Wednesday, February 24, 2016

TOMORROW! IEEE Student Chapter Seminar: "Quantum Nonlinear Optics: Nonlinear Optics Meets the Quantum World" by Dr. Robert W. Boyd 2.25.16/12:00-1:00pm/ CREOL RM 103

IEEE Student Chapter Seminar: "Quantum Nonlinear Optics: Nonlinear Optics Meets the Quantum World" by Dr. Robert W. Boyd
Thursday, February 25, 2016 12:00 PM to 1:00 PM
CREOL Room 103

 http://www.creol.ucf.edu/NewsEvents/Attachments/Events/1125/robert%20boyd.png
Robert W. Boyd 

ABSTRACT
This presentation first reviews the historical development of the field of nonlinear optics, starting from its inception in 1961. It then reviews some of its more recent developments, including especially how nonlinear optics has become a crucial tool for the developing field of quantum technologies. Fundamental quantum processes enabled by nonlinear optics, such as the creation of squeezed and entangled light states, are reviewed. We then illustrate these concepts by means of specific applications, such as the development of secure communication systems based on the quantum states of light. We are also interested in studying the properties of structured light fields.  These structured light beams have recently been shown to possess exotic properties of their own, such as vacuum propagation velocities differing from the light velocity c for plane waves. These beams can also be tailored in such a way that they carry orbital angular momentum, which can be used to apply a torque to mechanical objects and as a carrier of information in a classical and quantum telecommunication system. Light can carry angular momentum both by means of its spin angular momentum (as manifested for example in circular polarization) and by means of its orbital angular momentum (OAM), whose origin is a helical structure of its wavefront. The orbital angular momentum of light has recently been recognized to constitute a crucial attribute for many photonic technologies, including the trapping and manipulation of small particles and for multiplexing in optical telecommunication. In this presentation we review some of the fundamental properties of OAM including its quantum features such as entanglement. We then go on to describe a secure telecommunication system in which information is encoded in OAM, and which can carry more than one bit of information per photon.

BIOGRAPHY
Robert W. Boyd was born in Buffalo, New York. He received the B.S. degree in physics from MIT and the Ph.D. degree in physics from the University of California at Berkeley.  His Ph.D. thesis was supervised by Charles Townes and involves the use of nonlinear optical techniques in infrared detection for astronomy. Professor Boyd joined the faculty of the University of Rochester in 1977, and in 2001 became the M Parker Givens Professor of Optics and Professor of Physics.  In 2010 he became Professor of Physics and Canada Excellence Research Chair in Quantum Nonlinear Optics at the University of Ottawa. His research interests include studies of “slow” and “fast” light propagation, quantum imaging techniques, nonlinear optical interactions, studies of the nonlinear optical properties of materials, and the development of photonic devices including photonic biosensors.  Professor Boyd has written two books, co-edited two anthologies, published over 400 research papers (˜29,000 citations, Google h-index 71), and been awarded nine patents.  He is the 2009 recipient of the Willis E. Lamb Award for Laser Science and Quantum Optics, the 2010 recipient of a Humboldt Research Prize, and the 2016 recipient of the Arthur L. Schawlow Prize in Laser Science. Prof. Boyd is a fellow of the American Physical Society (APS), Optical Society of America (OSA), and SPIE.  He is a past chair of the Division of Laser Science of APS and has been a member of the Board of Directors of OSA. He has also served the Chair of the Joint Council on Quantum Electronics (it is joint among APS, OSA and IEEE/LEOS).  Prof. Boyd has served as a member of the Board of Editors of Physical Review Letters and of the Board of Reviewing Editors of Science Magazine.

For additional information: 
Juan He

Monday, February 22, 2016

TOMORROW! Seminar: "Photonics by Design: Opportunities for physics-based simulation tools in the development of advanced photonic devices" by Prof. Eric Larkins 2.23.16/3:00-4:00pm/ CREOL RM

Seminar: "Photonics by Design: Opportunities for physics-based simulation tools in the development of advanced photonic devices" by Prof. Eric Larkins
Tuesday, February 23, 2016 3:00 PM to 4:00 PM
CREOL Room 103

Prof. Eric Larkins, University of Nottingham

Abstract:
Thirty years later, active semiconductor devices and optoelectronic/photonic integrated circuits (OEICs/PICs) are following a similar technology roadmap to that of electronic devices and integrated circuits.  The optical-electrical-thermal interactions in active photonic devices and circuits are far more complex than those in electronic devices. Design tools for OEICs/PICs currently employ varying degrees of physical abstraction, but there is a growing demand for more accurate models (c.f. JePPIX Roadmap 2015). This is being driven by increasing PIC complexity and data rates, higher optical power densities, and the use of nonlinear optical effects.
Researchers at the University of Nottingham have developed a suite of simulation tools (SpeclaseDynlase and Barlase), which rely on the self-consistent and physically accurate representation of the underlying optical, electronic and thermal processes. Their low level of physical abstraction allows them to predictively simulate the detailed optical and electrical performance of devices, dramatically reducing the number of design/fabrication cycles needed to develop new devices and circuits/systems. They also provide detailed insight into the performance limitations of devices and PICs, including their behaviour under extreme operating conditions. This talk will demonstrate the capabilities and advantages of state-of-the art physics-based design tools.
 http://www.creol.ucf.edu/NewsEvents/Attachments/Events/1123/seminar1.png
Simulation of a laser beam properties and their dependence on power
 http://www.creol.ucf.edu/NewsEvents/Attachments/Events/1123/seminar2.png
Simulation of laser spectrum and its dependence on current
 http://www.creol.ucf.edu/NewsEvents/Attachments/Events/1123/seminar3.png
Small- and large-signal modulation response of a laser at different temperatures

Biography:
Professor Eric Larkins is the Head of the Photonic and Radio Frequency Engineering Laboratory in the Advanced Optics Group at the University of Nottingham. His current research interests include nanophotonic devices, photonic integrated circuits, nano-biophotonics, high-speed and high-brightness semiconductor lasers,and nonlinear optical and non-equilibrium carrier/phonon dynamics in nanoscale devices. Professor Larkins and his team are leaders in the development of advanced simulation and design tools for active semiconductor photonic devices.
Professor Larkins received the BS degree in Electrical Engineering with distinction from Cornell University, Ithaca, New York, USA in 1980. He received the MS and PhD degrees in Electrical Engineering with a Physics minor from Stanford University, Stanford, California in 1985 and 1991 respectively. He pursued his doctoral research on light-emitting heterostructure thyristor switches and molecular beam epitaxy, receiving full support as an Eastman Kodak Fellow from 1985-91.
He joined the Explorative Technology Group at the Fraunhofer Institute for Applied Solid State Physics in Freiburg, Germany in 1991, where he worked on high-speed laser diodes, InGaAs/GaAs MSM photodetectors, 3-5mm and 8-12mm intersubband photodetectors, and optical modulators. At the Fraunhofer Institute, Professor Larkins developed currently accepted MBE growth processes for highly-strained pseudomorphic InGaAs/GaAs quantum wells and achieved record direct modulation bandwidths (>40GHz) with lasers made from these materials.
He joined the Department of Electrical and Electronic Engineering at the University of Nottingham as a Lecturer in October 1994, was appointed Reader in 1998 and Professor of Optoelectronics in 2002. Professor Larkins co-chairs the annual High Power Diode Lasers and Systems Conference and co-chaired the International Conference on the Numerical Simulation of Optoelectronic Devices (NUSOD) in 2008. He currently serves on: the Steering Committee of NUSOD; the Semiconductor Lasers Committee of the IEEE Photonics Conference; and the Technical Programme Committee of the 25th IEEE International Semiconductor Laser Conference. Professor Larkins is a senior member of the IEEE, a member of the Institute of Physics, and an active member of the Photonics21 European Technology Platform. He has authored or co-authored one white paper, three patents (two U.S. and one German), eight book chapters (four in preparation) and > 250 scientific papers.

 For additional information:
Dr. Mercedeh Khajavikhan
Assistant Professor of Optics & Photonics

Friday, February 19, 2016

SID Student Chapter Seminar: "Liquid Crystals for Non-display Applications" by Dr. Michael Wittek, TODAY 2.19.16/11 am/CREOL Rm 103

SID Student Chapter Seminar: "Liquid Crystals for Non-display Applications" by Dr. Michael Wittek

Friday, February 19, 2016 11:00 AM to 12:00 PM
CREOL Room 103
Dr. Michael Wittek

R&D Manager, Merck Performance Materials | Liquid Crystals

Abstract:
In addition to flat panel displays, liquid crystals (LCs) have also been widely used in other non-display applications, like adaptive optics, optical coherence tomography, interferometry and surface profilometry. Recently, LC based smart window has gained many interests. Also, liquid crystal mixtures with very high birefringence were designed for microwave applications. They show high tuning ranges, very low dielectric losses and high reliability against heat stress. Using those mixtures, LC-based microwave components and devices, such as phase shifter, tunable filter, and phased array antennas can be realized.

Biography:
1991-1996   Physics U Göttingen/UC San Diego
1996-2000   PhD Physics U Marburg/MPI biophysical Chemistry Göttingen/UC Berkeley
2000-2001   Strategy Consultant Booz Allen Hamilton, Munich
2001-2003   Technology Consultant Fraunhofer, Munich
2003-           R&D Manager Merck, Darmstadt

For more information:
Prof. Shin-Tson Wu, 407-823-4763,
SID Student Chapter: Haiwei Chen

Thursday, February 18, 2016

Seminar: "Photonics by Design: Opportunities for physics-based simulation tools in the development of advanced photonic devices" by Prof. Eric Larkins 2.23.16/3:00-4:00pm/CREOL RM 103

Seminar: "Photonics by Design: Opportunities for physics-based simulation tools in the development of advanced photonic devices" by Prof. Eric Larkins
Tuesday, February 23, 2016 3:00 PM to 4:00 PM
CREOL Room 103

Prof. Eric Larkins, University of Nottingham

Abstract:
Thirty years later, active semiconductor devices and optoelectronic/photonic integrated circuits (OEICs/PICs) are following a similar technology roadmap to that of electronic devices and integrated circuits.  The optical-electrical-thermal interactions in active photonic devices and circuits are far more complex than those in electronic devices. Design tools for OEICs/PICs currently employ varying degrees of physical abstraction, but there is a growing demand for more accurate models (c.f. JePPIX Roadmap 2015). This is being driven by increasing PIC complexity and data rates, higher optical power densities, and the use of nonlinear optical effects.
Researchers at the University of Nottingham have developed a suite of simulation tools (SpeclaseDynlase and Barlase), which rely on the self-consistent and physically accurate representation of the underlying optical, electronic and thermal processes. Their low level of physical abstraction allows them to predictively simulate the detailed optical and electrical performance of devices, dramatically reducing the number of design/fabrication cycles needed to develop new devices and circuits/systems. They also provide detailed insight into the performance limitations of devices and PICs, including their behaviour under extreme operating conditions. This talk will demonstrate the capabilities and advantages of state-of-the art physics-based design tools.

 http://www.creol.ucf.edu/NewsEvents/Attachments/Events/1123/seminar1.png
Simulation of a laser beam properties and their dependence on power
 http://www.creol.ucf.edu/NewsEvents/Attachments/Events/1123/seminar2.png
Simulation of laser spectrum and its dependence on current
 http://www.creol.ucf.edu/NewsEvents/Attachments/Events/1123/seminar3.png
Small- and large-signal modulation response of a laser at different temperatures

Biography:
Professor Eric Larkins is the Head of the Photonic and Radio Frequency Engineering Laboratory in the Advanced Optics Group at the University of Nottingham. His current research interests include nanophotonic devices, photonic integrated circuits, nano-biophotonics, high-speed and high-brightness semiconductor lasers,and nonlinear optical and non-equilibrium carrier/phonon dynamics in nanoscale devices. Professor Larkins and his team are leaders in the development of advanced simulation and design tools for active semiconductor photonic devices.
Professor Larkins received the BS degree in Electrical Engineering with distinction from Cornell University, Ithaca, New York, USA in 1980. He received the MS and PhD degrees in Electrical Engineering with a Physics minor from Stanford University, Stanford, California in 1985 and 1991 respectively. He pursued his doctoral research on light-emitting heterostructure thyristor switches and molecular beam epitaxy, receiving full support as an Eastman Kodak Fellow from 1985-91.
He joined the Explorative Technology Group at the Fraunhofer Institute for Applied Solid State Physics in Freiburg, Germany in 1991, where he worked on high-speed laser diodes, InGaAs/GaAs MSM photodetectors, 3-5mm and 8-12mm intersubband photodetectors, and optical modulators. At the Fraunhofer Institute, Professor Larkins developed currently accepted MBE growth processes for highly-strained pseudomorphic InGaAs/GaAs quantum wells and achieved record direct modulation bandwidths (>40GHz) with lasers made from these materials.
He joined the Department of Electrical and Electronic Engineering at the University of Nottingham as a Lecturer in October 1994, was appointed Reader in 1998 and Professor of Optoelectronics in 2002. Professor Larkins co-chairs the annual High Power Diode Lasers and Systems Conference and co-chaired the International Conference on the Numerical Simulation of Optoelectronic Devices (NUSOD) in 2008. He currently serves on: the Steering Committee of NUSOD; the Semiconductor Lasers Committee of the IEEE Photonics Conference; and the Technical Programme Committee of the 25th IEEE International Semiconductor Laser Conference. Professor Larkins is a senior member of the IEEE, a member of the Institute of Physics, and an active member of the Photonics21 European Technology Platform. He has authored or co-authored one white paper, three patents (two U.S. and one German), eight book chapters (four in preparation) and > 250 scientific papers.

 For additional information:
Dr. Mercedeh Khajavikhan
Assistant Professor of Optics & Photonics

Friday, February 5, 2016

LPTH Press Release: LightPath Technologies Reports 26% Revenue Increase with Fiscal 2016 Second Quarter Financial Results

For Immediate Release:

LightPath Technologies Reports 26% Revenue Increase with Fiscal 2016 Second Quarter Financial Results

Continued Momentum for Global Sales of Specialty and Infrared Products; Significant Gross Margin Expansion 

ORLANDO, FL – February 4, 2016 – LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company” or “we”), a leading vertically integrated global manufacturerdistributor and integratorof proprietary optical and infrared components and high-level assemblies, today announced financial results for the fiscal 2016 second quarter ended December 31, 2015.
Second Quarter Fiscal 2016 Highlights:
  • Revenue for the second quarter of fiscal 2016 increased 26% to approximately $4.2 million compared to approximately $3.4 million for the second quarter of fiscal 2015.
  • Revenues from sales of infrared products and infrared non-recurring engineering products (“NRE”) increased by more than 164% in the second quarter of fiscal 2016 compared to the second quarter of fiscal 2015.
  • Gross margin was 56% in the second quarter of fiscal 2016 compared to 38% in the second quarter of fiscal 2015.
  • Operating income for the second quarter of fiscal 2016 was approximately $607,000, compared to an operating loss of approximately ($405,000) for the second quarter of fiscal 2015.
  • EBITDA was a negative of approximately ($318,000) for the second quarter of fiscal 2016 compared to a positive EBITDA of approximately $294,000 in the second quarter of the previous fiscal year. Adjusted EBITDA, which excludes the change in the fair value of our warrant liability, was a positive of approximately $737,000 for the second quarter of fiscal 2016 compared to a negative EBITDA of approximately ($240,000) for the second quarter of fiscal 2015.
  • 12-month backlog increased to approximately $6.4 million at December 31, 2015, compared to approximately $5.1 million as of September 30, 2015.
  • Non-cash warrant liability expense in connection with the change in their fair value of approximately $1.1 million in the second quarter of fiscal 2016, as compared to non-cash income of approximately $535,000 in the second quarter of fiscal 2015. This is driven primarily by the 90% appreciation of our common stock from the first quarter of fiscal 2016.
 A reconciliation of GAAP to non-GAAP results is provided in this press release in the accompanying tables.  An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, “I am pleased to report excellent results for the second quarter of fiscal 2016. We continue to see impressive revenue growth of our specialty products, which increased by 133% as compared to the second quarter of fiscal 2015. This growth is complemented by solid improvement of our infrared products and infrared NREs, which increased by 164% as compared to the second quarter of fiscal 2015.  In particular, our direct sales in Asia and China continue to grow, principally driven by the increasing demand from our telecommunications customers. We have successfully expanded our business in an uncertain economic environment as we serve multiple markets and continue to offer excellent value to our customers.”

Mr. Gaynor continued, “I am also pleased with the margin expansion we have demonstrated through this period. Our gross margins improved as a result of the excellent operational performance of our subsidiary manufacturing facility in Zhenjiang, People’s Republic of China. We moved the majority of our manufacturing operations from one of our subsidiary’s facilities in Shanghai, People’s Republic of China to this newer facility in Zhenjiang late last year.  Since this move, we have realized a reduction of costs over our cost basis at the Shanghai facility of approximately 35%. We have also continued to diversify our business by developing new applications for our products in markets such as digital imaging, medical instruments and fiber laser delivery systems, which are bolstered by our more traditional applications in telecommunications, industrial equipment and weapon sights.  Based on the diversification of our business, the successful implementation of our sales strategies and our superior value proposition, which may resonate even more with customers in periods of challenging economic development, we expect continued robust increases in revenue across all our product lines during fiscal 2016.”

Financial Results for Three Months Ended December 31, 2015

Revenue for the second quarter of fiscal 2016 totaled approximately $4.2 million, which was an increase of approximately $0.9 million, or 26%, as compared to the same period of the prior fiscal year.  The increase from the second quarter of the prior fiscal year is attributable to a 133% increase in sales of specialty products and a 234% increase in sales of NRE projects.

Gross margin as a percentage of revenue in the second quarter of fiscal 2016 was 56%, compared to 38% in the second quarter of fiscal 2015. The improvement in gross margin is attributed to a favorable product mix resulting in higher sales prices, leverage of the increase in production volume against manufacturing overhead costs, and the realization of the full benefit of consolidating a majority of our manufacturing operations into the Zhenjiang facility.  Total cost of sales of approximately $1.9 million decreased by approximately $206,000 in the second quarter of fiscal 2016 compared to the same period of the prior fiscal year.

During the second quarter of fiscal 2016, total costs and expenses increased by approximately $78,000 compared to the same period of the prior fiscal year. The increase was due to an approximately $180,000 increase in wages to accrue for fiscal 2016 management bonuses given the strong financial performance during the second quarter of fiscal 2016.   This increase was partially offset by a decrease in professional service fees compared to the prior year. Total operating income for the second quarter of fiscal 2016 was approximately $607,000, compared to an operating loss of approximately ($405,000) for the same period in fiscal 2015, which was impacted by elevated costs due to duplicative expenses as we transitioned to a new manufacturing facility in China and other strategic growth initiatives.

In the second quarter of fiscal 2016, we recognized a non-cash expense of approximately $1.1 million related to the change in the fair value of warrants issued in connection with our June 2012 private placement.  The applicable accounting rules for the warrant liability requires the recognition of either non-cash expense or non-cash income, which has a significant correlation to the change in the market value of our common stock for the period being reported.  The market value per share of common stock increased by 90% during the second quarter of fiscal 2016 as compared to the second quarter of fiscal 2015, which aided in the recognition of non-cash expense as compared to non-cash income recorded for the same period in fiscal 2015. In the second quarter of fiscal 2015, we recognized non-cash income of approximately $535,000 related to the change in the fair value of these warrants.  The warrants have a five year life and will expire in December 2017. The fair value will be re-measured each reporting period until the warrants are exercised or expire.

Net loss for the second quarter of fiscal 2016 was approximately ($536,000) or ($0.04) per basic and diluted common share, which includes non-cash expense of approximately $1.1 million or $0.07 per basic and diluted common share for the change in the fair value of the warrant liability, compared with net income of approximately $141,000 or $0.01 per basic and diluted common share, which includes non-cash income of approximately $535,000 or $0.04 per basic and diluted common share for the change in the fair value of the warrant liability for the same period in fiscal 2015.  We were also impacted by foreign exchange losses in the second quarter of fiscal 2016 due to the recent de-valuing of the Chinese yuan in the amount of approximately ($78,000), which had a ($0.01) impact on basic and diluted earnings per share.  This compares to a foreign exchange gain of $19,000 in the same period of the prior fiscal period.  Adjusted net income, which is adjusted for the effect of the non-cash change in the fair value of the warrant liability, was approximately $520,000 in the second quarter of fiscal 2016 as compared to a loss of approximately ($394,000) in the same period of fiscal 2015, an improvement of approximately $0.9 million.  Weighted-average basic shares outstanding increased to 15,250,146 in the second quarter of fiscal 2016 compared to 14,305,985 in the second quarter of fiscal 2015 primarily due to shares of common stock issued pursuant to the our private placement in January 2015 and issuances under our employee stock purchase plan.
Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the second quarter of fiscal 2016 was a loss of approximately ($318,000) compared to positive EBITDA of approximately $294,000 in the second quarter of fiscal 2015.  The difference in EBITDA between periods was principally caused by higher operating income in the current year period offset by the non-cash expense from the warrant liability.  Adjusted EBITDA, which eliminates the non-cash income or expense related to the change in fair value of the warrant liability, was approximately $737,000 in the second quarter of fiscal 2016 as compared with negative adjusted EBITDA of approximately ($240,000) for the same period of the prior fiscal year.
Financial Results for Six Months Ended December 31, 2015
Revenue for the first half of fiscal 2016 totaled approximately $8.4 million, which was an increase of approximately $2.5 million, or 41%, as compared to the same period of the prior fiscal year.  This increase was due to increases in sales across all of our product groups. Specifically, there was a 241% increase in sales of NRE projects, a 119% increase in sales of specialty products, a 53% increase in sales of our infrared products, and an 18% increase in sales of our precision molded optics products.

 Gross margin as a percentage of revenue in the first half of fiscal 2016 was 55%, compared to 38% in the first half of fiscal 2015. The improvement in gross margin is primarily attributed to favorable product mix resulting in higher sales prices, leverage of the sales volume against our manufacturing overhead costs, and the realization of the full benefit of the lower cost structure of the Zhenjiang facility.  In the first half of fiscal 2015, we had increased wages due to the ramp up of production of our infrared products and the overlapping of manufacturing workforces during the transition of production from the Shanghai facility to the Zhenjiang facility. Total cost of sales of approximately $3.8 million increased by approximately $106,000 in the first half of fiscal 2016 compared to the same period of the prior fiscal year.

During the first half of fiscal 2016, total costs and expenses increased by approximately $179,000 compared to the same period of the prior fiscal year. The increase was due to an approximate $360,000 increase in accruals for wages related to fiscal 2016 management bonuses given the strong financial performance during the first half of fiscal 2016.  This increase was partially offset by a decrease in professional service fees compared to the prior year. Total operating income for the first half of fiscal 2016 was approximately $1.3 million, compared to an operating loss of approximately ($915,000) for the same period in fiscal 2015.

In the first half of fiscal 2016, the Company recognized a non-cash expense of approximately $687,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement.  The applicable accounting rules for the warrant liability requires the recognition of either non-cash expense or non-cash income, which has a significant correlation to the change in the market value of common stock for the period being reported.  The market value per share of common stock increased by 61% during the first half of fiscal 2016, which aided in the recognition of a non-cash expense as compared to the non-cash income recorded for the same period in fiscal 2015.  In the first half of fiscal 2015, we recognized non-cash income of approximately $481,000 related to the change in the fair value of these warrants.  The warrants have a five year life and will expire in December 2017. The fair value will be re-measured each reporting period until the warrants are exercised or expire.

Net income for the first half of fiscal 2016 was approximately $307,000 or $0.02 per basic and diluted common share, which includes non-cash expense of approximately $687,000 or $0.05 per basic and diluted common share for the change in the fair value of the warrant liability, compared with net loss of approximately ($438,000) or ($0.03) per basic and diluted common share, which includes non-cash income of approximately $481,000 or $0.03 per basic and diluted common share for the change in the fair value of the warrant liability for the same period in fiscal 2015.  We were also impacted by foreign exchange losses in the first half of fiscal 2016 due to the recent de-valuing of the Chinese yuan in the amount of approximately $253,000, which had a ($0.02) impact on basic and diluted earnings per share.  This compares to a foreign exchange gain of $20,000 in the same period of the prior fiscal period.  Adjusted net income, which is adjusted for the effect of the non-cash change in the fair value of the warrant liability, was $994,000 in the first half of fiscal 2016 as compared to a loss of ($919,000) in the same period of fiscal 2015, an improvement of $1.9 million. Weighted-average basic shares outstanding increased to 15,244,747 in the first half of fiscal 2016 compared to 14,297,807 in the first half of fiscal 2015 primarily due to shares of common stock issued pursuant to  our private placement in January 2015 and issuances under our employee stock purchase plan.
EBITDA for the first half of fiscal 2016 was approximately $719,000 compared to negative EBITDA of approximately ($139,000) in the first half of fiscal 2015.  The difference in EBITDA between periods was principally caused by higher operating income offset by higher non-cash expense from the warrant liability in the fiscal 2016 period as compared with the prior year.  Adjusted EBITDA, which eliminates the non-cash income or expense related to the change in fair value of the warrant liability, was approximately $1.4 million in the first half of fiscal 2016 as compared with negative adjusted EBITDA of approximately ($620,000) in the same period of the prior fiscal year.
Cash and cash equivalents totaled approximately $2.5 million as of December 31, 2015, an increase of 52% from June 30, 2015.  Cash flow provided by operations was approximately $1.05 million for the six months ended December 31, 2015.  During the first half of fiscal 2016, we expended approximately $596,000 for capital equipment and approximately $460,000 for working capital while growing our cash balance. The current ratio as of December 31, 2015 improved to 4.09 to 1 compared to 3.10 to 1 as of June 30, 2015.  Total stockholders’ equity as of December 31, 2015 was approximately $8.7 million, a 9% increase from approximately $8.0 million as of June 30, 2015. 
As of December 31, 2015, our 12-month backlog was $6.4 million, compared to $5.1 million as of September 30, 2015, an increase of approximately 25%.
Investor Conference Call and Webcast Details:
We will host an audio conference call and webcast on Thursday, February 4, at 4:30 p.m. ET to discuss our financial and operational performance for the second quarter of fiscal 2016.
Date: Thursday, February 4, 2016
Time: 4:30 p.m. (ET)
Dial-in Number: 1-877-317-2514
International Dial-in Number: 1-412-317-2514

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 and webcast of the event will be available for viewing or download on the Company web site shortly after the call is concluded.  A replay of the call will be available approximately one hour after completion through February 18, 2016. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10079753.

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, visit www.lightpath.com.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, this press release includes references to EBITDA, adjusted EBITDA and adjusted net income (loss), all of which are non-GAAP financial measures.  For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP, see the tables provided in this press release. 
A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP.  Our management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period.  Our management also believes that these non-GAAP financial measures enhance the ability of investors to analyze our underlying business operations and understand our performance. In addition, our management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning.  Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP.
We calculate EBITDA by adjusting net income (loss) to exclude net interest expense, income tax expense or benefit, depreciation, and amortization.  Similarly, we calculate adjusted EBITDA by adjusting net income (loss) to exclude net interest expense, income tax expense or benefit depreciation, amortization, and the change in the fair value of the warrants issued in connection with our private placement in June 2012. 
The fair value of the warrants issued in connection with our private placement in 2012 is re-measured each reporting period until the warrants are exercised or expire.  Each reporting period, the change in the fair value of these warrants is either recognized as non-cash expense or non-cash income.  The change in the fair value of the warrants has a significant correlation to the change in the market value of our common stock for the period being reported and is not impacted by our actual operations during such period. We believe that by excluding the change in the fair value of these warrants enhances the ability of investors to analyze our underlying business operations and understand our performance.
The discussion of our results as presented in this release also includes the use of the non-GAAP term “gross margin.”  We calculate gross margin 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 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 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.
Forward-Looking Statements
This release includes statements that constitute “forward-looking statements” within the meaning of federal securities laws, which are statements other than historical facts and that frequently use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “position,” “should,” “strategy,” “target,” “will” and similar words.  All forward-looking statements speak only as of the date of this release.  Although we believe that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved.  Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements.  This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties.  Our business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control.  Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by us in our public filings with the Securities and Exchange Commission.  All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements.  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.
Tel: 407-382-4003                                           Tel: 407-382-4003 x305                        Tel: 631-367-1866

Wednesday, February 3, 2016

LPTH Press Release: LightPath Technologies Announces Preliminary Results for Fiscal 2016 Q2 Financial Results

For Immediate Release:

LightPath Technologies Announces Preliminary Results for Fiscal 2016 Second Quarter Financial Results

ORLANDO, FL – February 1, 2016 – LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company” or “we”), a leading vertically integrated global manufacturerdistributor and integratorof proprietary optical and infrared components and high-level assemblies, today announced preliminary financial results for the fiscal 2016 second quarter ended December 31, 2015 and the scheduling of a conference call and simultaneous webcast on February 4, 2016 to discuss the Company’s financial and operational results for such period.

Preliminary Financial Results for Second Quarter of Fiscal 2016

  • We expect to report revenue of approximately $4.2 million for the second quarter of fiscal 2016, as compared to approximately $3.4 million for the second quarter of fiscal 2015, a 26% increase.
  • 12-month backlog was approximately $6.4 million for the second quarter of fiscal 2016, as compared to approximately $5.1 million for the first quarter of fiscal 2016, a 27% increase.
  • Cash and cash equivalents were approximately $2.5 million as of December 31, 2015, as compared to approximately $1.6 million as of June 30, 2015, a 52% increase.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, “We are very pleased with our overall financial performance in the fiscal 2016 second quarter, with strong growth in key areas such as revenues, backlog and cash position.  We look forward to announcing our complete financial results next week and addressing other areas of progress and momentum for our business.”
Gaynor continued, “We believe our preliminary second quarter results, continued operational progress and increasingly favorable outlook offer a vastly different view as compared to the report issued by The Street Sweeper blog on January 26, 2016.  The report makes assertions about stock promotion firms with which we have no connection, as well as other claims and analysis that we believe to be ill-conceived and unsubstantiated.  We believe the publication’s motivation is clear given the disclosure in the report that its owners ‘hold a short position in LPTH and stand to profit on any future declines in the stock price.’  The issuance of the report corresponds with a 25% decline in our stock price from the closing price on the day before the report was published through intraday trading on January 28, 2016, which decline in our stock price could benefit The Street Sweeper at the expense of our stockholders.  We further believe, as evidenced by the report, that The Street Sweeper seemingly has no understanding of our business and industry, nor does it properly address our growth and improved financial position.” 

We will issue our complete fiscal 2016 second quarter financial results on February 4, 2016 after the close of the stock market.  Following the issuance of the financial results press release, a conference call and simultaneous webcast will be held.

Investor Conference Call and Webcast Details:

Date: Thursday, February 4, 2016
Time: 4:30 PM (ET)
Dial-in Number: 1-877-317-2514  
International Dial-in Number: 1-412-317-2514 
Webcast: http://services.choruscall.com/links/lpth160204.html

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 February 18, 2016. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10079753.


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, visit www.lightpath.com.

Forward-Looking Statements
This release includes statements that constitute “forward-looking statements” within the meaning of federal securities laws, which are statements other than historical facts and that frequently use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “position,” “should,” “strategy,” “target,” “will” and similar words.  All forward-looking statements speak only as of the date of this release.  Although we believe that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved.  Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements.  This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties.  Our business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control.  Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by us in our public filings with the Securities and Exchange Commission.  All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements.  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.
Tel: 407-382-4003                                           Tel: 407-382-4003 x305                     Tel: 631-367-1866