Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical for the medical and defense industries, today announced preliminary revenue for the fourth quarter and fiscal year end 2019, ended June 30, 2019. Additionally, the Company filed an 8-K/A which includes the pro forma financial results of its acquisition of Ross Optical Industries which was originally announced on July 8, 2019.
Precision Optics will issue complete fiscal year end 2019 financial results as part of its Form 10-K to be filed during the last week of September 2019.
Preliminary fourth quarter fiscal 2019 highlights include:
- Revenue for the quarter (ended June 30, 2019) from historical Precision Optics operations (ie. non-Ross Optical) are expected to be approximately million, reflecting an increase of 16% compared to $1.5 million in previous year’s fourth quarter and growth of 23% compared to the third of fiscal 2019. Growth in revenue was driven primarily by an in production revenue to medical devices incorporating the Microprecision™ technology, including cardiovascular fiberscopes an ENT scanning device.
- In addition, the results of operations of Ross Optical beginning June 1, accrue to Precision Optics. Ross Optical’s sales for the month of 2019 were approximately $650,000, bringing total fourth quarter to approximately $2.4 million.
Preliminary fiscal year 2019 highlights include:
- For the 2019 fiscal year (ended June 30, 2019), revenue from historical Optics operations (ie. non-Ross Optical) are expected to be $6.1 million, reflecting an increase of 52% compared to $4.0 during fiscal year 2018.
- Including the one month of contributions from Ross Optical, revenue for year 2019 is expected to be approximately $6.8 million, an increase 68%.
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Pro forma financial highlights include:
- For the first 9 months of fiscal 2019 (ended March 31, 2019), pro forma results show a combined organization (Precision Optics and Ross ) with $7.4 million in sales, gross margin of approximately 35% and net loss of $15,000. Non-cash stock-based expenses of during the nine months ended March 31, 2019 contributed to the for this period.
Precision Optics’ CEO, Joseph Forkey, commented, “I am extremely pleased with preliminary revenue numbers for the fourth quarter and fiscal year 2019 show a continuation of the strong growth trends we experienced the year. Our work with key medical device and defense companies to them develop the next generation of technology through Precision Optics’ micro optics and 3D imaging capabilities has created a growing
portfolio of products. Many of these products should have long product life , providing us with a strong and expanding backlog of business.
Additionally, we have maintained strong engineering revenue levels, for projects we expect to go into production during the next to eighteen months.”
Dr. Forkey continued, “To build on the growth in our micro optics and 3D operations, we are excited about our recent acquisition of Ross
Optical. Strategically, Ross Optical helps to broaden our markets and product , enhances our supply chain, accelerates our efforts to gain
economies of scale, and diversifies our customer concentration. Financially, acquired a growing and profitable operation at what we believe is an price with potential operational cost savings as well as key available to us that further enhance the value to Precision Optics
shareholders.”
Preliminary Fourth Quarter 2019 Results and Ross Optical Acquisition Call Company has scheduled a conference call to discuss preliminary fourth and fiscal 2019 revenues as well as its recent acquisition of Ross Industries today, Thursday, August 15, 2019 at 5:00pm ET.
Date: August 19, 2019
Source: Bloomberg
