LightPath Technologies Fiscal 2007 Second Quarter Comments
12 Enero 2007 - 4:01PM
PR Newswire (US)
ORLANDO, Fla., Jan. 12 /PRNewswire-FirstCall/ -- LightPath
Technologies, Inc. (NASDAQ:LPTH), manufacturer and integrator of
families of precision molded aspheric optics, precision molded
infrared optics, GRADIUM(R) glass products, and high-performance
fiber-optic collimators and isolators, reported today that
projected results for its second quarter of fiscal 2007 include
sales of approximately $3.8 million compared with $3.0 million in
the second quarter of fiscal 2006, an increase of 28%. The Company
reduced delinquent shipments in its backlog by $500k and
experienced an increase in communications-based shipments in the
first quarter of fiscal 2007. Our current quarter sales of
approximately $3.8 million compared to our first quarter sales of
approximately $4.4 million, decreased 15%, but are nearly flat
quarter to quarter when considering the reduction in delinquent
shipments. In the second quarter, new orders from our
communications customers have slowed down through the end of the
second quarter, while orders from our medical customers have
increased. The Company's Shanghai manufacturing facility
contributed more than 50% of our production of molded optics in the
second quarter and the Company is continuing to invest in equipment
and facilities for that site which management believes will achieve
both cost reduction and growth opportunities. Ken Brizel, President
and Chief Executive Officer of LightPath, commented, "We increased
our shipments by 28% this quarter over last fiscal year and
maintained a very low delinquency in our shipments. The
manufacturing team shifted more than 50% of our molded production
to our Shanghai location, which helped reduce cost and increase
production volume. Communications orders slowed during this
quarter, while medical orders rose. The backlog was down from the
prior quarter mainly in communications. I am confident that orders
in the other markets will be picking up and surpassing the
communications market in coming quarters." At December 31, 2006,
the Company's Disclosure Backlog was $2.6 million, a decrease of
13% over its Disclosure Backlog at December 31, 2005 of $3.0
million. At September 30, 2006, the Company's Disclosure Backlog
was $4.1 million. As reported in our Annual Report on Form 10-K for
June 30, 2006, it had a "Disclosure Backlog" (as defined therein)
at that date of $4.3 million. Webcast Details: LightPath plans to
hold an audio webcast at 3:00 p.m. EST on Thursday, February 15,
2007 to discuss details regarding the company's performance for the
second quarter of fiscal 2007. 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 web site shortly after
the call is concluded. LightPath manufactures optical products
including precision molded aspheric optics, precision molded
infrared optics, GRADIUM(R) glass products, proprietary collimator
assemblies, isolators 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 SmallCap
Market under the symbol "LPTH." Investors are encouraged to go to
LightPath's website for additional financial information. Contacts:
Dorothy Cipolla, 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. DATASOURCE:
LightPath Technologies, Inc. CONTACT: Dorothy Cipolla, CFO of
LightPath Technologies, Inc. +1-407-382-4003 Web site:
http://www.lightpath.com/
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