LightPath Technologies Announces Preliminary Third Quarter Results
12 Abril 2011 - 8:30AM
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 third quarter ended
March 31, 2011.
The Company reported preliminary revenue of $2.43 million for
the third quarter of fiscal 2011, a decrease of 9%, as compared to
$2.66 million for the same period last year. Cash on hand as of
March 31, 2011 was $1.0 million as compared to $1.46 million on
June 30, 2010. Backlog scheduled to ship within the next 12 months
was $3.63 million as of March 31, 2011, an increase of $683,000 as
compared to backlog on June 30, 2010.
Jim Gaynor, President and CEO of LightPath, stated, "This
quarter we continued to execute our business plan and made good
progress expanding our presence in our targeted markets. We
increased our channels to the Asian market with the addition of two
high quality distributors. Production rates remained at record
levels producing over 468,000 lenses. Cash used was for expansion
and capacity growth. Our disclosure backlog increased 23% to $3.63
million with orders booked during the quarter exceeding $3.0
million. Revenue was down slightly reflecting the impact of the
long Chinese New Year holiday in February. We also stabilized our
debt by extending the maturity date of our convertible debentures
from August 2011 to August 2013. The current outstanding principal
amount due under the debentures is $1.1 million."
Gaynor continued, "We have positioned the company to take
advantage of our chosen markets with lower costs and higher volumes
as the economy continues to improve. We are excited by the
opportunities we see and anticipate strong top and bottom line
growth."
LightPath will host a conference call to discuss the Company's
financial and operational results for the third quarter of fiscal
2011. Details of the call are as follows:
Date: Thursday, April 28, 2011 Time: 4:00 p.m. (EDT) 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 May
5, 2011. 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 # 370908.
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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