LightPath Technologies Announces Profitable Fourth Quarter
11% Increase in Revenues is
Accompanied by 11% Rise in Backlog
Quarterly Net Income in Two Fiscal Years
- Net Income was $196,000, or $0.02 per share for the quarter compared to $429, or $0.00 per share in the fourth quarter of fiscal 2011.
- 12-month backlog was $4.89 million as of June 30, 2012, an increase of 26% or $1.02 million from June 30, 2011.
- Revenue for the fourth quarter of fiscal 2012 increased 11% to $3.10 million compared to $2.78 million for the fourth quarter of fiscal 2011.
- Gross margin for the quarter remained at 40% as compared to the fourth quarter of fiscal 2011.
- EBITDA increased 72% to $485,000 compared to $281,000 in the fourth quarter of fiscal 2011.
- Cash on hand as of June 30, 2012 was $2.35 million as compared to $929,000 on June 30, 2011.
Revenue for the fourth quarter of fiscal 2012 totaled approximately $3.10 million compared to approximately $2.78 million for the fourth quarter of fiscal 2011, an increase of 11%. This increase was primarily attributable to revenue from the Company's telecom products and custom optics which includes revenue from a large purchase order from the Raytheon Vision Systems ("Raytheon"). Growth in sales for the next several quarters is expected to be derived primarily from the precision molded lenses product line, particularly low cost lenses being sold in Asia and from infrared and collimator products. Infrared products, now being designed and introduced are expected to accelerate the Company's growth more meaningfully beginning in fiscal 2013 and continuing in fiscal 2014.
Revenue for fiscal year 2012 was approximately $11.28 million compared to approximately $10.00 million for fiscal 2011, an increase of 13%. This increase was primarily attributable to revenue from the Raytheon purchase order, and sales of precision molded lenses for the telecom and laser tool markets and custom optics. The number of units of precision molded optics sold increased by 13% due to the Company's continuing pursuit of the low-cost, high-volume lens business. Growth in sales going forward is expected to be derived primarily from LightPath's precision molded optics product line, particularly its low cost lenses sold in Asia, and its infrared and collimator product lines.
LightPath will host an audio conference call and webcast on Thursday, August 30th at 4:30 p.m. EDT to discuss the Company's financial and operational performance for the fourth quarter of fiscal 2012.
Date: Thursday, August 30, 2012
Time: 4:30p.m. (EDT)
Dial-in Number: 1-877-407-8033
International Dial-in Number: 1-201-689-8033