Precision Optics Reports Preliminary Fourth Quarter and Fiscal Year 2022 Revenue

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Aug 31, 2022, 16:05 ET

Company expects record FY 2022 revenue of approximately $15.6 million; represent an increase of approximately 46%

Company provides update on Nasdaq listing process

GARDNER, Mass., Aug. 31, 2022 /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 2022, ended June 30, 2022 and provided an update on its process to list its shares on the Nasdaq Capital Market. The Company will issue its complete fourth quarter and fiscal year end 2022 financial results and conduct a conference call as part of its complete financial results in September 2022.

Preliminary fourth quarter and fiscal year 2022 (ended June 30, 2022) highlights include:

Revenue for the fiscal year ended June 30, 2022 is expected to be approximately $15.6 million compared to $10.7 million in the previous fiscal year, an increase of approximately 46%, a new annual record for the Company. The record annual revenue was driven by organic revenue growth of approximately 10% coupled with contributions of approximately $3.8 million from the acquisition of Lighthouse Imaging which was completed in October 2021.
Revenue for the quarter ended June 30, 2022 is expected to be approximately $4.7 million compared to $2.7 million in the same quarter of the previous fiscal year, an increase of 74% from the year ago period, including 27% attributable to strong organic growth, and up sequentially from $4.65 million in the third quarter of fiscal 2022.

Precision Optics' CEO, Joseph Forkey, commented, "Fiscal 2022 was a transformative year for Precision Optics as we expect to report record annual revenues of approximately $15.6 million, with a fourth quarter annualized run-rate of approximately $19 million. This increase in revenue is driven by organic growth as well as contributions from our Lighthouse acquisition. During the past few quarters, we have experienced a surge in production contracts primarily due to the burgeoning pipeline we have built the last few years as well as reengagement by customers that were previously negatively impacted by the pandemic but are now beginning to recover. Going into Fiscal 2023 we expect opportunities for continued revenue growth while building profitability as we begin to realize the benefits of greater scale in our business. With continued improvement in industry trends towards innovative new products that leverage our proprietary optical technologies across medical device and defense segments and increases in elective surgeries which benefit many of our customers' end products, I believe we are well positioned to see continued growth in fiscal 2023."

Update on Intent to List Shares on Nasdaq Capital Market
The Company successfully received approval from shareholders at its annual meeting in April 2022 to affect a reverse split if needed to satisfy the Nasdaq minimum share price requirement and continues to have productive discussions with the exchange on certain other factors that are required for listing. The Company is working through what it believes to be the final details of the qualification with Nasdaq and expects to complete the process or have an additional update by the end of September.

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 is able to design and manufacture next-generation product solutions to 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 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 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.

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 performances 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 factors, including those risks discussed in the Company's annual report on Form 10-K and in other documents that we file from time to time with the SEC. 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
Phoenix | New York
Telephone: 602-889-9700
[email protected]

SOURCE Precision Optics Corporation