Friday, November 30, 2012
Thursday, November 29, 2012
LightPath Technologies to Present at the LD Micro Fifth Annual Conference
LightPath Technologies to Present at LD Micro Fifth Annual
Conference
LightPath to Present on December
5, 2012
(Orlando, FL, November 29, 2012) - LightPath Technologies, Inc. (Nasdaq: LPTH - News), manufacturer and integrator of precision molded glass aspheric optics, Black DiamondTM infrared aspheres, GRADIUM® glass products and high performance fiber-optic beam delivery systems, announced today that Jim Gaynor, CEO of LightPath Technologies, Inc. will present at the LD Micro Fifth Annual Conference at 10:30 a.m. (PST), Track 1, on December 5, 2012. The conference will be held December 5-6, 2012 at the Luxe Sunset Bel Air, 11461 Sunset Boulevar d, Los Angeles, Calif. LightPath management will be available during the day on December 5 for one-on-one meetings. Please contact LD Micro to schedule a meeting.
The Company’s group presentation will be available for the public to access via its corporate website, www.lightpath.com or at http://wsw.com/webcast/ldmicro3/lpth/. This webcast will be archived for 90 days following the live presentation.
About LD MICRO
LD MICRO is a by-invitation only newsletter firm that focuses on finding undervalued companies in the micro-cap space. Since 2002, the firm has published an annual list of recommended stocks as well as comprehensive reports on select companies throughout the year. LD MICRO concentrates on finding, researching, and investing in companies that are overlooked by institutional investors. It is a non-registered investment advisor. To register, please call 408-457-1042 or e-mail Chris@ldmicro.com.
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. LightPath has a strong patent portfolio that has been granted or licensed to us in these fields. LightPath common stock trades on the Nasdaq Capital Market under the stock symbol LPTH. For more information visit www.lightpath.com
LightPath Enters into Supply Contract with Leading Digital Camera Manufacturer
LightPath Technologies Enters into Supply Agreement with
Leading Digital Camera Manufacturer
Initial Orders Valued at $1.1
Million; Signals Penetration into Emerging Digital Imaging Market
(Orlando, FL, November 29, 2012) - LightPath Technologies, Inc. (Nasdaq: LPTH - News), manufacturer and integrator of precision molded glass aspheric optics, Black DiamondTM infrared aspheres, GRADIUM® glass products and high performance fiber-optic beam delivery systems, announced today that it has entered into a supply agreement with a leading global manufacturer of high-end, digital video recording and playback equipment with an initial stocking order of approximately $1.1 million. Under the terms of this agreement, LightPath will begin deliveries of lenses to this new customer beginning in the first calendar quar ter of 2013.
"The investments we made in designing optics for the digital imaging and projection market have resulted in an outstanding product line that is now being adopted by top players in this market," said Jim Gaynor, CEO of LightPath Technologies, Inc. "Digital imaging applications with capabilities that enable digital resolution in excess of 4X HD quality are just now beginning to proliferate through the video production market, and our products and technology are well-positioned to participate in this area of rapid growth. These high tech optics are a critical element in high performance camera and digital projection systems and our ability to win new business like this validates the price, performance and quality of our optics in a competitive and highly technical marketplace. Expanding into new areas i s one key element of our growth plan and shows the continued progress we’ve made in our strategy to become a leading global supplier of molded glass optics and assemblies that serve a diverse group of end-markets and applications. Our goal is to lead both the technology and price-to-performance curves, and I believe this is a good indication of our successful penetration of a market that is expected to grow to $770 million by 2018."
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. LightPath has a strong patent portfolio that has been granted or licensed to us in these fields. LightPath common stock trades on the Nasdaq Capital Market under the stock symbol LPTH. For more information visit www.lightpath.com
Wednesday, November 28, 2012
REGISTER TO ATTEND DECEMBER 11th, 2012 ENTREPRENEURSHIP WORKSHOP -
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Thursday, November 15, 2012
Technological Research and Development Authority (TRDA) Announces Entrepreneurship Workshop Schedule
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Wednesday, November 14, 2012
PW13 CREOL Alumni & Affiliates Reunion
I am pleased to announce that the Alumni & Affiliates
Reunion at PW13 this year will be held on
Monday, February 4th, 5:30-7:30 pm
JILLIANS @ METREON
101 Fourth Street, Suite 170, San Francisco
Monday, November 12, 2012
OIDA: OIDA submitted a response in October to NIST regarding the proposed National Network for Manufacturing Innovation (NNMI)
OIDA submitted a response in October to NIST regarding the proposedNational Network for Manufacturing Innovation (NNMI).
OIDA suggested the formation of a Photonics Institute as one of 15 institutes of the NNMI. Foundries for photonic integration would form the “center of gravity” of the institute. The foundries would include both silicon photonics and InP-based devices. Each technology requires substantial process development to bring them to full commercial-grade production, therefore creating a real-world challenge to be solved. The barrier to entry for such commercial-grade process development is high, in terms of both time and money. A concentrated effort is therefore necessary if the U.S. government wants to establish domestic capability in this technology.
The Photonics Institute would also create a program in manufacturing workforce training that would span from management to technicians. It would leverage existing resources, but establish some new programs to fill gaps that exist today.
The Obama Administration announced the plan in March, proposing $1 billion for the 15 institutes. In August, the government announced a first, pilot institute, the National Additive Manufacturing Innovation Institute, based in Ohio.
OIDA’s document is not a formal proposal. NIST’s recent solicitation was not a request for proposals, but for ideas about how the NNMI would be structured. If the NNMI goes forward, a more formal proposal process would follow. Meanwhile, OIDA will continue to develop the case for U.S. government support in this and other proposed programs.
For more information, please contact Tom Hausken.
http://emessaging.vertexcommunication.com/hostedemail/email.htm?CID=7412674417&ch=170CE863A9A0FA57DA320EC6EAA3DFB5&h=c953e5e9995e9af0493ab727525a84d0&ei=JqdW5-sNO
OIDA: U.S. Companies Capture 25% in Photonics Sales
Companies headquartered in North America capture nearly 10% of global photonics component revenues, although the share jumps to 25% if displays are excluded from the estimate, according to recent findings by OIDA. That position is highly diversified across many photonics technologies and industry sectors, providing some cushion through economic cycles. This contrasts with the combined photonics companies in each of Taiwan, Japan, and Korea, which are expecting slower growth due to their exposure to slow markets for displays and LEDs.
OIDA estimates that European companies capture about 6% of overall component revenues, or 14% of revenues if displays are excluded. Companies headquartered in Asia capture nearly all of the remaining share.
The global market for passive optical components is an estimated $14 billion, with North American companies capturing about 22% of that, according to OIDA. One-half of the revenues are earned by about 20 companies, each with optics sales greater than $100 million. The other half is earned by hundreds of companies, mostly making just a few million dollars per year.
Tom Hausken presented the findings at a corporate networking reception sponsored by Corning, at OSA’s Frontiers in Optics meeting in Rochester, NY in October. The session also included an interview with Dr. Michael Cumbo, President of IDEX Optics and Photonics.
A video of the OIDA presentation is available to OIDA members, and more details will be documented in an upcoming OIDA market report, coming later this year. Visit the OIDA Video Library page soon to view the video.
http://emessaging.vertexcommunication.com/hostedemail/email.htm?CID=7412674417&ch=170CE863A9A0FA57DA320EC6EAA3DFB5&h=c953e5e9995e9af0493ab727525a84d0&ei=JqdW5-sNO
Friday, November 9, 2012
Tax Planning in Uncertain Times - Thursday - November 29 - Alachua
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The
NORTHEAST CHAPTER
presents
Tax
Planning in Uncertain Times
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WHEN: Thursday, November 29, 2012
TIME: 12 PM - 2 PM
COST: $15 BioFlorida Members; $40 Non-Members (Cost includes
lunch)
Note: There will be an additional $5 charged for walk-in
registrations.
WHERE: Sid Martin Biotechology Incubator
12085 Research Drive, Alachua, FL 32615
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Agenda
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While the 2012 election is over and your focus shifts to
holiday visits with family, the last thing you want to think about is taxes!
But this is the perfect time to make any last minute decisions for 2012 and
begin planning for the New Year. Attend this lunch-time event and learn how
to unravel the confusion associated with the expiration of the Bush tax cuts,
the fiscal cliff and planned tax increases in 2013. Please join us for
this informative Lunch-n'-Learn!
12:00 PM - 12:30 PM Networking,
Meet the Speakers & Lunch
12:30 PM - 1:45 PM Presentation
1:45 PM - 2:00 PM Q&A
2:00 PM Workshop
Concludes, Additional Networking
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Workshop Panelists
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Presenters:
Carol Villemaire, CPA and Partner &
Stacy Joyner, CPA James Moore & Co., PL |
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About BioFlorida
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BioFlorida is the voice of Florida's bioscience industry
representing more than 3,000 companies and research organizations in the
biotechnology, pharmaceutical and medical device fields employing 61,000
Floridians.
BioFlorida is a Statewide association. Our Regional Chapters
serve the needs of our Members and the Industry as a whole. There are no
additional Membership fees in the BioFlorida organization. If your company is
a Member of BioFlorida, then you can attend ANY regional event at the Member
price!
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LightPath Technologies Announces Profitable First Quarter 2013
LightPath Technologies Announces
Profitable
First Quarter
6%
Increase in Revenues Accompanied by 12% Rise in Backlog
Achieves
Second Consecutive Profitable Quarter
ORLANDO, FL - (PRNewswire - November 8, 2012) - LightPath Technologies, Inc.
(NASDAQ: LPTH) ("LightPath", the "Company" or
"we"), a global manufacturer, distributor and integrator of
proprietary optical components and high-level assemblies, announced today its
financial results for the first quarter ended September 30, 2012. First Quarter Highlights:
• Net income was $101,000, or $0.01 per share for the quarter compared to a net loss of $198,000, or $0.02 loss per share in the first quarter of fiscal 2012.
• 12-month backlog was $5.46 million as of September 30, 2012, an increase of 12% or $566,000 from June 30, 2012.
• Revenue for the first quarter of fiscal 2013 increased 6% to $2.89 million compared to $2.73 million for the first quarter of fiscal 2012.
• Gross margin for the quarter was 41% as compared to 40% in the first quarter of fiscal 2012.
• EBITDA increased 379% to $341,000 compared to $71,000 in the first quarter of fiscal 2012.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "LightPath continues to execute on its business plan with improved bookings, revenue, gross margin, EBITDA and net income in the first quarter of fiscal 2013 compared to the first quarter last year. The Company’s ability to serve diverse markets has resulted in steady growth in our precision molded optics business, with higher volumes of both custom lenses and lower-cost lenses. We see the initial signs of market recovery for our industrial tools, which posted revenue growth of 30 percent in the quarter, as order volumes and customer count increased. Gross margin improved as a result of cost reductions such as glass conversion to lower cost materials and lower material prices. We committed $171,000 during the quarter in investment to fund our anti-reflective coating cost reduction project w hich remains a point of our differentiation and value proposition. We also continued developing our infrared product line which we believe will play a material role in the company’s growth in future quarters."
Mr. Gaynor added, "LightPath has continued to grow during a period in which the markets we participate in have been weak, and have grown our backlog for three consecutive quarters. Our product offerings, which serve a diverse group of end-markets, have found growth opportunities for our core business in precision molded optics and are building a presence in the infrared market. We will continue to work hard to ensure that we are positioned to capitalize on the many opportunities we see ahead for our products and technology. Subsequent to the quarter’s end we announced a new licensing deal in Asia with New HuaGuang Information Materials Company, Ltd., a major optics supplier in China for our GRADIUM® product line. This license will broaden the exposure of our GRADIUM® products in Asia and will continue to expand LightPath’s distribution network."
Financial Results for Three Months Ended September 30, 2012
Revenue for the first quarter of fiscal 2013 totaled approximately $2.89 million compared to approximately $2.73 million for the first quarter of fiscal 2012, an increase of 6%. This increase was primarily attributable to increases in sales of custom optics and an increase in our industrial tool products offset by slightly lower sales volumes in our collimator and GRADIUM® product lines. Growth in sales for the next several quarters is expected to be derived primarily from the precision molded lens product line, with an initial recovery in low cost lenses being sold in Asia and from new business with penetration into imaging applications. Infrared products, now bei ng designed and introduced are expected to accelerate the Company’s growth more meaningfully beginning in the second half of fiscal 2013 and continuing in fiscal 2014.
The gross margin percentage in the first quarter of fiscal 2013 was 41%, compared to 40% for the first quarter of fiscal 2012. Total manufacturing costs of $1.71 million increased by approximately $63,000 in the first quarter of fiscal 2013 compared to the same period of the prior fiscal year due to an increase of $163,000 in direct costs associated with the infrared project partially offset by lower fixed and tooling costs.
Direct costs overall, which include material, labor and services, were 22% of revenue in the first quarter of fiscal 2013, as compared to 29% of revenue in the first quarter of fiscal 2012.
During the first quarter of fiscal 2013, total costs and expenses decreased by approximately $88,000 compared to the same period of the prior year. Selling, general and administrative expenses were $982,000 for the first quarter of fiscal 2013. Total operating loss for the first quarter of fiscal 2013 improved to approximately $27,000 compared to $209,000 for the same period in fiscal 2012.
In the first quarter of fiscal 2013 we recognized a gain of approximately $96,000 related to the change in the fair value of derivative warrants issued in our June 2012 private placement. This fair value will be re-measured each reporting period throughout the five year life of the warrants or until exercised.
Investment and other income increased by approximately $28,000 to $63,000 in the first quarter of fiscal 2013 from approximately $35,000 in the first quarter of fiscal 2012. In the first quarter of fiscal 2013 we sold a technology license for our GRADIUM® product line in Asia and recognized the first milestone of that agreement.
Net income for the first quarter of fiscal 2013 was $101,000 or $0.01 per basic and diluted common share, compared with a net loss of $198,000 or $0.02 per basic and diluted common share for the same period in fiscal 2012. Weighted-average basic shares outstanding increased to 11,771,392 in the first quarter of fiscal 2013 compared to 9,746,107 in the first quarter of fiscal 2012 which is primarily due to the issuance of shares of common stock in the June 2012 private placement, shares issued for the payment of interest on our convertible debentures and the shares issued for our employee stock purchase plan.
Cash and cash equivalents totaled approximately $2.16 million as of September 30, 2012. The current ratio as of September 30, 2012 was 2.26 to 1 compared to 3.59 to 1 as of June 30, 2012. The change was primarily due to our convertible debt moving from long term to short term debt. Total stockholders’ equity as of September 30, 2012 totaled approximately $4.25 million compared to $4.02 million as of June 30, 2012.
As of September 30, 2012, our 12-month backlog was $5.46 million compared to $4.89 million as of June 30, 2012.
Investor Conference Call and Webcast Details:
LightPath will host an audio conference call and webcast on Thursday, November 8th at 4:30 p.m. EDT to discuss the Company's financial and operational performance for the first quarter of fiscal 2013.
Conference Call Details
Date: Thursday, November 8, 2012
Time: 4:30 p.m. (ET)
Dial-in Number: 1-800-860-2442
International Dial-in Number: 1-412-858-4600
It is recommended that participants dial-in approximately 5 to 10 minutes prior to the start of the 4:30 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 www.lightpath.com.
The discussions of our results as presented in this release include use of non-GAAP terms "EBITDA" and "gross margin." Gross margin is determined by deducting the cost of sales from operating revenue. Cost of sales includes manufacturing direct and indirect labor, materials, services, fixed costs for rent, utilities and depreciation, and variable overhead. Gross margin should not be considered an alternative to operating income or net income, which is determined in accordance with Generally Accepted Accounting Principles ("GAAP"). We believe that gross margin, although a non-GAAP financial measure is useful and meaningful to investors as a basis for making investment decisions. It provides investors with information that demonstrates our cost structure and provides funds for our total costs and expenses. We use gross margin in measuring the performance of our business and have historically analyzed and reported gross margin information publicly. Other companies may calculate gross margin in a different manner.
EBITDA is a non-GAAP financial measure used by management, lenders and certain investors as a supplemental measure in the evaluation of some aspects of a corporation's financial position and core operating performance. Investors sometimes use EBITDA as it allows for some level of comparability of profitability trends between those businesses differing as to capital structure and capital intensity by removing the impacts of depreciation, amortization, and loss on extinguishment of debt and interest expense. EBITDA also does not include changes in major working capital items such as receivables, inventory and payables, which can also indicate a significant need for, or source of, cash. Since decisions regarding capital investment and financing and changes in working capital components can have a significant impact on cash flow, EBITDA is not a good indicator of a busi ness's cash flows. We use EBITDA for evaluating the relative underlying performance of the Company's core operations and for planning purposes. We calculate EBITDA by adjusting net loss to exclude net interest expense, income tax expense or benefit, depreciation and amortization, thus the term "Earnings Before Interest, Taxes, Depreciation and Amortization" and the acronym "EBITDA."
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 intenti on or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Jim Gaynor, President & CEO Dorothy Cipolla, CFO
LightPath Technologies, Inc. LightPath Technologies, Inc.
Tel: 407-382-4003 Tel: 407-382-4003 x305
Wednesday, November 7, 2012
VentureSeries + 4Q VenturePitch Orlando Welcomes Obama's Technology Force Multiplier!
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