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12.11.2020 22:30:00
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Precision Optics Reports First Quarter Fiscal Year 2021 Financial Results
GARDNER, Mass., Nov. 12, 2020 /PRNewswire/ -- Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, announced operating results on an unaudited basis for its first quarter fiscal year ended September 30, 2020.
First quarter fiscal 2021 highlights:
- Revenue for the quarter ended September 30, 2020 was $2.76 million compared to $2.51 million in the same quarter of the previous fiscal year, an increase of 10%; and up 23% sequentially compared to $2.24 million in the fourth quarter of the previous fiscal year.
- Gross margins for the quarter ended September 30, 2020 of 35% compared to 39% in the same quarter of the prior year; and compared to 29% for the quarter ended June 30, 2020.
- Net income of $763 during the quarter included $71,146 of stock-based compensation. This compared to a loss of $86,110 in the same quarter a year ago and loss of $323,085 in the fourth quarter of fiscal 2020.
- The Company's cash position remains strong with an ending balance for the first quarter of $900,510.
Precision Optics' CEO, Joseph Forkey, commented, "I am pleased with the operating performance during the first quarter which included a return to revenue growth. Our revenues grew sequentially by 23%, and by 10% year over year, as we saw a recovery in shipments on orders that had been delayed due to issues surrounding COVID-19 over the past few quarters. This growth in revenue, coupled with sequential improvement in gross margins and continued efficient management of expenses, lead to slight net income profitability and positive adjusted EBITDA. Importantly, our balance sheet remained strong with more than $900,000 in cash."
Dr. Forkey concluded, "Our team continues to maintain a safe overall workplace for our employees while meeting the expectations and demands of our customers. Production disruptions resulting from COVID-19 related precautions created a slightly elevated backlog going into the quarter, which we have largely now delivered. Importantly, COVID-19 did not materially alter end-market programs and we are seeing the progression of numerous pipeline projects that have the ability to be significant contributors to revenue over the next few quarters and years. We are still not out of the woods as it relates to the near term impacts from COVID-19 as customers work through excess inventory and evaluate the velocity of sell through of their end products in the market. However, the increase we have seen in pipeline projects as well as requests for quotation gives me optimism. We continue to have confidence that our existing production programs will ultimately return to pre-pandemic levels and combined with new programs that are building today, we expect to have a larger base of revenue. Our business today is inherently growing nicely."
The following table summarizes the first quarter (unaudited) results for the periods ended September 30, 2020 and 2019:
Three Months | ||||
Ended Sept 30, | ||||
2020 | 2019 | |||
Revenues | $ 2,757,901 | $ 2,514,984 | ||
Gross Profit | 975,178 | 974,117 | ||
Stock Compensation Expenses | 59,913 | 110,272 | ||
Other | 913,665 | 949,727 | ||
Total Operating Expenses | 973,578 | 1,059,999 | ||
Operating Income (Loss) | 1,600 | (85,882) | ||
Net Income (Loss) | 793 | (86,110) | ||
Income (Loss) per Share | $ 0.00 | $ (0.01) | ||
Basic and Diluted | ||||
Weighted Average Common Shares Outstanding | ||||
Basic and Diluted | 13,191,789 | 12,832,389 | ||
Fully Diluted | 13,684,233 | 12,832,389 | ||
Conference Call Details
The Company has scheduled a conference call to discuss the first quarter 2021 financial results for Thursday, November 12, 2020 at 5:00 p.m. ET.
Call-in Information: Interested parties can access the conference call by dialing (844) 735-3662 or (412) 317-5705.
Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available at https://www.webcaster4.com/Webcast/Page/2109/38482.
Replay: A teleconference replay of the call will be available until November 19, 2020 at (877) 344-7529 or (412) 317-0088, confirmation # 10149688. A webcast replay will be available at https://www.webcaster4.com/Webcast/Page/2109/38482.
About Precision Optics Corporation
Precision Optics Corporation has been a leading developer and manufacturer of advanced optical instruments since 1982. Using proprietary optical technologies, the Company designs and produces next generation medical instruments, Microprecision™ micro-optics with characteristic dimensions less than 1 millimeter, and other advanced optical systems for a broad range of customers including some of the largest global medical device companies. The Company's innovative medical instrumentation line includes state-of-the-art endoscopes and endocouplers as well as custom illumination and imaging products for use in minimally invasive surgical procedures. The Company believes that current advances in its proprietary micro-optics and 3D imaging technologies present significant opportunities for expanding applications to numerous potential medical products and procedures. The Company's website is www.poci.com. Investors can find Real-Time Quotes and market information for the Company on www.otcmarkets.com/stock/PEYE/quote.
About Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company's intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company's future activities or future events or conditions. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by the Company's management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks discussed in the Company's annual report on Form 10-K and in other documents that we file from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement, except as required by law.
Company Contact:
PRECISION OPTICS CORPORATION
22 East Broadway
Gardner, Massachusetts 01440-3338
Telephone: 978-630-1800
Investor Contact:
LYTHAM PARTNERS, LLC
Robert Blum
Phoenix | New York
Telephone: 602-889-9700
peye@lythampartners.com
Following are the Company's Consolidated Balance Sheets at September 30, 2020 and June 30, 2020, and Statements of Operations, for the three month periods ended September 30, 2020 and 2019:
PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(UNAUDITED) | ||||||||
September 30, | June 30, | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 900,510 | $ | 1,134,697 | ||||
Accounts receivable (net of allowance for doubtful accounts of $249,200 at September 30, 2020 and $248,450 at June 30, 2020) | 1,585,001 | 1,481,437 | ||||||
Inventories | 2,138,390 | 2,197,244 | ||||||
Prepaid expenses | 112,015 | 133,707 | ||||||
Total current assets | 4,735,916 | 4,947,085 | ||||||
Fixed Assets: | ||||||||
Machinery and equipment | 2,915,847 | 2,907,533 | ||||||
Leasehold improvements | 754,438 | 731,801 | ||||||
Furniture and fixtures | 178,640 | 178,640 | ||||||
3,848,925 | 3,817,974 | |||||||
Less—Accumulated depreciation and amortization | 3,349,910 | 3,314,824 | ||||||
Net fixed assets | 499,015 | 503,150 | ||||||
Operating lease right-to-use asset | 104,380 | 118,403 | ||||||
Patents, net | 104,887 | 95,229 | ||||||
Goodwill | 687,664 | 687,664 | ||||||
TOTAL ASSETS | $ | 6,131,862 | $ | 6,351,531 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities: | ||||||||
Current portion of capital lease obligation | $ | 33,047 | $ | 51,761 | ||||
Current portion of acquisition earn out liability | 166,667 | 166,667 | ||||||
Note payable to bank | 808,962 | 808,962 | ||||||
Accounts payable | 1,022,803 | 1,066,005 | ||||||
Customer advances | 206,665 | 417,059 | ||||||
Accrued compensation and other | 578,723 | 581,770 | ||||||
Operating lease liability | 58,136 | 57,156 | ||||||
Amount due for business acquisition | – | – | ||||||
Total current liabilities | 2,875,003 | 3,149,380 | ||||||
Capital lease obligation, net of current portion | 33,582 | 35,810 | ||||||
Acquisition earn out liability | 333,333 | 333,333 | ||||||
Operating lease liability | 46,244 | 61,247 | ||||||
Stockholders' Equity: | ||||||||
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 13,191,789 shares at September 30, 2020 and June 30, 2020 | 131,918 | 131,918 | ||||||
Additional paid-in capital | 49,774,132 | 49,702,986 | ||||||
Accumulated deficit | (47,062,350) | (47,063,143) | ||||||
Total stockholders' equity | 2,843,700 | 2,771,761 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 6,131,862 | $ | 6,351,531 | ||||
PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
FOR THE THREE MONTHS ENDED | ||||||||
SEPTEMBER 30, 2020 AND 2019 | ||||||||
(UNAUDITED) | ||||||||
Three Months | ||||||||
2020 | 2019 | |||||||
Revenues | $ | 2,757,901 | $ | 2,514,984 | ||||
Cost of Goods Sold | 1,782,723 | 1,540,867 | ||||||
Gross Profit | 975,178 | 974,117 | ||||||
Research and Development Expenses, net | 151,576 | 152,154 | ||||||
Selling, General and Administrative Expenses | 822,002 | 907,845 | ||||||
Total Operating Expenses | 973,578 | 1,059,999 | ||||||
Operating Income (Loss) | 1,600 | (85,882) | ||||||
Interest Expense | (807) | (228) | ||||||
Net Income (Loss) | $ | 793 | $ | (86,110) | ||||
Income (Loss) Per Share: | ||||||||
Basic and Fully Diluted | $ | 0.00 | $ | (0.01) | ||||
Weighted Average Common Shares Outstanding: | ||||||||
Basic | 13,191,789 | 12,832,389 | ||||||
Fully Diluted | 13,684,233 | 12,832,389 | ||||||
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SOURCE Precision Optics Corporation
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