-----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, CFIT0OsVSiXB0Eb4hir4FjkKjnfbai2xfJDi2dRtVCImH2qW5r6LM4jhL9X7XwHm u5aXc517TPvnIJqS++hShw== 0000912057-00-005750.txt : 20000214 0000912057-00-005750.hdr.sgml : 20000214 ACCESSION NUMBER: 0000912057-00-005750 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRECISION OPTICS CORPORATION INC CENTRAL INDEX KEY: 0000867840 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 042795294 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 333-89989 FILM NUMBER: 535252 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 10QSB 1 FORM 10QSB FORM 10-QSB U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1999 Commission file number 001-10647 ------------------ PRECISION OPTICS CORPORATION, INC. - -------------------------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) MASSACHUSETTS 04-2795294 - -------------------------------- ------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 22 EAST BROADWAY, GARDNER, MASSACHUSETTS 01440-3338 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (978) 630-1800 - -------------------------------------------------------------------------------- (Issuer's telephone number, including area code) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes (X) No ( ) The number of shares outstanding of issuer's common stock, par value $.01 per share, at December 31, 1999 was 8,064,460 shares. Transitional Small Business Disclosure Format (check one): Yes ( ) No (X) PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES INDEX
Page ---- PART I. FINANCIAL INFORMATION: ITEM 1 Consolidated Financial Statements Consolidated Balance Sheets- 1 December 31, 1999 and June 30, 1999 (unaudited) Consolidated Statements of Operations - 2 Quarter Ended December 31, 1999 and December 31, 1998 (unaudited) Six Months Ended December 31, 1999 and December 31, 1998 (unaudited) Consolidated Statements of Cash Flows - 3 Six Months Ended December 31, 1999 and December 31, 1998 (unaudited) Notes to Consolidated Financial Statements 4-5 ITEM 2 Management's Discussion and Analysis of 6-10 Financial Condition and Results of Operations PART II. OTHER INFORMATION 11 ITEMS 1-3 Not Applicable 11 ITEM 4 Submission of Matters to a Vote of Security Holders 11 ITEM 5 Not Applicable 11 ITEM 6 Exhibits and Reports on Form 8-K 11 (a) Exhibits - Exhibit 27 (b) Reports on Form 8-K - None
PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) ASSETS
December 31, 1999 June 30, 1999 ----------------- ------------- CURRENT ASSETS Cash and Cash Equivalents $ 1,503,866 $ 480,732 Accounts Receivable, Net 208,875 210,079 Inventories 961,400 979,284 Prepaid Expenses 79,674 47,996 ----------- ----------- Total Current Assets 2,753,815 1,718,091 ----------- ----------- PROPERTY AND EQUIPMENT 4,010,529 3,750,473 Less: Accumulated Depreciation (2,689,944) (2,496,949) ----------- ----------- Net Property and Equipment 1,320,585 1,253,524 ----------- ----------- OTHER ASSETS 279,371 282,880 ----------- ----------- TOTAL ASSETS $ 4,353,771 $ 3,254,495 ----------- ----------- ----------- ----------- LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable $ 174,987 $ 194,619 Accrued Payroll 111,008 75,644 Accrued Professional Services 109,103 50,283 Accrued Profit Sharing and Bonuses 32,500 25,000 Accrued Income Taxes -- 912 Accrued Vacation 77,581 78,056 Accrued Warranty Expense 50,000 50,000 Current Portion of Capital Lease Obligation 146,503 105,542 Other Accrued Liabilities 132,320 35,392 ----------- ----------- Total Current Liabilities 834,002 615,448 ----------- ----------- CAPITAL LEASE OBLIGATION 118,146 166,312 ----------- ----------- STOCKHOLDERS' EQUITY Common Stock, $.01 par value- Authorized -- 20,000,000 shares Issued and Outstanding - 8,064,460 and 6,687,595 shares at December 31, 1999 June 30, 1999, respectively 80,645 66,876 Additional Paid-in Capital 8,272,415 6,206,411 Accumulated Deficit (4,951,437) (3,800,552) ----------- ----------- Total Stockholders' Equity 3,401,623 2,472,735 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,353,771 $ 3,254,495 ----------- ----------- ----------- -----------
PAGE 1 OF 13 PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE SECOND QUARTER AND SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
-- SECOND QUARTER -- -- SIX MONTHS -- 1999 1998 1999 1998 -------- -------- ---------- --------- (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) REVENUES $587,403 $857,090 $1,304,288 $1,536,985 COST OF GOODS SOLD 393,737 505,457 777,423 1,021,586 -------- -------- ---------- --------- GROSS PROFIT 193,666 351,633 526,865 515,399 -------- -------- ---------- --------- RESEARCH and DEVELOPMENT 467,226 259,590 856,645 495,202 SELLING, GENERAL and ADMINISTRATIVE EXPENSES 426,610 424,232 823,076 789,110 --------- --------- ---------- ---------- TOTAL OPERATING EXPENSES 893,836 683,822 1,679,721 1,284,302 -------- -------- ---------- ---------- OPERATING LOSS (700,170) (332,189) (1,152,856) (768,903) INTEREST EXPENSE (7,053) (7,506) (12,877) (14,184) INTEREST INCOME 8,640 10,271 14,848 29,579 --------- --------- ---------- ----------- LOSS BEFORE PROVISION FOR INCOME TAXES (698,583) (329,424) (1,150,885) (753,508) PROVISION FOR INCOME TAXES -- 8,655 -- 8,655 ------------- ---------- ------------- ---------- NET LOSS $(698,583) $(338,079) $(1,150,885) $(762,163) -------- -------- ---------- --------- -------- -------- ---------- --------- BASIC and DILUTED LOSS PER SHARE ($0.09) ($0.05) ($0.15) ($0.11) -------- -------- ---------- --------- -------- -------- ---------- --------- WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 7,751,239 6,677,595 7,469,417 6,661,204 -------- -------- ---------- --------- -------- -------- ---------- ---------
PAGE 2 OF 13 PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED DECEMBER 31, 1999 AND DECEMBER 31, 1998 (UNAUDITED)
1999 1998 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Loss $(1,150,885) $ (762,163) Adjustments to Reconcile Net Loss to Net Cash (Used In) Provided by Operating Activities - Depreciation and Amortization 216,703 183,061 Deferred Income Taxes -- 8,655 Non-Cash Royalty Expense 1,875 1,875 Changes in Assets and Liabilities- Accounts Receivable 1,204 (80,431) Inventories 17,884 (65,849) Prepaid Expenses (33,553) (61,798) Accounts Payable (19,632) 74,108 Customer Advances -- (116,841) Accrued Expenses 197,225 (128,605) ----------- ----------- Net Cash Used In Operating Activities (769,179) (947,988) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of Property and Equipment (217,556) (247,547) Increase in Other Assets (20,199) (17,262) ----------- ----------- Net Cash Used in Investing Activities (237,755) (264,809) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of Capital Lease Obligation (49,705) (62,391) Net Proceeds (Costs) From Private Placement of Common Stock 1,019,391 (54,418) Proceeds from Exercise of Stock Options and 1,060,382 76,670 Warrants ----------- ----------- Net Cash Provided By (Used in) Financing Activities 2,030,068 (40,139) ----------- ----------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,023,134 (1,252,936) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 480,732 2,060,146 ----------- ----------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,503,866 $ 807,210 ----------- ----------- ----------- ----------- SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash Paid for- Interest $ 12,877 $ 14,184 ----------- ----------- ----------- ----------- Income Taxes $ -- $ -- ----------- ----------- ----------- ----------- SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Capital Lease Obligation $ 42,500 $ 72,798 ----------- ----------- ----------- ----------- Common Stock Issued for Payment of Royalties $ -- $ 7,500 ----------- ----------- ----------- -----------
PAGE 3 OF 13 PRECISION OPTICS CORPORATION, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) BASIS OF PRESENTATION The accompanying consolidated financial statements include the accounts of Precision Optics Corporation, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. These financial statements have been prepared by the Company, without audit, and reflect normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the results of the second quarter and first half of the Company's fiscal year 2000. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company's financial statements for the period ended June 30, 1999 together with the auditors' report filed under cover of the Company's 1999 Annual Report on Form 10-KSB. (b) (LOSS) EARNINGS PER SHARE Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. For the six months ended December 31, 1999 and 1998, the effect of stock options and warrants was antidilutive; therefore, they were not included in the computation of diluted loss per share. The number of shares that were excluded from the computation as their effect would be antidilutive were 2,409,635 for the six months ended December 31, 1999 and 1,596,500 for the six months ended December 31, 1998. (c) FINANCIAL INSTRUMENTS SFAS No. 107, DISCLOSURE ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS, requires disclosures about the fair value of financial instruments. Financial instruments consist principally of cash equivalents, accounts receivable, accounts payable, and capital lease obligations. The estimated fair value of these financial instruments approximates their carrying value. PAGE 4 OF 13 (d) LONG-LIVED ASSETS In accordance with the provisions of SFAS No. 121, ACCOUNTING FOR IMPAIRMENT OF LONG-LIVED ASSETS AND FOR LONG-LIVED ASSETS TO BE DISPOSED OF, the Company evaluates the realizability of its long-lived assets at each reporting period based on projected future cash flows. As of December 31, 1999 and 1998, the Company has determined that no material adjustment to the carrying value of its long-lived assets was required. (e) WARRANTY COSTS The Company does not incur future performance obligations in the normal course of business other than providing a standard one-year warranty on materials and workmanship to its customers. The Company provides for estimated warranty costs at the time product revenue is recognized. 2. INVENTORIES Inventories are stated at the lower of cost (first-in, first-out) or market and consist of the following:
December 31, 1999 June 30, 1999 ----------------- ------------- Raw Materials $605,826 $589,762 Work-In-Process 224,279 248,085 Finished Goods and Components 131,295 141,437 ------- ------- Total Inventories $961,400 $979,284 ------- ------- ------- -------
PAGE 5 OF 13 PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS IMPORTANT FACTORS REGARDING FORWARD-LOOKING STATEMENTS When used in this discussion, the words "believes", "anticipates", "intends to", and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected. These risks and uncertainties, many of which are not within the Company's control, include, but are not limited to, the uncertainty and timing of the successful development of the Company's new products, particularly in the optical thin films area; the risks associated with reliance on a few key customers; the Company's ability to attract and retain personnel with the necessary scientific and technical skills; the timing and completion of significant orders; the timing and amount of the Company's research and development expenditures; the timing and level of market acceptance of customers' products for which the Company supplies components; the level of market acceptance of competitors' products; the ability of the Company to control costs associated with performance under fixed price contracts; and the continued availability to the Company of essential supplies, materials and services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the result of any revision to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. LIQUIDITY AND CAPITAL RESOURCES For the six months ended December 31, 1999, the Company's cash and cash equivalents increased by approximately $1,023,000 to $1,504,000. The increase in cash and cash equivalents was due to net proceeds received of approximately $1,019,000 for a private placement of common stock, and exercise of stock options and warrants of approximately $1,060,000, partially offset by cash used by operating activities of approximately $769,000, purchases of property and equipment of approximately $217,000, repayment of capital lease obligations of approximately $50,000, and an increase in other assets (primarily patents) of approximately $20,000. The Company intends to continue devoting significant resources to internally-funded research and development spending on both new products and the improvement of existing products. The Company also intends to devote resources to the marketing and product support of its medical and optical thin films product lines, and the development of new methods of distribution. These investments may temporarily result in negative cash flow, but the Company anticipates that the results of these efforts will translate into increased revenues and profits. PAGE 6 OF 13 Furthermore, depending upon the market acceptance of the Company's products, the Company believes that it may need to acquire new facilities, add additional manufacturing or research and development equipment, or acquire a business that has complementary products or manufactures or sells to the Company components, materials, supplies, or services used in the manufacture, marketing, distribution, or servicing of the Company's new products, as well as the Company's existing products. As a potential source of liquidity, the Company has callable warrants outstanding for 1,000,000 shares with an exercise price of $11/8 per share and 310,000 shares with an exercise price of $4 per share. If exercised in full, these warrants would generate proceeds to the Company of approximately $2,365,000. The Company has no material unused sources of liquidity other than its cash and cash equivalents, accounts receivable and callable warrants. If these liquidity sources, along with revenues from operations, are not sufficient to fund operations or growth, the Company will require additional financing. The timing and amount of additional financing requirements depend on a number of factors, including the status of development and commercialization efforts, the cost of equipment and personnel to support manufacturing of new and existing products, and the amount of working capital necessary to start up and maintain operations supporting new products. The Company may seek additional funds through public or private equity or debt financing. There can be no assurance that such funds will be available on satisfactory terms, if at all. Lack of necessary funds may require the Company to delay, scale back or eliminate some or all of its development efforts and undertake other cost reduction measures. RESULTS OF OPERATIONS Total revenues for the quarter and six months ended December 31, 1999 decreased by $269,687 or 31.5% and $232,670 or 15.1%, respectively, from the same periods in the prior year. The revenue decrease from the prior year for the second quarter was due to lower sales of medical products (down 34%), and lower sales of non-medical products (down 7%). For the quarter ending December 31, 1999, medical sales were lower due primarily to lower shipments of stereo endoscopes and cameras, partially offset by higher sales of non-stereo endoscopes and endocouplers. Non-medical sales were lower for the quarter due primarily to the phasing out of night vision products and lower sales of industrial products, partially offset by higher sales of DWDM filters. Similarly, the revenue decrease from the prior year for the six months ended December 31, 1999 was due to lower sales of medical products (down 10%), and sales of non-medical products (down 49%). For the six months ended December 31, 1999, medical sales were lower due primarily to lower sales of non-stereo endoscopes and couplers and lower customer-funded medical research and development projects, partially offset by higher shipments of stereo endoscopes and cameras. Non-medical sales were lower year to date due primarily to the phasing out of night vision products and lower sales of industrial products, partially offset by higher sales of DWDM filters. PAGE 7 OF 13 Included in total revenues are sales for customer-funded research and development projects totaling approximately $8,000 and $18,000 for the quarter ending December 31, 1999 and 1998, respectively, and approximately $8,000 and $204,000 for the six months ended December 31, 1999 and 1998, respectively. Levels of customer-funded research and development can fluctuate greatly in any given period depending upon the level of customer demand during such period. Revenues from the Company's two largest customers were approximately 51% and 10% of total revenues for the six months ended December 31, 1999, and revenues from the Company's two largest customers were approximately 37% and 13% of total revenues for the six months ended December 31, 1998. No other customers accounted for more than 10% of the Company's revenues during those periods. Gross profit expressed as a percentage of revenues decreased from 41.0% to 33.0% for the second quarter, and increased from 33.5% to 40.4% for the six months ended December 31, 1999, compared to the corresponding periods in the prior year. The fluctuations in the gross profit percentage are due primarily to favorable and unfavorable changes in the product mix of shipments in the current year periods, which result in proportionately lower or higher manufacturing costs. Research and development expenses increased by approximately $208,000, or 80.0%, for the quarter ending December 31, 1999, and by approximately $361,000, or 73.0%, for the six months ending December 31, 1999 compared to the corresponding periods of the prior year. During both years, internal research and development expenses consisted primarily of development efforts related to Dense Wavelength Division Multiplexing (DWDM) filters used in telecommunications systems. The increase was due to a higher level of technical staff resources being devoted to the DWDM filter project in the current year. Selling, general and administrative expenses increased by approximately $2,000, or 0.5%, for the quarter ending December 31, 1999 and by approximately $34,000, or 4.3%, for the six months ending December 31, 1999 compared to the corresponding periods of the prior year. The year to date increase is due primarily to higher professional services expenses. Interest expense relates primarily to capital lease obligations. Interest income decreased by approximately $2,000 for the quarter and by approximately $15,000 for the six months ending December 31, 1999 compared to the corresponding periods of the prior year due to the lower base of cash equivalents. No income tax provision was recorded in the first or second quarter of fiscal year 2000 or 1999 because of the losses generated in those periods. PAGE 8 OF 13 YEAR 2000 READINESS The Company was required to modify portions of its hardware and software so that its computer systems and other date-sensitive equipment would properly utilize data beyond December 31, 1999. The Company utilized primarily external resources to test and/or replace hardware and software for Year 2000 compliance. The costs of becoming Year 2000 compliant were approximately $35,000 (which includes approximately $26,000 for capital equipment upgrades). These costs do not include time spent by internal personnel, which was not material. To date the Company has not experienced any problems or disruptions of its operations due to Year 2000 issues, nor is the Company currently aware of any material risks to its business and operations presented by the Year 2000 compliance status of its customers, suppliers or service providers. The Company will continue to monitor its Year 2000 compliance status, and implement contingency plans as necessary to address any residual Year 2000 risks. TRENDS AND UNCERTAINTIES THAT MAY AFFECT FUTURE RESULTS The Company continues to aggressively pursue sales, marketing, and technology development efforts for optical thin films in the rapidly growing telecommunications industry. The success of these products depends upon a number of factors, including the Company's timely completion of development efforts, ability to meet a set of rigorous customer specifications, and ability to reliably manufacture such products in sufficient quantity at acceptable yields to meet anticipated demand. The Company is currently supporting product evaluation tests with several potential customers. In December 1999, the Company announced that its 200-GHz filters for use in Dense Wavelength Division Multiplexing (DWDM) applications by the telecommunications industry had passed all qualification and test criteria of a major customer. Production and shipments of 200-GHz filters to this customer on a remaining order balance of approximately $1.6 million resumed in late December 1999 and are expected to accelerate over the next several months. The Company has also received several smaller orders for 200-GHz filters from other customers. The level of future shipments will depend, to a large extent, upon the ability to achieve satisfactory production rates and yields during start-up phases and into mature production. In January 2000, the Company announced the appointment of Dr. James D. Rancourt as Senior Vice President, Optical Thin Film Technology. Dr. Rancourt was affiliated with Optical Coating Labs, Inc. (OCLI) for many years, where his management and technical responsibilities included optical thin film design, development, manufacturing, process automation and project management. From 1995 through 1997 Dr. Rancourt was Chief Scientist at OCLI. For the past two years he directed new thin film coated product development at Guardian Industries Corporation, a large international manufacturer of PAGE 9 OF 13 commercial flat glass. Dr. Rancourt is a recognized expert in all facets of optical thin film filter design, development and manufacturing, and the holder of numerous optical thin film patents. His in-depth expertise in the understanding, design and development of narrow bandpass filters is directly applicable to Dense Wavelength Division Multiplexing (DWDM) optical filters used by the fiber optics telecommunications industry. During fiscal year 1999, the Company commenced deliveries of stereo endoscopes and cameras to a customer who has developed a computer-enhanced surgery system. Revenues from this customer were approximately 51% of total revenues for the six months ended December 31, 1999. In October 1999, the Company received an additional follow-on order of $184,000, with deliveries scheduled from January 2000 to December 2000. The Company anticipates additional follow-on orders from this customer, but the magnitude of such future business depends upon a number of factors, such as the customer's own success in marketing its computer-enhanced surgery system and the customer's continued acceptance of the Company's pricing, performance and product reliability. PAGE 10 OF 13 PART II. OTHER INFORMATION ITEMS 1-3 Not Applicable. ITEM 4 Submission of Matters to a Vote of Security Holders At the annual meeting of stockholders of the Company held on November 9, 1999, 7,327,294 (or 95.3%) of the 7,687,595 then-outstanding shares of common stock of the Company were present and voted by proxy. H. Angus Macleod and Robert R. Shannon were reelected as Class II directors of the Company, in the case of Dr. Macleod, by a vote of 7,224,246 shares for and 0 shares against with 103,048 shares abstaining and, in the case of Mr. Shannon, by a vote of 7,230,446 shares for and 0 shares against with 96,848 shares abstaining. In addition, a proposal to increase the authorized number of shares of common stock of the Company from 10,000,000 to 20,000,000 was approved by a vote of 7,205,181 shares for and 96,313 shares against with 25,800 shares abstaining. ITEM 5 Not Applicable. ITEM 6 Exhibits and Reports on Form 8-K (a) Exhibits - Exhibit 27 - Financial Data Schedule (b) Reports on Form 8-K - There were no reports on Form 8-K filed during the period covered by this report. 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 thereunto duly authorized. PRECISION OPTICS CORPORATION, INC. DATE: February 9, 2000 BY: /s/ Jack P. Dreimiller - ------------------------ -------------------------------- Jack P. Dreimiller Senior Vice President, Finance, Chief Financial Officer and Clerk PAGE 11 OF 13 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION 27 Financial Data Schedule
PAGE 12 OF 13 EX-27 2 EXHIBIT 27
5 1 6-MOS JUN-30-2000 DEC-31-1999 1,503,866 0 208,875 0 961,400 2,753,815 4,010,529 2,689,944 4,353,771 834,002 118,146 0 0 80,645 3,320,978 4,353,771 1,304,288 1,304,288 777,423 777,423 1,679,721 0 12,877 (1,150,885) 0 (1,150,885) 0 0 0 (1,150,885) (.15) (.15)
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