ORLANDO, FL – August 6, 2015 -- LightPath Technologies, Inc. (“LightPath,” the “Company” or “we”) (NASDAQ: LPTH), a leading vertically integrated global manufacturer,distributor and integrator of proprietary optical and infrared components and high-level assemblies, today announced preliminary financial results for the fiscal 2015 fourth quarter ended June 30, 2015, and the scheduling of a conference call and simultaneous webcast onSeptember 3, 2015 to discuss the Company’s financial and operational results for such period.
Preliminary Financial Results for Fourth Quarter of Fiscal 2015:
- The Company expects to report revenue in the range of $4.3 million to $4.5 million for the fourth quarter of fiscal 2015, an increase of between 38% and 45%, as compared to the fourth quarter of fiscal 2014.
- Cash on hand as of June 30, 2015 was approximately $1.64 million, an increase of nearly 37% as compared to $1.20 million on June 30, 2014, and an increase of nearly 55% as compared to approximately $1.06 million on March 31, 2015.
- Backlog scheduled to ship within the next 12 months was approximately $6.49 million as of June 30, 2015, an increase of approximately 53%, as compared to June 30, 2014.
Jim Gaynor, President and Chief Executive Officer of LightPath, stated, “As indicated by these preliminary results, we had an excellent fiscal 2015 fourth quarter. This performance improved upon a very good third quarter and reflects the actions taken in the first half of fiscal 2015 to accelerate sales and improve our operating efficiency. Momentum in bookings earlier in the year has continued to accelerate in the fourth quarter, which bodes well for revenue growth in future periods. Order bookings continued to improve from the third quarter with particular strength in our specialty products and infrared product groups. Bookings for the fourth quarter of fiscal 2015 were approximately $4.6 million, an increase of 63% as compared to the same quarter in fiscal 2014. Driven by the growth in our backlog during the course of the fiscal year, revenue for the fourth quarter of fiscal 2015 increased significantly as compared to the prior year. It is important to note that during the fourth quarter not only did we benefit from enhancements to our sales programs and strategic growth initiatives announced earlier in the year, but our performance was further bolstered by several project-specific opportunities totaling approximately $400,000. While the confluence of these factors led to a very strong fourth quarter, we expect continued growth at a more normalized pace which is both faster than the market and at a rate that exceeds the increase of nearly 15% which is expected for fiscal 2015.”
Gaynor continued, “Despite the effects of the weaker economy in China that impacted a part of our low cost molded optics business, our global diversification strategies have enabled us to overcome certain challenging macroeconomic forces and resulted in revenue growth and increased shipments across all other business segments and major markets.”
Investor Conference Call and Webcast Details:
Participants are recommended to dial-in or log-on approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately one hour after completion through September 18, 2015. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10070696.
*The financial results reported herein are unaudited and subject to change.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visitwww.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 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 Jordan Darrow
LightPath Technologies, Inc. LightPath Technologies, Inc. Darrow Associates, Inc.
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