Optelecom Inc. announces revenues for the 2001 second quarter ending June 30 rose 8 percent to $2.8 million from $2.4 million in the comparable 2000 quarter. The company reported a net loss for the 2001 quarter of approximately $783,000, or 28 cents per share, compared to a net loss in 2000 of about $604,000, or 28 cents per share.

“We believe our growth rate, in contrast to the declines experienced by other companies in our sectors, illustrates that we are gaining share in our core markets,” says Jim Armstrong, controller of Optelecom. “We’ve reduced spending to levels that support a return to profitability in the second half of this year. In particular, reductions in discretionary spending and staffing levels were completed in the latter half of the second quarter. As a result, we are projecting that the third-quarter revenue will advance beyond that of the second quarter and that the company will approach or exceed breakeven on operations.”

Optelecom is a provider of video communication products, specializing in transmission and distribution equipment for the delivery of real-time video.

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