Laser Precision Raises $3 Million in Stock Sale

Laser Precision Corp., an Irvine maker of industrial lasers, said it has raised $3 million with a private placement of common stock to help finance its fast-growing operations.

The company’s position in the burgeoning fiber optics market is increasing, and Laser Precision needs the injection of working capital to continue its battle for sales, said Gregory A. Miner, the company’s chief financial officer.

In the second quarter, Laser Precision posted net income of $186,958, in contrast with a year-earlier loss of $48,181. Revenue for the period was up 50% to $3.6 million from $2.4 million.

The company, which already has collected $1.8 million of the money raised in the private placement, said it expects to close on the remaining $1.2 million within a week.

Laser Precision has been touting 1986 as its turnaround year. After losing money each year since 1981--the losses total $1.9 million--the company has posted a profit for the last three quarters, Miner said.