PRECISION OPTICS CORPORATION INC
For the period ended Sep 30, 2024. Filed Oct 1, 2024.
View on SEC.govAbout this filing
A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Sep 30, 2024 · Filed Oct 1, 2024
Use the contents to explore the available documents and sections.
Contents
EX-99.1 · Recent Additional Highlights:
Recent Additional Highlights:
| · | In May 2024, the Company announced the receipt of a $9 million production order for a high volume single-use cystoscopy surgery program. The program began production shipments of product in July, 2024. |
| · | Subsequent to the end of the fiscal year, in August 2024 the Company announced a closing of a $1.4 million registered direct offering of common stock, which included participation from directors and officers. |
Precision Optics' CEO, Joseph Forkey, commented, “Upon exiting fiscal 2023, we were facing the loss of several significant programs that would not be continuing in fiscal 2024, totaling more than $7 million in annualized revenue. Due to the strength of our engineering pipeline, we backfilled a significant portion of the shortfall with record levels of product development revenue coupled with new products entering production. Currently several programs are transitioning from the development phase to production, including the program associated with the $9 million purchase order we announced in May. We have now reached a new phase for the Company, with a sizeable and growing base of production programs and product development revenue continuing at the record levels we achieved last year.”
“As we look forward to fiscal 2025, we expect our first quarter revenue will be in the range of $4.2 to $4.4 million, relatively flat compared to the previous year’s first quarter. Revenue for the first quarter was impacted by certain challenges in the start-up and ramp of key production programs. However, these issues are mostly now resolved, and with the growth of production and ongoing strong product development sales, we expect double digit revenue growth for fiscal 2025 with significant increases in revenue beginning with the second quarter of fiscal 2025,” Dr. Forkey concluded.
The following table summarizes the fourth quarter (unaudited) and fiscal year to date results for the periods ended June 30, 2024, and 2023:
| Three Months · Year | ||||
|---|---|---|---|---|
| Ended June 30 | Ended June 30 | |||
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | $4,716,226 | $5,024,140 | $19,104,350 | $21,044,467 |
| Gross Profit | 1,024,451 | 1,934,945 | 5,797,777 | 7,909,956 |
| Stock Compensation Expenses | 210,393 | 139,686 | 959,784 | 884,066 |
| Other | 2,170,410 | 2,407,733 | 7,562,326 | 7,664,437 |
| Total Operating Expenses | 2,380,803 | 2,547,419 | 8,522,110 | 8,548,503 |
| Operating Income (Loss) | (1,356,352) | (612,475) | (2,724,333) | (638,548) |
| Net Income (Loss) | (1,411,106) | (96,125) | (2,951,377) | (144,613) |
| Income (Loss) per Share | ||||
| Basic & Fully Diluted | $(0.23) | $(0.02) | $(0.49) | $(0.03) |
| Weighted Average Common Shares Outstanding | ||||
| Basic & Fully Diluted | 6,071,846 | 5,666,034 | 6,068,329 | 5,666,034 |
**Note:**The Common Shares in this table reflect shares on a post reverse split basis for all periods presented.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.