On May 14, 2020 Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, reported that operating results on an unaudited basis for its third quarter fiscal year ended March 31, 2020 (Press release, Precision Optics, MAY 14, 2020, View Source [SID1234558085]).

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Third quarter fiscal 2020 highlights:

Revenue for the quarter ended March 31, 2019 was $2.4 million compared to $1.4 million in the same quarter of the previous fiscal year, an increase of 71% driven primarily by Ross Optical operating as a division of Precision Optics. Revenues for the quarter were impacted by approximately $300,000 – $400,000 during the third quarter due to COVID-19.
Gross margins for the quarter ended March 31, 2020 of 34% compared to 33% in the same quarter of the prior year.
Net loss of $466,130 during the quarter included $75,567 of stock-based compensation.
On April 14, 2020 the Company raised $250,000 from existing accredited investors with the sale of 200,000 shares at a purchase price of $1.25 per share. On May 6, 2020 the Company received an $809,000 loan from the Small Business Administration (SBA) Paycheck Protection Program.
Precision Optics’ CEO, Joseph Forkey, commented, "I am proud of the efforts by our team during the third quarter as we placed a high priority on the safety of our employees, while striving to meet the demands of our customers. Both our operations in Massachusetts and Texas were deemed essential operations and remained open with prudent workplace precautions. I am grateful to our employees who have worked diligently to keep our operations going during this difficult time. I am also grateful to our shareholders, led by the Pessin family, along with Hershey Strategic Capital and others for their quick support during the early days of the pandemic. The proceeds from our limited financing along with funds from the Paycheck Protection Program put us in a good position to maintain our operations and support our customers despite the real and potential impacts of the pandemic on our business and industry."

"During the quarter, we saw increased pull through in our Ross Optical division as customers built inventory in advance of disruptions that may occur due to COVID-19. This improvement however was offset by delays in shipments due to supply chain issues and a decrease in operational efficiency due to the enactment of workplace safety guidelines. Subsequent to the end of the quarter, we were notified by one of our major customers of the need to moderate deliveries for the next three quarters due to the impact of COVID-19 on their operations. Overall, our customers are very well funded and our activity relating to customer products in development remained on track and should have minimal long-term impact of COVID-19."

Conference Call Details
The Company has scheduled a conference call to discuss the third quarter 2020 financial results for Thursday, May 14, 2020 at 5:00 p.m. EDT.