Precision Optics Reports Preliminary Fourth Quarter 2020 Revenue
Precision Optics Reports Preliminary Fourth Quarter 2020 Revenue |
[13-August-2020] |
GARDNER, Mass., Aug. 13, 2020 /PRNewswire/ -- Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, today announced preliminary revenue for the fourth quarter and fiscal year end 2020, ended June 30, 2020. Precision Optics will issue complete fiscal year end 2020 financial results as part of its Form 10-K to be filed during the last week of September 2020. Preliminary fourth quarter and fiscal year 2020 (ended June 30, 2020) highlights include:
Precision Optics' CEO, Joseph Forkey, commented, "Despite the impacts from COVID-19, we completed the fiscal year with good revenue and a strong cash balance as we continue to benefit from the addition of Ross Optical and the strength of some of our pipeline projects. Our three recently commercialized production programs all continue at levels similar to recent months. All of our employees continue to work diligently to limit the impact of COVID-19 on our existing operations and to aggressively pursue new project pipeline opportunities." Dr. Forkey continued, "Although COVID-19 has had a significant impact on the overall economy, the markets we serve remain generally solid. We believe medical devices and defense / aerospace, our primary markets, are among the most economically resilient and vibrant industries to be selling into. The pandemic impacts our business in a few ways: by slowing the sales cycle, slowing production orders of existing clients, and impacting efficiency which adds costs. A few of our prospective partners have slowed development as they adjust to changes in their rollout strategies. For example, one pipeline project for a 3D endoscope for robotic surgery, was recently placed on hold by our customer. However, other pipeline projects are moving along on track, and we are pursuing several ongoing and new opportunities, some with significant revenue potential. I am pleased, in particular, to see opportunities we are pursuing as a combined Precision Optics and Ross Optical team. Recently we began prototype deliveries for a new defense / aerospace customer that we added to our project pipeline through our combined efforts. We do not yet know the long-term potential of this new project but the success of the Ross Optical and Precision Optics teams working together is a strong indicator of future potential to grow our project pipeline." "I am proud of the accomplishments made by our team in the face of various impacts from COVID-19 on our business. Our recent short-term operations have been negatively impacted by supply chain issues, lower labor efficiency and higher resulting costs, but these impacts are now subsiding. We remain committed to our overall strategic operating plan and believe Precision Optics continues to be well positioned to drive significant long-term value," concluded Dr. Forkey. About Precision Optics Corporation About Forward-Looking Statements Company Contact: Investor Contact:
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Company Codes: OTC-PINK:PEYE, OTC-QB:PEYE |
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