Full Press Release Details
OPTICS CORPORATION ANNOUNCES
QUARTER AND YEAR END RESULTS
Precision Optics Corporation, Inc. (OTC Bulletin Board: POCI.OB), ("Precision
Optics") today announced operating results on an unaudited basis for the fourth
quarter and fiscal year 2006 ended June 30, 2006.
Quarter Operating Results
the quarter ended June 30, 2006, revenues were $631,905 compared to $362,215
the same period last year, an increase of 74.5%.
the quarter ended June 30, 2006, net loss was $594,035, or $0.04 per share,
decrease of $520,073, from the net loss of $1,114,108, or $0.16 per share,
the same period last year. The weighted average common shares outstanding for
the quarters ended June 30, 2006 and June 30, 2005 were 14,049,879 and
7,008,212, respectively.
Year 2006 Operating Results
the year ended June 30, 2006, revenues were $2,284,693 compared to $1,349,819
for the same period last year, an increase of 69.3%.
the year ended June 30, 2006, net loss was $2,272,473, or $0.26 per share,
decrease of $1,415,888 compared to the net loss of $3,688,361, or $0.55 per
share, for the year ended June 30, 2005. The weighted average common shares
outstanding for the years ended June 30, 2006 and June 30, 2005 were 8,768,629
and 6,749,003, respectively.
Optics Corporation, a leading developer and manufacturer of advanced optical
instruments since 1982, designs and produces high-quality medical instruments,
optical thin film coatings, and other advanced optical systems. The Company's
medical instrumentation line includes laparoscopes, arthroscopes and
endocouplers and a world-class product line of 3-D endoscopes for use in
minimally invasive surgical procedures. The Company continues to advance
products through technical innovation, including development of: the next
generation (patent pending) of 3-D endoscopes; the extension of Lenslock
technology (patent pending) to its entire line of endoscopes; instrumentation
utilizing the Company's micro-precision lens technology (patent pending) for
optical components; assemblies and endoscopes under 1 mm. Precision Optics
Corporation is registered to ISO 9001:2000, ISO 13485:2003, and CMDCAS Quality
Standards, and complies with the FDA Good Manufacturing Practices and the
European Union Medical Device Directive for CE Marking of its medical products.
The Company's Internet Website is www.poci.com.
statements contained in this news release, including those related to the future
success of Company's newly released products and products under development are
made under "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995 and involve a number of risks and uncertainties that could
materially affect future results. These risks and uncertainties, many of which
are not within the Company's control, include, but are not limited to, the
uncertainty and timing of the successful development of the Company's new
products; decisions by customers to place orders for the Company's products; the
risks associated with reliance on a few key customers; the Company's ability to
attract and retain personnel with the necessary scientific and technical skills;
the timing and completion of significant orders; the timing and amount of the
Company's research and development expenditures; the timing and level of market
acceptance of customers' products for which the Company supplies components;
performance of the Company's vendors; the ability of the Company to control
costs associated with performance under fixed price contracts; the continued
availability to the Company of essential supplies, materials and services;
the other risk factors and cautionary statements listed from time to time in
Company's periodic reports filed with the Securities and Exchange Commission,
including but not limited to, the Company's Annual Report on Form 10-KSB for
year ended June 30, 2005.