Precision Optics Corporation, Inc. Announces Operating Results for the First Quarter of Fiscal Year 2018 Ended September 30, 2017

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GARDNER, Mass., Nov. 14, 2017 — Precision Optics Corporation, Inc. (OTCQB:PEYE) (the “Company”) today announced operating results on an unaudited basis for its first quarter ended September 30, 2017.
First quarter highlights include:Revenues of $1,029,000 compared to $850,000 in the first quarter of fiscal 2017;37.6% gross margin compared to 19.7% in the first quarter of fiscal 2017;Net loss of $29,000 compared to net loss of $293,000 in the first quarter of fiscal 2017; andAcross the board improved margins on engineering and production projects during the quarter.Commenting on the first quarter results, Joseph Forkey, Company CEO said, “Revenues continued their up and down trend this quarter with an increase of $179,000 or 21% compared to the same quarter last year.  Strong project-by-project margins and control of other non-production expenses resulted in significant improvements in gross margin and overall operating loss for the quarter. These results demonstrate the effectiveness of our concerted efforts to increase efficiencies both in production and in overall operations.”Dr. Forkey continued, “Demand for our unique Microprecision™ technology capabilities remains strong and we expect certain projects to transition from engineering and prototype work to production orders in the near term. Our steadily improving financial performance at the current level of sales reinforces our on-going belief that moderate increases in sales from the current levels will result in further improved financial performance. Our current pipeline of engineering service projects remains strong as existing and new customers look to Precision Optics to assist them with the design, development, and manufacture of medical-grade cameras and endoscopes based on CMOS and other micro imaging and illumination technologies.”The following table summarizes the first quarter results for the periods ended September 30, 2017 and 2016 (unaudited):Quarterly Conference Call DetailsThe Company has scheduled a conference call to discuss the fiscal first quarter 2017 financial results for Tuesday, November 14, 2017 at 5:00 PM Eastern. To participate in the conference call, please dial 1-844-826-3042 toll free from the U.S., or 1-412-317-5187 for international callers, and ask to be connected to the Precision Optics conference call.An audio replay of the conference call will be available approximately one hour after the conclusion of the call and will be made available until November 28, 2017. The audio replay can be accessed by dialing 1-877-344-7529 toll free from the U.S., or 1-412-317-0088 for international callers, and enter conference ID number 10114363.About Precision Optics Corporation
Precision Optics Corporation has been a leading developer and manufacturer of advanced optical instruments since 1982. Using proprietary optical technologies, the Company designs and produces next generation medical instruments, MicroprecisionTM micro-optics with characteristic dimensions less than 1 millimeter, and other advanced optical systems for a broad range of customers including some of the largest global medical device companies. The Company’s innovative medical instrumentation line includes state-of-the-art endoscopes and endocouplers as well as custom illumination and imaging products for use in minimally invasive surgical procedures. The Company believes that current advances in its proprietary micro-optics and 3D imaging technologies present significant opportunities for expanding applications to numerous potential medical products and procedures.  The Company’s website is www.poci.com. Investors can find Real-Time Quotes and market information for the Company on www.otcmarkets.com/stock/PEYE/quote.
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 to reflect events or circumstances after the date of this report, except as required by law.   
Following are the Company’s consolidated balance sheets as of September 30, 2017 and June 30, 2016, and statements of operations for the three months ended September 30, 2017 and 2016 and statements of cash flows for the three months ended September 30, 2017 and 2016 (unaudited):

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Maria Burns

Maria Burns

Maria is a Viral News Editor who graduated from the University Of California. She likes social media trends, being semi-healthy, Buffalo Wild Wings and vodka with lime. When she isn’t writing, Maria loves to travel. She last went to Thailand to play with elephants and is planning a trip to Bali.
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