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PRECISION OPTICS CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS

 GARDNER, Mass., Aug. 4 /PRNewswire/ -- Precision Optics Corporation, Inc. (NASDAQ: POCI) announced today operating results for the fourth quarter and year ended June 30, 1993.
 For the year ended June 30, 1993, revenues were $4,810,410 compared to $5,750,817 last year. The net loss for the year was $1,167,156, or $0.20 per share, compared to a net loss of $66,963, or $0.01 per share, last year. These results include losses sustained by the company's Precise Medical subsidiary of $1,044,000 ($0.18 per share) which include $211,000 ($0.04 per share) of expense allocations from the company and a non-recurring pre-tax charge of $255,000 ($0.04 per share) to cover asset writedowns and other obligations relating to the company's decision to close Precise Medical, as announced earlier. Elimination of expenses associated with Precise Medical is expected to improve the company's future profitability in the current fiscal year which began July 1, 1993.
 The decrease in revenues for the full year was due primarily to lower sales of night-vision products (early in the year) and medical products, partially offset by higher sales of thin film coatings and other industrial products. As previously announced, the company was awarded a subcontract to supply optical lens systems to be used in night-vision goggles under a five-year government contract. The award is expected to total in excess of $7 million and will begin to further increase night-vision revenues toward the end of the second quarter of the current fiscal year.
 Revenues for the fourth quarter were $1,332,485 compared to $1,279,383 for the same period last year. The company reported a net loss for the fourth quarter ended June 30, 1993 of $593,462, or $0.10 per share, compared to a net loss of $63,744, or $0.01 per share, for the comparable period in 1992. Results for the quarter include the non-recurring charge and fourth quarter operating losses at Precise
Medical The increase in revenues for the fourth quarter resulted primarily from higher sales of night-vision products and thin film coatings, partially offset by lower sales of medical products.
 As of June 30, 1993 the company had working capital of $3,695,320, including $2,415,652 in cash and cash equivalents. The company has no long-term debt, and continues to maintain a $500,000 unused line of credit with a major bank at 1/4 percent over prime. The company recently developed six new night-vision optical systems leading to multi-year production contracts for military applications. Two of these are being introduced for initial commercial product sales before the end of this calendar year. Three new endoscope systems developed in the past year are similarly leading to new medical product production. The company's sales order backlog, including letters of intent, at June 30, 1993 is at the highest level in the company's history.
 Precision Optics Corporation designs, develops, manufactures and markets specialized optical systems and components, and optical thin film coating. Its products and services as an original equipment manufacturer include a recently introduced line of laparoscopes as well as other medical instruments, industrial optical systems, lens systems for night-vision equipment, and advanced optical systems design and development.
 PRECISION OPTICS CORPORATION
 FOURTH QUARTER AND YEAR ENDED JUNE 30, 1993
 Fourth Quarter Ended
 6/30/93 6/30/92
 Revenues $1,332,485 $1,279,383
 Net Income (Loss) $(593,462) $(63,744)
 Weighted Average Shares Outstanding 5,707,626 5,696,793
 Earnings (Loss) Per Share $(0.10) $(0.01)
 Year Ended
 6/30/93 6/30/92
 Revenues $4,810,410 $5,750,817
 Net Income (Loss) $(1,167,156) $(66,963)
 Weighted Average Shares Outstanding 5,707,626 4,943,798
 Earnings (Loss) Per Share $(0.20) $(0.01)
 As of June 30
 1993 1992
 Cash and Cash Equivalents $2,415,652 $3,760,467
 Working Capital $3,695,320 $4,874,601
 Long-Term Debt -- $1,572
 -0- 08/04/93
 /CONTACT: Tom de Petra or Adrienne Griffith of de Petra & Associates, 612-338-7630 or 800-969-7630, for Precision Optics Corporation/
 (POCI)


CO: Precision Optics Corporation, Inc. ST: Minnesota, Massachusetts IN: MTC SU: ERN

DB -- MN015 -- 9560 08/04/93 17:09 EDT
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Date:Aug 4, 1993
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