LightPath Technologies, Inc. Announces Third Quarter Fiscal 2005
Financial Results ORLANDO, Fla., May 5 /PRNewswire-FirstCall/ --
LightPath Technologies, Inc. (NASDAQ:LPTH), a manufacturer and
integrator of families of precision molded aspheric optics,
GRADIUM(R) glass products, high-performance fiber- optic
collimators and isolators, today announced financial results for
its fiscal 2005 third quarter and nine months ended March 31, 2005.
Compared to the same periods in the prior year, sales increased by
57% to $3.07 million for the third fiscal quarter, and by 68% to
$9.33 million for the nine-month period. This sales growth coupled
with operating expense reductions are the primary drivers of
reduced cash use and reduced reported losses. Our Disclosure
Backlog, as defined in our Annual Report on Form 10-K for June 30,
2004, was $2.49 million at March 31, 2005, compared to $2.8
1million at the same date in the prior year and $2.98 million at
December 31, 2004. Financial Quick Reference (In Millions, except
for Three Months Ended Nine Months Ended per share data) March 31,
March 31, 2005 2004 2005 2004 Unaudited Total revenues $3.07 $1.95
$9.33 $5.56 Total costs and expenses $3.38 $3.02 $12.11 $9.99 Net
loss $(0.31) $(1.07) $(2.78) $(4.43) Net loss per share $(0.09)
$(0.37) $(0.85) $(1.64) Increase/(Decrease) in cash and cash
equivalents $(0.38) $1.00 $(1.05) $(0.42) March 31, December 31,
June 30, 2005 2004 2004 (In Millions) Cash and cash equivalents
$1.48 $1.85 $2.53 Detailed comments about the third quarter of
fiscal 2005: For the quarter ended March 31, 2005, the Company
reported total revenues of $3.07 million compared to $1.95 million
for the same quarter of the previous fiscal year, an increase of
57%. Net loss for the quarter was $0.31 million, or $0.09 per
share. Our gross margin percentage in the third quarter is higher,
at 26%, by nine points than in the comparable quarter in the prior
year when it was about 17%. While we are seeing improved margins
from better utilization of our manufacturing plant and from higher
volumes of product sales, our efforts to improve margins remain a
principal focus. SG&A expenses were reduced from $1.39 million
last year to $0.83 million in this most recent quarter, largely due
to reductions in amortization, compensation, legal and insurance
costs. New product development expenses were essentially level at
$0.22 million compared to last year's third quarter when it was
$0.24 million, a result of slightly higher personnel costs offset
by lower consumable material costs. A notable improvement in our
statement of operations in the current quarter includes
amortization expense for intangible assets of only $38 thousand
compared to approximately $466 thousand in the same quarter of the
prior year, as a result of a portion of identifiable intangibles
becoming fully amortized in prior quarters. Remaining amortization
amounts from our intangible assets that are subject to periodic
amortization will be relatively modest at current quarter levels or
lower. Detailed comments about the nine months of fiscal 2005: For
the nine months ended March 31, 2005, the Company reported total
revenues of $9.33 million compared to $5.56 million for the same
nine months of the previous fiscal year, an increase of 68%. Net
loss for the nine months of fiscal 2005 was $2.78 million, or $0.85
per share, an improvement over the loss in last year's comparable
first nine months of $4.43 million or $1.64 per share. Gross margin
increased $0.82 million and the percent was slightly higher
increasing to 21% from 20% in the comparable prior period. As
previously reported in our second quarter press release, we
incurred a materials scrap adjustment in the nine months of this
fiscal year of $265,000 and a $69,000 charge in the comparable
period of last year for an intellectual property dispute. While we
have seen notable margin improvement in the past two and one-half
years, through improving volumes that have increased plant
utilization rates, we still have the challenge of improving our
process yields to improve margins while sustaining our recent unit
growth levels. SG&A expenses were reduced from $4.10 million
last year to $3.29 million in this most recent nine months due to
reductions in compensation, insurance, investor relations and legal
costs. New Product Development expenses increased from $0.70
million last year to $0.75 million in the nine months of 2005. As
our product volumes have increased we have found it necessary to
add staff to our optical engineering group to better serve our
higher volumes of business, which often require engineering input
to the sales effort. Lastly, the Company settled a lawsuit for
$70,000 in the nine months of 2005 that is included in the overall
loss for the period. Cash Status: For the quarter ended March 31,
2005, net cash declined by $0.38 million vs. an increase of $1.00
million in the same period of the prior year. Cash was bolstered in
the prior year by both the sale of common stock (netting $1.89
million and a settlement of litigation, netting $0.61 million). As
we have noted in prior reports, higher sales levels have generally
reduced our use of cash from period to period and reduced our loss
levels. Management's objective is to stay on a course of increasing
sales with a continuing focus on managing costs to reach our goal
of becoming self- sustaining by achieving cash flow breakeven from
operations. Comments: Ken Brizel, President and CEO of LightPath,
stated, "Our sales have remained at record levels since our
restructuring began. We feel that we are making good progress on
our sales line; our sales of $9.3 million for the nine months of
fiscal 2005 already exceed the $8.3 million recorded for the twelve
months of fiscal 2004. Our sales backlog was lower than we wanted
due to continued weakness in our remaining communication market
customers, which overshadowed the continued growth in industrial,
medical and defense. This highlights the importance of our ongoing
market diversification initiatives. In late March, at the SPIE
Defense and Security trade show in Orlando, we announced our
ability to mold long-wavelength infrared (LWIR) aspheric optics.
This new product line called the Black Diamond (TM) enables high
performance, cost-effective LWIR molded aspheric lenses. This
reduces the number of lenses required for typical thermal imaging
systems. These LWIR lenses are used in a variety of markets
including, defense, industrial, commercial and automotive
applications." Additional information concerning the Company and
its products can be found at the Company's website at
http://www.lightpath.com/ . Webcast Details: LightPath will hold an
audio webcast at 3:00 p.m. ET on May 5, 2005 to discuss details
regarding the Company's performance for the quarter and nine months
of fiscal year 2005. The session may be accessed at
http://www.lightpath.com/ . A transcript archive of the webcast
will be available for viewing or download on our website. About
LightPath: LightPath manufactures optical products including
precision molded aspheric optics, GRADIUM(R) 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 National Market under the stock symbol
LPTH. Contacts: Rob Burrows, CFO LightPath Technologies, Inc. (407)
382-4003 Internet: 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. 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 LIGHTPATH TECHNOLOGIES, INC. Condensed
Consolidated Balance Sheets (unaudited) March 31, June 30, Assets
2005 2004 Current assets: Cash and cash equivalents $1,477,737
$2,531,029 Trade accounts receivable, net of allowance of $118,932
and $165,387, respectively 1,775,106 1,797,113 Inventories
1,727,431 1,457,027 Prepaid expenses and other assets 152,852
500,328 Total current assets 5,133,126 6,285,497 Property and
equipment - net 1,580,893 2,343,783 Intangible assets - net 363,225
905,896 Other assets 65,215 145,913 Total assets $7,142,459
$9,681,089 Liabilities and Stockholders' Equity Current
liabilities: Accounts payable $893,331 $656,263 Accrued liabilities
300,339 428,896 Accrued payroll and benefits 278,421 565,935
Accrued severance and exit costs 3,404 41,276 Capital lease
obligation, current portion 20,654 -- Total current liabilities
1,496,149 1,692,370 Capital lease obligation, excluding current
portion 48,887 -- Stockholders' equity: Common stock: Class A, $.01
par value, voting; 34,500,000 shares authorized; 3,337,363 and
3,222,549 shares issued and outstanding at March 31, 2005 and June
30, 2004. respectively 33,374 32,22 Additional paid-in capital
191,426,528 190,986,547 Accumulated deficit (185,612,307)
(182,831,197) Unearned compensation (250,172) (198,857) Total
stockholders' equity 5,597,424 7,988,719 Total liabilities and
stockholders' equity $7,142,459 $9,681,089 LIGHTPATH TECHNOLOGIES,
INC. Condensed Consolidated Statement of Operations (unaudited)
Three months ended Nine months ended March 31, March 31, 2005 2004
2005 2004 Product sales, net $3,065,310 $1,951,118 $9,329,972
$5,558,896 Cost of sales 2,268,520 1,624,689 7,392,693 4,443,232
Gross margin 796,790 326,429 1,937,279 1,115,664 Operating
expenses: Selling, general and administrative 830,275 1,386,697
3,290,159 4,097,510 New product development 224,633 239,919 753,860
704,786 Amortization of intangibles 38,217 465,647 542,672
1,479,022 Loss (gain) on sales of assets 13,042 (6,450) (10,499)
(115,106) Reorganization and relocation expense -- -- -- 1,766
Total operating costs 1,106,167 2,085,813 4,576,191 6,167,978
Operating loss (309,377) (1,759,384) (2,638,912) (5,052,314) Other
income (expense) Gain (loss) on settlement of litigation -- 790,000
(70,000) 790,000 Investment and other income (expense), net 3,394
(100,256) (72,198) (166,201) Net loss $(305,983) $(1,069,640)
$(2,781,110) $(4,428,515) Loss per share (basic and diluted)
$(0.09) $(0.37) $(0.85) $(1.64) Number of shares used in per share
calculation 3,311,984 2,880,458 3,287,587 2,700,855 DATASOURCE:
LightPath Technologies, Inc. CONTACT: Rob Burrows, CFO, LightPath
Technologies, Inc., +1-407-382-4003 Web site:
http://www.lightpath.com/
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