LightPath Technologies Announces First Quarter Financial Results
--Revenues Increase 45% Year-over-Year --
--Company Adds Five New High-Volume Customers in Asia--
ORLANDO, FL—November 11, 2010 -- LightPath Technologies, Inc. (NASDAQ:LPTH) (“LightPath”, the “Company” or “we”), a global manufacturer, distributor and integrator of patented optical components and high-level assemblies, announced today its financial results for the first quarter ended September 30, 2010. Full details are available in the Company’s Quarterly Report on Form 10-Q filed today with the SEC at http://www.sec.gov/ or see the full Press Release on LightPath's Website at www.lightpath.com.
Highlights:
- Revenue for the first quarter of fiscal 2011 was $2.25 million, up 45% compared to $1.56 million for the first quarter of fiscal 2010.
- Backlog scheduled to ship within the next 12 months was $3.2 million as of September 30, 2010, an increase of $236,000 from June 30, 2010.
- EBITDA for the first quarter of fiscal 2011 improved to a loss of $261,000 compared to a loss of $382,000 in the first quarter of fiscal 2010.
- Cash on hand as of September 30, 2010 was $1.35 million as compared to $1.46 million on June 30, 2010.
- Gross margin was 37% for the first quarter of fiscal 2011 as compared to 43% for the first quarter of fiscal 2010.
- Net loss for the first quarter of fiscal 2011 was approximately $853,000 compared to a loss of approximately $706,000 for the first quarter of fiscal 2010.
- Unit shipment volume in precision molded optics increased 11% in the first quarter of fiscal 2011 compared to the same period of last year.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "During the first quarter, our revenues rose 45% over the same quarter in the prior year. Our cost of goods sold also increased by $539,000 due to volume and product mix change. Unit shipment volume in precision molded optics continued to show improvement in the first quarter of fiscal 2011 compared to the same period last year. Gross margin decreased to 37% as a result of the product mix change and an under absorption of the fixed overhead costs. EBITDA was a loss of $261,000, however, this represents a $121,000 improvement over the loss of $382,000in the first quarter of fiscal 2010.”
Gaynor continued, “The first quarter of our fiscal year is typically the lowest revenue quarter for LightPath due to the summer vacation period in Europe and seasonal slow period for several of our major customers. We are also in the process of transitioning our business to focus on providing low cost, high volume lenses for products, such as laser levels, range finders, gun sights and projectors. We are addressing multiple markets such as industrial tools, biomedical instruments, communications and imaging with a focus in Asia.”
Investor Conference Call and Webcast Details:
LightPath will host an audio conference call and webcast on Thursday, November 11th at 4:00 p.m. EST to discuss the Company's financial and operational performance for the first quarter of fiscal 2011.
Conference Call Details
Date: Thursday, November 11, 2010
Time: 4:00 p.m. (EST)
Dial-in Number: 1-877-407-8033
International Dial-in Number: 1-201-689-8033
It is recommended that participants dial-in approximately 5 to 10 minutes prior to the start of the 4:00 p.m. call. A transcript archive of the webcast will be available for viewing or download on the company web site shortly after the call is concluded.
About LightPath Technologies:
LightPath manufactures optical products including precision molded aspheric optics, GRADIUM® glass products, proprietary collimator assemblies, laser components utilizing proprietary automation technology, higher-level assemblies and packing solutions. The Company's products are used in various markets, including industrial, medical, defense, test and measurement and telecommunications. LightPath has a strong patent portfolio that has been granted or licensed to it in these fields. For more information visit http://www.lightpath.com/.
This news release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our ability to expand our presence in certain markets, future sales growth, continuing reductions in cash usage and implementation of new distribution channels. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obl igation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts: LightPath Technologies, Inc.
Jim Gaynor, President & CEO or Dorothy Cipolla, CFO
Phone: +1 (407) 382-4003
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