-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OlVPHaYzf/G7k3gg4KdRaBw88sATaV10/SrNdNNqy0HNf1YPMHuHOfvI574DJjGl dzj6TD1cdGO/b4WuJaEt6w== /in/edgar/work/20000801/0000912057-00-034138/0000912057-00-034138.txt : 20000921 0000912057-00-034138.hdr.sgml : 20000921 ACCESSION NUMBER: 0000912057-00-034138 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000801 ITEM INFORMATION: FILED AS OF DATE: 20000801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRECISION OPTICS CORPORATION INC CENTRAL INDEX KEY: 0000867840 STANDARD INDUSTRIAL CLASSIFICATION: [3845 ] IRS NUMBER: 042795294 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-10647 FILM NUMBER: 683851 BUSINESS ADDRESS: STREET 1: 22 EAST BROADWAY CITY: GARDNER STATE: MA ZIP: 01440-3338 BUSINESS PHONE: 9786301800 FORMER COMPANY: FORMER CONFORMED NAME: PRECISION OPTICS CORP INC DATE OF NAME CHANGE: 19600201 8-K 1 a8-k.txt 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): August 1, 2000 PRECISION OPTICS CORPORATION, INC. ----------------------------------------------------------- (Exact name of registrant as specified in its charter) Massachusetts 001-10647 04-2795294 - ------------------ ------------ ---------------- (State or other jurisdiction of (Commission (I.R.S. Employer of incorporation or organization) File Number) Identification No.) 22 East Broadway, Gardner, Massachusetts 01440 --------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (978) 630-1800 Item 5. Other Events. On August 1, 2000, the Registrant issued the following press release announcing its operating results for the fourth quarter and year ended June 30, 2000: AUGUST 1, 2000 PRECISION OPTICS CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS GARDNER, MA. - Precision Optics Corporation, Inc. (NASDAQ: POCI) announced today operating results for the fourth quarter and year ended June 30, 2000. FOURTH QUARTER OPERATING RESULTS Revenues for the quarter were $920,858 compared to $700,769 for the same period in fiscal year 1999, an increase of 31.4%. Revenues for the fourth quarter of fiscal year 2000 increased 17.4% sequentially over revenues for the third quarter of fiscal year 2000. Net loss was $337,343 or $0.03 per share, compared to $521,118, or $0.08 per share, for the same period last year. The weighted average common shares outstanding were 10,106,850 compared to 6,684,262 for the same period last year. For the year ended June 30, 2000, revenues were $3,009,649 compared to $3,028,600 for the same period last year, a decrease of 0.6%. Net loss was $2,155,890, or $0.26 per share, compared to $1,669,045 or $0.25 per share, for the same period last year. The weighted average common shares outstanding were 8,379,408 compared to 6,670,308 for the same period last year. The increase in revenues for the fourth quarter ended June 30, 2000 compared to last year is due to higher sales of medical products. Revenues from DWDM (Dense Wavelength Division Multiplexing) filters for the quarter ended June 30, 2000 represented 17% of total revenues, and increased 60% sequentially over DWDM filter revenues for the third quarter ended March 31, 2000. DWDM filter revenues represented 10% of total revenues for the year ended June 30, 2000. The increase in medical sales for the quarter and year ended June 30, 2000 compared to last year is due to higher sales of stereo endoscopes and cameras. INCREASED DWDM FILTER PRODUCT DEVELOPMENT ACTIVITIES AND NEW PRODUCTION RESOURCES The Company has continued its investments in research and development and capital equipment in the DWDM and other telecommunication areas. Efforts are focused on improving manufacturing processes for 200GHz filters and development of 100GHz filters. During the year ending June 30, 2000, research and development expenses were approximately $1,694,000 (up 80% from last year), and capital equipment expenditures were approximately $2,018,000 compared to approximately $452,000 for the same period last year. Approximately 85% of the research and development expenses in fiscal year 2000 related to DWDM filters. The capital equipment expenditures were focused primarily on expanding manufacturing capacity for DWDM filters. Such expenditures are expected to continue and accelerate during future quarters. A new high-volume coating system and ancillary equipment were installed in the month of July 2000. It is anticipated that the new system will begin higher volume production of DWDM filters during the first half of fiscal year 2001. NEW OPTICAL THIN FILMS TECHNOLOGY CENTER The Company is also planning to lease additional space for a new Optical Thin Films Technology Center to be devoted to development and manufacturing of optical thin films for telecommunications and other applications. Operations in the new facility are anticipated to commence during the quarter ending December 31, 2000. PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED JUNE 30, 2000 AND 1999
--FOURTH QUARTER-- --TWELVE MONTHS-- 2000 1999 2000 1999 ---- ---- ---- ---- (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) REVENUES $920,858 $700,769 $3,009,649 $3,028,600 COST OF GOODS SOLD 593,094 661,277 1,965,989 2,155,070 -------- ------- --------- ---------- GROSS PROFIT 327,764 39,492 1,043,660 873,530 RESEARCH and DEVELOPMENT EXPENSES 394,929 148,898 1,694,409 941,234 SELLING, GENERAL and ADMINISTRATIVE EXPENSES 478,987 412,675 1,759,886 1,608,696 -------- -------- --------- --------- TOTAL 873,916 561,573 3,454,295 2,549,930 -------- ------- ---------- --------- OPERATING LOSS (546,152) (522,081) (2,410,635) (1,676,400) INTEREST EXPENSE (4,903) (6,261) (24,317) (27,154) INTEREST INCOME 214,624 4,211 279,974 40,151 -------- -------- ---------- ----------- LOSS BEFORE PROVISION FOR INCOME TAXES (336,431) (524,131) (2,154,978) (1,663,403) PROVISION FOR INCOME TAXES 912 ( 3,013) 912 5,642 -------- ----------- ------------- ------------ NET LOSS $(337,343) $(521,118) $(2,155,890) $(1,669,045) ========= ========= =========== =========== BASIC AND DILUTED LOSS PER SHARE ($0.03) ($0.08) ($0.26) ($0.25) ========= ========= =========== =========== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 10,106,850 6,684,262 8,379,408 6,670,308 ========= ========= =========== ===========
PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
ASSETS JUNE 30, 2000 JUNE 30, 1999 ------------- ------------- CURRENT ASSETS Cash and Cash Equivalents $15,128,750 $480,732 Accounts Receivable, Net 638,299 210,079 Inventories 1,109,511 979,284 Prepaid Expenses 70,807 47,996 ----------- ----------- Total Current Assets 16,947,367 1,718,091 ---------- --------- PROPERTY AND EQUIPMENT 5,768,913 3,750,473 Less: Accumulated Depreciation (2,901,892) (2,496,949) --------- --------- Net Property and Equipment 2,867,021 1,253,524 ---------- --------- OTHER ASSETS 270,806 282,880 ---------- --------- TOTAL ASSETS $20,085,194 $3,254,495 ========== ========= LIABILITIES AND STOCKHOLDERS' EQUITY TOTAL CURRENT LIABILITIES $ 756,414 $ 615,448 CAPITAL LEASE OBLIGATION $ 88,175 $ 166,312 STOCKHOLDERS' EQUITY Common Stock, $.01 par value- Authorized -- 20,000,000 shares Issued and Outstanding - 10,285,158 and 6,687,595 shares at June 30, 2000 June 30, 1999, respectively 102,852 66,876 Additional Paid-in Capital 25,094,195 6,206,411 Accumulated Deficit (5,956,442) (3,800,552) --------- --------- Total Stockholders' Equity 19,240,605 2,472,735 ----------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $20,085,194 $3,254,495 =========== =========
Forward-looking statements contained in this news release are made under "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could materially affect future results. Among these risk factors are general economic and business conditions and growth in the optical communications and medical product markets, the impact of competitive products and pricing, availability of third-party components, cost and yields associated with production of the Company's optical communications and other products and the other risk factors and cautionary statements listed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including but not limited to, the Company's Annual Report on Form 10-KSB for the year ended June 30, 1999. Precision Optics Corporation provides high quality optical thin film coatings used in a variety of high technology applications including Optical Communications, Microlithography, Semiconductor Processing, Photomasks, and Advanced Imaging. In addition, Precision Optics Corporation designs, develops, manufactures and markets specialized optical systems and components. Its products and services as an original equipment manufacturer include a line of laparoscopes and arthroscopes as well as other medical instruments, industrial optical systems, lens systems for night-vision equipment, and advanced optical systems design and development. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRECISION OPTICS CORPORATION, INC. Date: August 1, 2000 By: ------------------------------------ Name: Jack P. Dreimiller Title: Senior Vice President, Finance and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----