GARDNER, Mass., May 15, 2024 (GLOBE NEWSWIRE) -- 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 third quarter fiscal year 2024 for the period ended March 31, 2024. Q3 2024 Financial Highlights (3 Months Ended March 31, 2024): Revenue increased 4% to $5.2 million, compared to $5.0 million in the same quarter of the previous fiscal year, and up 9% compared to the most recent sequential quarter. Engineering revenue increased 62% to $2.3 million compared to $1.4 million in the same quarter of the previous fiscal year, representing record engineering revenue. Production revenue was $3.0 million compared to $3.6 million in the same quarter of the previous fiscal year, but up 15% compared to $2.6 million in the most recent sequential quarter. Gross margins were 35.5% compared to 34.4% in the same quarter of the previous year. Net loss for the quarter was ($317,055), compared to $(398,432) in the same quarter of the previous year. Adjusted EBITDA was $52,012 for the quarter compared to $9,456 in the same quarter of the previous year. Recent Additional Highlights: In April 2024, the Company announced the receipt of a $720,000 follow on production order from a top tier defense/aerospace company addressing a commercial application that leverages the Company's proprietary manufacturing technology developed for high precision micro-optics systems. In April 2024, the Company announced the receipt of a follow-on production order totaling approximately $1.25 million from a major U.S. defense contractor, to meet continued demand for a highly complex optical assembly manufactured by Precision Optics. In May 2024, the Company announced the receipt of a $9 million production order for a high volume single-use cystoscopy surgery program. Precision Optics' CEO, Joseph Forkey, commented, "The financial results of the third quarter highlight the sequential growth expectations we had for fiscal 2024, with the second half of the fiscal year outpacing the first half. The growth trends are being driven by the recent receipt of several new and follow-on production orders for a variety of applications leveraging our unique micro-optics and digital imaging capabilities for medical device and aerospace/defense applications, coupled with record levels of engineering revenue." "Building on this momentum, last week we announced the receipt of a $9 million landmark production order from a leading surgical company to supply a single-use endoscope assembly for use in their cystoscopy surgery system. The order is expected to be delivered over the next several quarters and highlights the success of our strategy to serve our customers from design to fully scaled manufacturing, and the broader opportunity that high-volume, single-use applications provide to the Company. The market for medical devices is robust with the single-use device segment growing two to three times more rapidly than the traditional market. We look forward to fulfilling this initial production order and the opportunity it provides to demonstrate our single-use engineering and production capabilities." "I believe Precision Optics is well positioned for future growth given the recent receipt of several new production orders, many of which extend out multiple years, and the strength of our engineering pipeline which continues to advance new programs into commercialization. With production deliveries for the $9 million single-use order set to commence in July 2024, we aim to accelerate revenue growth and drive incremental profitability as we complete fiscal 2024 and enter the new year," Dr. Forkey concluded. The following table summarizes the third quarter and fiscal year to date (unaudited) results for the periods ended March 31, 2024, and 2024:           Three Months   Nine Months   Ended March 31,   Ended March 31,   2024 2023   2024 2023 Revenues $ 5,242,579   $ 5,048,065     $ 14,388,123   $ 16,020,327   Gross Profit 1,858,737   1,736,098     4,773,324   5,975,011                       Stock Compensation Expenses 258,214   450,014     749,391   769,790   Other 1,859,050   1,779,352     5,391,915   5,229,226   Total Operating Expenses 2,117,264   2,229,366     6,141,306   5,999,016                       Operating Income (Loss) (258,527 ) (493,268 )   (1,367,982 ) (24,005 )                     Net Income (Loss) (317,055 ) (398,432 )   (1,540,272 ) (48,488 )                     Income (Loss) per Share                   Basic & Fully Diluted $ (0.05 ) $ (0.07 )   $ (0.25 ) $ (0.01 )                                         Weighted Average Common Shares Outstanding                   Basic & Fully Diluted 6,068,419   5,640,473     6,067,165   5,639,015                       Note: The Common Shares in this table reflect shares on a post reverse split basis for all periods presented. Conference Call Details Date and Time: Wednesday, May 15, 2024, at 5:00pm ET Call-in Information: Interested parties can access the conference call by dialing (844) 735-3662 or (412) 317-5705. Live Webcast Information: Interested parties can access the conference call via a live webcast, which is available at https://app.webinar.net/0e6QBboJvza. Replay: A teleconference replay of the call will be available until May 22, 2024, at (877) 344-7529 or (412) 317-0088, replay access code 8743731. A webcast replay will be available at https://app.webinar.net/0e6QBboJvza. About Precision Optics Corporation Founded in 1982, Precision Optics is a vertically integrated optics company primarily focused on leveraging its proprietary micro-optics and 3D imaging technologies to the healthcare and defense/aerospace industries by providing services ranging from new product concept through mass manufacture. Utilizing its leading-edge in-house design, prototype, regulatory and fabrication capabilities as well as its Lighthouse Imaging division's electronic imaging expertise and its Ross Optical division's high volume world-wide sourcing, inspecting and production resources, the Company designs and manufactures next-generation product solutions for the most challenging customer requirements. Within healthcare, Precision Optics enables next generation medical device companies around the world to meet the increasing demands of the surgical community who require more enhanced and smaller imaging systems for minimally invasive surgery, including single-use medical devices, as well as 3D endoscopy systems to support the rapid proliferation of surgical robotic systems. In addition to these next generation applications, Precision Optics has supplied top tier medical device companies with a wide variety of optical products for decades, including complex endocouplers and specialized endoscopes. The Company is also leveraging its technical proficiency in micro-optics to enable leading edge defense/aerospace applications which require the highest quality standards and the optimization of size, weight and power. For more information, please visit www.poci.com. Non-GAAP Financial Measures Precision Optics has provided in this press release financial information that has not been prepared in accordance with accounting principles generally accepted in the Unites States of America ("non-GAAP"). The non-GAAP financial measure is Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization). Adjusted EBITDA also excludes from Net Income (Loss) the effect of stock-based compensation, restructuring and other acquisition-related items. This non-GAAP financial measure assists Precision Optics management in comparing its operating performance over time because certain items may obscure the underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete acquisition or restructuring plans that are fundamentally different from the ongoing productivity of the Company. Precision Optics management also believes that presenting this measure allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measure presented above to GAAP results has been provided in the financial tables included with this press release. About Forward-Looking Statements This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company's intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company's future activities or future events or conditions. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by the Company's management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous risk factors. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement, except as required by law. Company Contact: PRECISION OPTICS CORPORATION 22 East Broadway Gardner, Massachusetts 01440-3338 Telephone: 978-630-1800 Investor Contact: LYTHAM PARTNERS, LLC Robert Blum Telephone: 602-889-9700   PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)                   March 31,    June 30,    2024    2023  ASSETS               Current Assets:               Cash and cash equivalents $ 925,067     $ 2,925,852   Accounts receivable, net of allowance for doubtful accounts of $826,434 at March 31, 2024 and $606,715 at June 30, 2023   4,223,769       3,907,407   Inventories   3,032,221       2,776,216   Prepaid expenses   209,505       249,681   Total current assets   8,390,562       9,859,156                   Fixed Assets:               Machinery and equipment   3,255,789       3,227,481   Leasehold improvements   810,913       788,194   Furniture and fixtures   256,681       248,917   Construction in progress   233,519