LightPath Technologies Announces Preliminary First Quarter Results
04 Noviembre 2010 - 6:30AM
Marketwired
LightPath Technologies, Inc. (NASDAQ: LPTH), (the "Company",
"LightPath" or "we") a global manufacturer, distributor and
integrator of patented optical components and assemblies, announced
today its preliminary financial results for the first quarter ended
September 30, 2010.
The Company reported preliminary revenue of $2.25 million for
the first quarter of fiscal 2011, an increase of 45% as compared to
$1.56 million for the same period of fiscal 2010. Cash as of
September 30, 2010 was $1.35 million as compared to $1.46 million
on June 30, 2010. Backlog scheduled to ship within the next 12
months was $3.2 million as of September 30, 2010, an increase of
$236,000 as compared to backlog on June 30, 2010.
Jim Gaynor, President and CEO of LightPath, stated, "The first
quarter is LightPath's slowest quarter due to the summer vacation
period in Europe and a seasonally slow period for some of our core
customers. Despite this business cycle we increased our revenues
and backlog over the same period of last year. We believe these
increases are due to our transition to new markets and customers
focused on low cost, high volume products. During the first
quarter, we added five new high-volume customers in strategic
markets that we expect to start production, in order to fulfill
their orders, over the next two quarters. While our volume was up
compared to the previous year for the first quarter, it was less
than planned as the result of the recent loss of two other high
volume customers: one due to market conditions and the other due to
non-payment for goods already shipped. Going forward we expect the
new customers will more than offset the loss of these two
customers."
Gaynor continued, "We have experienced volatile and tough market
conditions recently, but we remain cautiously optimistic. Even with
the slight softening we are experiencing as we transition to new
markets, qualify our products with new customers, and encounter the
normal seasonal slowdown with our existing customers, over the long
term, we anticipate strong top and bottom-line growth and the
continued enhancement of shareholder value."
LightPath will host a conference call to discuss the Company's
financial and operational results for the first quarter of fiscal
2011. Details of the call are as follows:
Date: Thursday, November 11, 2010 Time: 4:00 p.m. (EST) Dial-in
Number: 1-877-407-8033 International Dial-in Number: 1-201-689-8033
Webcast available at Precision IR: www.precisionir.com
Participants are recommended to dial-in approximately 5 to 10
minutes prior to the start of the call. A replay of the call will
be available approximately three hours after completion through
November 18, 2010. To listen to the replay, dial 1-877-660-6853
(within the U.S.) and 1-201-612-7415 (international calls), and
enter account # 286 and conference ID # 359787.
About LightPath Technologies LightPath
manufactures optical products including precision molded aspheric
optics, GRADIUM® glass products, proprietary collimator assemblies,
laser components utilizing proprietary automation technology,
higher-level assemblies and packing solutions. The Company's
products are used in various markets, including industrial,
medical, defense, test & measurement and telecommunications.
LightPath has a strong patent portfolio that has been granted or
licensed to us in these fields. For more information, visit
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, the Company does not have any
intention or obligation to update publicly any forward-looking
statements whether as a result of new information, future events or
otherwise.
GRADIUM® is a registered trademark of LightPath
Technologies.
Contact: Dorothy Cipolla CFO LightPath Technologies, Inc.
Tel: 407-382-4003 x305 Email: dcipolla@lightpath.com Web:
www.lightpath.com
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