LightPath Technologies Fiscal 2008 Preliminary Third Quarter Comments & Sale of GRADIUM(R) Product Line
21 Abril 2008 - 7:00AM
Marketwired
ORLANDO, FL , manufacturer and integrator of families of
precision molded aspheric optics, precision molded infrared optics,
GRADIUM� glass products, and high-performance fiber-optic
collimators and isolators, projects that its disclosure backlog at
March 31, 2008, our fiscal third quarter, is $3.05 million. Our
total backlog is up 65% from June 30, 2007, our previous fiscal
year-end. The trend on booking of orders shows a flattening in our
telecommunications orders, but reflects a 20% increase from
December 31, 2007, in our industrial business backlog.
Disclosure Backlog (millions)
3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008
Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008
---------- ---------- ---------- ---------- ----------
Industrial $ 1.56 $ 1.49 $ 2.07 $ 2.22 $ 2.67
Telecom $ 0.52 $ 0.36 $ 0.41 $ 0.47 $ 0.38
---------- ---------- ---------- ---------- ----------
Total $ 2.08 $ 1.85 $ 2.48 $ 2.69 $ 3.05
========== ========== ========== ========== ==========
The backlog of our industrial business is growing as we
implement our strategic business plan. We are becoming less
dependent on the more volatile business segments such as telecom.
We continue to diversify our business through penetration of the
higher volume, lower cost commercial markets, infrared products and
collimator products. Management believes that the increased backlog
we are experiencing will result in increased revenue commencing in
the fourth quarter of fiscal 2008.
Our estimated revenues for our fiscal third quarter of 2008 are
based on projected sales of approximately $2.11 million compared
with $2.02 million in the second quarter of fiscal 2008, an
increase of 5%. Our industrial business is up 12% from the second
fiscal quarter as we build on our diversification away from the
telecommunications market.
Revenue (millions)
3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008
Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008
---------- ---------- ---------- ---------- ----------
Industrial $ 1.65 $ 1.52 $ 1.95 $ 1.62 $ 1.81
Telecom $ 1.25 $ 0.75 $ 0.36 $ 0.41 $ 0.30
---------- ---------- ---------- ---------- ----------
Total $ 2.90 $ 2.28 $ 2.31 $ 2.02 $ 2.11
========== ========== ========== ========== ==========
3/31/2007 3/31/2008
Q3 YTD Q3 YTD
---------- ----------
Industrial $ 5.32 $ 5.38
Telecom $ 5.75 $ 1.07
---------- ----------
Total $ 11.08 $ 6.44
========== ==========
Our preliminary projections of cash used by operations for the
fiscal third quarter of 2008 is $607,000, down approximately 44%
from the fiscal second quarter of 2008 and 51% from the fiscal
first quarter of 2008.
Cash usage (thousands)
3/31/2007 6/30/2007 9/30/2007 12/31/2007
Q3 2007 Q4 2007 Q1 2008 Q2 2008
---------- ---------- ---------- ----------
Cash usage from operations $ 534 $ 418 $ 1,251 $ 1,092
Cash usage $ 552 $ 591 $ 1,402** $ 1,354
3/31/2008 3/31/2007 3/31/2008
Q3 2008 Q3 YTD Q3 YTD
---------- ---------- ----------
Cash usage from operations $ 607 $ 1,439 $ 2,950
Cash usage $ 1,094 $ 1,881 $ 3,850**
** excludes $2.9 million equity raise in July 2007
Jim Gaynor, President and Chief Executive Officer of LightPath,
commented, "I am pleased to see the positive effects from our
continued expense reduction and cost reduction work in lower cash
usage per quarter. It is also encouraging to see the increase in
quarterly revenue from last quarter combined with the backlog
increase indicating that we are emerging from this weak business
period."
Mr. Gaynor also announced, "We have signed a letter of intent
with a ThorLabs, Inc., a major optics company, to sell certain
patents, equipment and inventory associated with the GRADIUM�
product line for $1 million cash. We will continue to have the
right to sell the GRADIUM� products to our customer base. ThorLabs
will take over the manufacturing of the GRADIUM� products and
maintain an inventory to support our sales efforts. The transaction
is subject to completion of due diligence and the negotiation of a
purchase agreement, but is expected to close by the middle of May
2008."
Mr. Gaynor further commented, "The sale of this non-strategic
specialty line is another action that will allow us to focus our
resources on the execution of our business strategy. Our strategy
is to manufacture higher volume, lower cost products targeting
imaging applications, industrial laser applications and infrared
applications. To ensure that cash is on hand when needed to provide
near term flexibility, we are arranging short term financing backed
by our accounts receivable.
"With these first pieces of our business strategy in place we
will be focusing future efforts on the start up of the joint
venture in China with our partner CDGM and undertaking an
aggressive investor relations program to ensure that our
shareholders understand the direction of LightPath and are informed
of the progress we are making."
Webcast Details:
LightPath plans to hold an audio webcast around mid May to
discuss details regarding the company's performance for the third
quarter of fiscal 2008. The company will announce the specific time
for the webcast at a later date. The session may be accessed at
www.lightpath.com. A transcript archive of the webcast will be
available for viewing or download on our website shortly after the
call is concluded.
LightPath manufactures optical products including precision
molded aspheric optics, precision molded infrared optics, GRADIUM�
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 Capital Market under
the symbol "LPTH." Investors are encouraged to go to LightPath's
website for additional financial information.
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.
Contact: Dorothy Cipolla CFO LightPath Technologies, Inc. (407)
382-4003 Internet: www.lightpath.com
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