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Precision Optics Corporation, Inc. Operating Results for Six Months Ended December 31, 2012 and Recent Operating Activities
Date:2/25/2013

ared to $312,343 for the same period in the prior year, representing an increase of 13.2%. Operating loss for the six months ended December 31, 2012 was $710,319 compared to $575,545 for the same period in the prior year, representing an increase of 23.4%.

The increase in the operating loss in the quarter and six months ended December 31, 2012 over the same periods in the prior year is primarily attributed to lower gross margins as a result of new product start-up manufacturing costs and higher research and development expenses.

Net loss for the quarter ended December 31, 2012 was $906,484, or $0.22 per fully-diluted share, compared to a net loss of $324,875, or $0.27 per fully-diluted share for the same period in the prior year. Net loss in the quarter ended December 31, 2012 includes a non-cash provision for claims for liquidated damages of $629,000, and a gain on the settlement of accounts payable of $76,149. 

Net loss for the six months ended December 31, 2012 was $1,264,578, or $0.47 per fully-diluted share, compared to net income of $1,673,566, or $1.47 per fully-diluted share for the same period in the prior year. Net income in the six months ended December 31, 2011 included a gain on the sale of patents of $2,276,286.

After removal of the non-cash provision for claims for liquidated damages and the gain on the sale of patents described above, the pro forma (non-GAAP) net loss for the three and six months ended December 31, 2012 was $277,484 and $635,578, respectively, compared with a pro forma net loss of $324,875 and $602,720, respectively, for the three and six months ended December 31, 2011. The decrease in the pro forma net loss of $47,391 for the quarter ended December 31, 2012 as compared to the same period in the prior year is primarily attributed to a gain on the settlement of accounts payable of $76,149, partially offset by lower gross margins as a result of new product start-up manufacturing costs and higher resea
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SOURCE Precision Optics Corporation, Inc.
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