenses.
Cash and cash equivalents were $2,337,694 at September 30, 2012. As previously announced, in September 2012 the Company completed a private offering to accredited investors of units of common stock and common stock purchase warrants generating gross proceeds of approximately $2.5 million, with net proceeds of approximately $2.2 million available immediately for the Company's general working capital needs.
The year-over-year increase in quarterly revenues resulted from increases in the Company's ongoing sales of previously developed products, as well as a newly designed addition to the Company's line of advanced surgical visualization products for use in spinal surgery. The Company is currently completing pre-production activities to enable shipments against previously announced orders for products
|SOURCE Precision Optics Corporation, Inc.|
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