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Precision Optics Reports First Quarter Fiscal Year 2024 Financial Results
Conference Call Scheduled for today, November 14, 2023, at 5:00pm ET. GARDNER, Mass., Nov. 14, 2023 /PRNewswire/ -- Precision Optics Corporation, Inc.
About this update from Precision Optics Corporation, Inc.
[{"type":"text","content":"Conference Call Scheduled for today, November 14, 2023, at 5:00pm ET.\nGARDNER, Mass., Nov. 14, 2023 /PRNewswire/ -- Precision Optics Corporation, Inc. (NASDAQ: POCI), 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 2024 for the period ended September 30, 2023.\n\n \n \n \n \n \n \n\n \nQ1 2024 Financial Highlights (3 Months Ended September 30, 2023):\nRevenue decreased 15% to $4.3 million, compared to $5.1 million in the same quarter of the previous fiscal year.Production revenue was $2.4 million compared to $3.4 million in the same quarter of the previous fiscal year.Engineering revenue was $1.9 million compared to $1.6 million in the same quarter of the previous fiscal year.Gross margins were 33.9% compared to 32.2% in the same quarter of the previous year.Net loss for the quarter was ($464,415), compared to a net loss of ($158,724) in the same quarter of the previous year. Adjusted EBITDA was ($244,983) for the quarter compared to $25,599 in the same quarter of the previous year. Recent Additional Highlights:\nIn November 2023, the Company announced the receipt of an $890,000 initial production order for a complex imaging sub-assembly that will be used in the customer's new robotic laparoscopy system. The imaging subassembly incorporates cutting edge optical, electronic, and mechanical systems designed by Precision Optics.In October 2023, the Company announced the receipt of an initial production order from a top tier defense/aerospace company totaling $680,000 addressing a new commercial application leveraging the Company's manufacturing IP developed for high precision micro-optics technology.Precision Optics' CEO, Joseph Forkey, commented, \"As anticipated and discussed last quarter, the decline in revenue was attributable to timing differences between the exit of certain mature customer programs, reorders for ongoing products and the introduction of new customer programs, primarily in the areas of medical endoscopes, including single-use devices and new defense / aerospace commitments. Revenue was also impacted by lower order volumes of optical components from our Ross Optical operation as customers sought to rebalance their inventories which had previously grown beyond sustainabl...