ORLANDO, Fla., Feb. 9, 2012 /PRNewswire/ -- LightPath
Technologies, Inc. (NASDAQ: LPTH) (the "Company," "LightPath" or
"we"), a global manufacturer, distributor and integrator of
proprietary optical components and high-level assemblies, announced
today its financial results for the second quarter ended
December 31, 2011. Full details are
available in the Company's Quarterly Report on Form 10-Q filed
today with the SEC at www.sec.gov.
(Logo: http://photos.prnewswire.com/prnh/20120202/FL45310LOGO
)
Highlights:
- Backlog scheduled to ship within the next 12 months was
$3.83 million as of December 31, 2011, an increase of approximately
$554,000 from December 31, 2010.
- Revenue for the second quarter of fiscal 2012 was $2.67 million as compared to $2.53 million in the second quarter of fiscal
2011.
- Gross margin was 32% for the second quarter of fiscal 2012 as
compared to 40% for the second quarter of fiscal 2011.
- EBITDA for the second quarter of fiscal 2012 was a gain of
approximately $6,000 compared to a
loss of approximately $45,000 in the
second quarter of fiscal 2011.
- Net loss for the second quarter of fiscal 2012 was
approximately $343,000 compared to a
net loss of approximately $374,000
for the second quarter of fiscal 2011.
- Unit shipment volume in precision molded optics was up 30% in
the second quarter of fiscal 2012 compared to the second quarter of
fiscal 2011.
Jim Gaynor, President and Chief
Executive Officer of LightPath, commented, "Despite several
negative economic circumstances affecting our markets, we were able
to grow our revenue by 6% as compared to the second quarter
of last year. Direct costs were as expected at 26% of sales,
however, gross margin was lower than expected primarily due to a
volume/mix change, a one-time cost for severance and an unusual
customer accommodation return due to a specification change.
During this quarter we also saw faster than forecasted price
erosion for a few specific applications."
"We have initiated projects to improve our margins in several
key areas; one that will lower our coating costs and a second to
improve our tool life. Unit volume has continued to increase as we
grow our low cost/high volume business. This unit growth combined
with the conversion of ECO glass to our standard glass is improving
our purchasing leverage on our major raw material. In addition, we
have been able to reduce the headcount at our China facility due to improved press
productivity and improved pressing yield. As we implement these
improvements we anticipate that our gross margin will recover."
"Bookings were impacted by the economic uncertainty in
Europe, which slowed our
distribution and catalog sales, the continued weak construction
industry in China which slowed the
growth of our industrial tool volume and the impact of the
Thailand flooding on some of our
telecom customers. However, we have seen a significant
recovery in bookings during January."
"We used $195,000 of cash during
the quarter for purchases of new product tooling and equipment
associated with our infrared development program. Cash provided by
operations was $139,000 for the
second quarter."
Mr. Gaynor continued, "Our focus remains on growing our revenue.
The number and quality of opportunities under review continues to
grow. In the past nine months, our product development team
reviewed new designs which represent more than $8 million in sales opportunities. These
opportunities are in addition to our current molded optics
products. While we will not convert all of these opportunities to
new business, it supports the level of growth we expect. These new
lens opportunities combined with the growth we are seeing in
collimators and infrared products confirms our belief that we have
positioned the company for growth. We are very excited by the
opportunities available to us."
Financial Results for Three Months Ended December 31, 2011
Revenue for the second quarter of fiscal 2012 totaled
$2.67 million compared to
$2.53 million for the second quarter
of fiscal 2011, an increase of 6%. The increase from the second
quarter of the prior fiscal year was primarily attributable to a
30% increase in sales volume of precision molded optics lens units,
which accounted for 78% of our revenues. Despite the increase
in the sales of precision molded optics lens units during the
period, our average per unit selling price was lower due to a
higher percentage of our sales being shipped against longer term
negotiated contracts which have slightly lower prices.
Our gross margin percentage in the second quarter of fiscal 2012
compared to the second quarter of fiscal 2011 decreased to 32% from
40%. Total manufacturing cost of $1.83
million was approximately $300,000 higher in the second quarter of fiscal
2012 compared to the same period of the prior fiscal year. This
increase in total manufacturing cost was due primarily to a change
in the mix of the products sold as compared to the same period in
fiscal 2011, one-time severance costs incurred with respect to
Orlando and Shanghai employees, and a charge for the
return of products by a customer resulting from customer
specification changes.
Unit shipment volume in precision molded optics was up 30% in
the second quarter of fiscal 2012 compared to the same period of
the prior fiscal year, but our average selling prices were lower.
In the second quarter of fiscal 2012, 46% of our precision molded
optics sales in units were of more expensive glass types, compared
to 15% in the same period last year.
Direct costs, which include material, labor and services,
decreased to 26% of revenue in the second quarter of fiscal 2012,
as compared to 28% of revenue in the second quarter of fiscal 2011.
The decrease in direct costs was primarily due to lower
lens-coating costs and improved labor productivity. We experienced
an increase in labor costs at our Shanghai facility due to (i) increases in the
minimum wage and higher benefit costs and (ii) an increase in
employee headcount during portions of fiscal 2011 and fiscal 2012.
Headcount in Shanghai was
reduced during the second quarter of fiscal 2012 to reflect the
improved productivity and yield and to better match our production
requirements to our current 12-month backlog.
During the second quarter of fiscal 2012, total operating costs
and expenses decreased by approximately $90,000 to $1.16
million compared to $1.25
million for the same period in fiscal 2011. Selling, general
and administrative ("SG&A") expenses decreased by approximately
$113,000 to $884,000 in the second quarter of 2012 compared
to the second quarter of 2011. This decrease was primarily due to a
$75,000 decrease in investor
relations expenses and a $33,000
decrease in legal expenses. We intend to maintain SG&A
costs generally at current levels, with some increases expected for
sales and marketing.
The net result of the higher cost of goods sold and lower total
operating costs and expenses is a net operating loss of
approximately $320,000 for the second
quarter of fiscal 2012.
Interest expense was approximately $23,000 in the second quarter of fiscal 2012 as
compared to $113,000 in the second
quarter of fiscal 2011. This higher interest expense last year
resulted from the accelerated conversion by certain investors of
their debentures into common stock in the second quarter of fiscal
2011, which reduced the Company's debt obligation by $100,000. .The accelerated conversion resulted in
approximately $56,000 of costs
associated with the principal amounts converted to be expensed
during the second quarter of fiscal 2011 due to the interest and
debt issuance costs being amortized over the full life of the
debentures. The debentures issued in August
1, 2008 accounted for approximately all of the interest
which accrues at 8% per annum, during the quarters ended
December 31, 2011 and 2010.
Net loss for the second quarter of fiscal 2012 was approximately
$343,000 or $0.04 per basic and diluted common share,
compared to approximately $374,000 or
$0.04 per basic and diluted per
common share for the same period in fiscal 2011. Weighted-average
basic shares outstanding increased to 9,761,129 in the second
quarter of fiscal 2012 compared to 9,705,890 in the second quarter
in fiscal 2011 primarily due to the issuance of shares of common
stock related to the conversion of debentures in fiscal 2011.
Financial Results for Six Months Ended December 31, 2011
Revenue for the first half of fiscal 2012 totaled approximately
$5.41 million compared to
approximately $4.78 million for the
first half of fiscal 2011, an increase of 13%. The increase from
the first half of the prior fiscal year was primarily attributable
to higher sales volumes in precision molded optics, which accounted
for 78% of our revenues and higher sales of collimators. Although
unit volumes of precision molded optics were 50% higher than last
year, our average selling price was 20% lower. This is due to the
product volume/mix change we experienced as high volume precision
molded optics products became a larger percentage of our overall
sales. Growth in sales going forward is expected to be
derived primarily from the precision molded optics product line,
particularly our low cost lenses being sold in Asia, infrared lenses and collimators.
Our gross margin percentage in the first half of fiscal 2012
compared to the first half of fiscal 2011 decreased to 36% from
38%. Total manufacturing cost of approximately $3.48 million was approximately $523,000 higher in the first half of fiscal 2012
compared to the same period of the prior fiscal year. The decrease
in gross margin was due primarily to a change in the mix of the
products sold as compared to the same period in fiscal 2011, not
achieving projected revenues as well as increased costs.
We sold 50% more precision molded optics lens units as compared
to the first half of fiscal 2011 but our average selling price per
unit in the first half of fiscal 2012 was 20% lower. The
decrease in our average selling price per unit of precision molded
optics lenses is due to a higher percentage of our sales being
shipped against longer term negotiated contracts which have
slightly lower prices. In the six months ended December 31, 2011, 50% of sales of our precision
molded optics lens units were produced with more expensive glass
types, compared to 15% of sales for the same period in the prior
fiscal year. This increase was due to a mix change with fewer
low cost precision molded optics lenses than forecasted. Our
industrial tool lens volume grew but was under forecast as
construction in China remained
weak impacted by the continued tight monetary policy of the Chinese
government. Management is committed to continuing efforts to
transition more precision molded optics lenses to less expensive
glass, which will contribute towards achieving profitability
assuming we meet our sales targets and goals for producing and
selling more low-cost lenses at higher volumes.
We also experienced an increase in labor costs and some one-time
costs for severance incurred with respect to Orlando and Shanghai employees and an unusual charge for
the return of products by a customer resulting from customer
specification changes. We experienced an increase in labor
costs at our Shanghai facility due
to (i) increases in the minimum wage and higher benefit costs and
(ii) an increase in employee headcount during portions of fiscal
2011 and fiscal 2012. Headcount in Shanghai was reduced during the first half of
fiscal 2012 to reflect the improved productivity and yield and to
better match our production requirements to our current 12-month
backlog. Overtime expense paid to employees at our Orlando and Shanghai facilities also increased during the
six months ended December 31, 2011.
This increase in overtime expense was primarily due to
certain production equipment being taken offline for repairs during
a time when we were implementing a planned machine conversion.
This led to a temporary decrease in tooling capacity and
required that our employees work extra shifts in order to meet the
demand for our products. Both the machine repairs to our
Computerized Numerical Control ("CNC") equipment and the machine
conversion are complete, which, we anticipate will reduce the
likelihood of incurring significant overtime expense in the future.
Direct costs, which include material, labor and services,
decreased to 27% of revenue in the first half of fiscal 2012, as
compared to 28% of revenue in the first half of fiscal 2011,
primarily due to productivity and yield improvements.
During the first half of fiscal 2012, total operating costs and
expenses decreased by approximately $100,000 to approximately $2.46 million compared to approximately
$2.56 million for the same period in
fiscal 2011. SG&A expenses decreased by approximately
$189,000 to $1.88 million in the first half of 2012 compared
to the first half of 2011. This decrease was due to a $130,000 decrease in investor relations expenses,
a $46,000 decrease in fees paid to
NASDAQ and a $12,000 decrease in
expenses for press releases. We intend to maintain SG&A
costs generally at current levels, with some increases expected for
sales and marketing.
The net result of the higher cost of goods sold and lower total
operating costs and expenses is a net operating loss of
approximately $529,000 for the first
half of fiscal 2012.
Interest expense was approximately $47,000 in the first half of fiscal 2012 as
compared to $494,000 in the first
half of fiscal 2011. This higher interest expense last year
resulted from the accelerated conversion by certain investors of
their debentures into common stock in the first half of 2011, which
reduced the Company's debt obligation by $832,500. The accelerated conversions during the
first half of 2011 resulted in approximately $256,000 of debt costs associated with the
principal amount converted to be expensed during the first half of
fiscal 2011 due to the interest and debt issuance costs being
amortized over the full life of the debentures. The debentures
issued in August 1, 2008 accounted
for approximately all of the interest reported which accrues at 8%
per annum, during the six months ended December 31, 2011 and 2010.
Net loss for the first half of fiscal 2012 was approximately
$542,000 or $0.06 per basic and diluted common share,
compared to approximately $1.23
million or $0.13 per basic and
diluted per common share for the same period in fiscal 2011.
Weighted-average basic shares outstanding increased to 9,753,618 in
the first half of fiscal 2012 compared to 9,359,068 in the first
half in fiscal 2011 primarily due to the issuance of shares of
common stock related to the conversion of debentures in fiscal
2011.
Cash and cash equivalents totaled approximately $595,000 at December 31,
2011. Total current assets and total assets at December 31, 2011 were approximately $4.61 million and $7.09
million compared to $4.61
million and $7.12 million,
respectively, at June 30, 2011. Total
current liabilities and total liabilities at December 31, 2011 were approximately $1.85 million and $3.34
million compared to $1.53
million and $3.09 million,
respectively, for June 30, 2011. As a
result, the current ratio as of December 31,
2011 decreased to 2.49 to 1 compared to 3.01 to 1 at
June 30, 2011. Total stockholders'
equity at December 31, 2011 totaled
$3.75 million compared to
$4.04 million at June 30, 2011.
As of December 31, 2011 our
backlog of orders scheduled to ship in the next 12 months, was
$3.83 million compared to
$3.87 million as of June 30, 2011.
Investor Conference Call and Webcast Details:
LightPath will host an audio conference call and webcast on
Thursday, February 9th at
4:00 p.m. ET to discuss the Company's
financial and operational performance for the second quarter and
six-months of fiscal year 2012.
Conference Call
Details
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Date: Thursday, February 9,
2012
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Time: 4:00 p.m. (ET)
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Dial-in Number:
1-877-317-6789
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International Dial-in Number:
1-412-317-6789
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Webcast http://www.videonewswire.com/event.asp?id=84974
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It is recommended that participants dial-in approximately 5 to
10 minutes prior to the start of the 4:00
p.m. call. A transcript archive of the webcast will be
available for viewing or download on the company web site within
forty eight hours after the call is concluded.
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 it in these fields. For more
information visit www.lightpath.com.
The discussions of our results as presented in this release
include use of non-GAAP terms "EBITDA" and "gross margin."
Gross margin is determined by deducting the cost of sales
from operating revenue. Cost of sales includes manufacturing direct
and indirect labor, materials, services, fixed costs for rent,
utilities and depreciation, and variable overhead. Gross margin
should not be considered an alternative to operating income or net
income, which are determined in accordance with Generally Accepted
Accounting Principles ("GAAP"). We believe that gross margin,
although a non-GAAP financial measure is useful and meaningful to
investors as a basis for making investment decisions. It provides
investors with information that demonstrates our cost structure and
provides funds for our total costs and expenses. We use gross
margin in measuring the performance of our business and have
historically analyzed and reported gross margin information
publicly. Other companies may calculate gross margin in a different
manner.
EBITDA is a non-GAAP financial measure used by management,
lenders and certain investors as a supplemental measure in the
evaluation of some aspects of a corporation's financial position
and core operating performance. Investors sometimes use EBITDA as
it allows for some level of comparability of profitability trends
between those businesses differing as to capital structure and
capital intensity by removing the impacts of depreciation,
amortization and interest expense. EBITDA also does not include
changes in major working capital items such as receivables,
inventory and payables, which can also indicate a significant need
for, or source of, cash. Since decisions regarding capital
investment and financing and changes in working capital components
can have a significant impact on cash flow, EBITDA is not a good
indicator of a business's cash flows. We use EBITDA for evaluating
the relative underlying performance of the Company's core
operations and for planning purposes. We calculate EBITDA by
adjusting net loss to exclude net interest expense, income tax
expense or benefit, depreciation and amortization, thus the term
"Earnings Before Interest, Taxes, Depreciation and Amortization"
and the acronym "EBITDA."
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,
including statements regarding our ability to expand our presence
in certain markets, future sales growth, continuing reductions in
cash usage and implementation of new distribution channels. 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.
Contacts:
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LightPath Technologies,
Inc.
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Jim Gaynor
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President & CEO
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or
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Dorothy Cipolla
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CFO
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+1 (407) 382-4003
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dcipolla@lightpath.com
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LIGHTPATH
TECHNOLOGIES, INC.
EBITDA
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(Unaudited)
Three months
ended
December
31,
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(Unaudited)
Six months
ended
December
31,
|
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|
|
2011
|
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2010
|
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2011
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2010
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Net loss
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$ (343,299)
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$ (373,714)
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$ (541,746)
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$ (1,226,664)
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Depreciation and
amortization
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326,269
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215,727
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571,707
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427,270
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Interest expense
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22,566
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113,127
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46,786
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493,637
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EBITDA
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$
5,536
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$ (44,860)
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$ 76,747
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$
(305,757)
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LIGHTPATH
TECHNOLOGIES, INC.
Consolidated
Balance Sheets
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(unaudited)
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December
31,
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June
30,
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Assets
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2011
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2011
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Current assets:
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Cash and cash
equivalents
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$
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595,388
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$
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928,900
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Trade accounts receivable, net of allowance of $15,802 and $7,245
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1,833,358
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1,833,044
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Inventories, net
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1,792,696
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1,622,637
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Other receivables
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-
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30,943
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Prepaid interest
expense
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50,750
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7,250
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Prepaid expenses and other
assets
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340,421
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189,630
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Total current assets
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4,612,613
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4,612,404
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Property and equipment,
net
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2,360,346
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2,373,022
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Intangible assets,
net
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84,699
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101,133
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Debt costs, net
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5,564
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7,180
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Other assets
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27,737
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27,737
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Total
assets
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$
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7,090,959
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$
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7,121,476
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Liabilities
and Stockholders’ Equity
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Current
liabilities:
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Accounts payable
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$
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1,315,944
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$
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928,790
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Accrued liabilities
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74,238
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123,705
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Accrued payroll and
benefits
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460,738
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481,318
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Total current
liabilities
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1,850,920
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1,533,813
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Deferred rent
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404,403
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464,262
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8% convertible debentures to
related parties
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1,012,500
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1,012,500
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8% convertible
debentures
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75,000
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75,000
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Total liabilities
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3,342,823
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3,085,575
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Stockholders’ equity:
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Preferred stock: Series D, $.01
par value, voting;
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5,000,000 shares authorized;
none issued and outstanding
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—
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—
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Common stock: Class A, $.01
par value, voting;
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40,000,000 shares authorized;
9,761,129 and 9,713,099
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shares issued and outstanding,
respectively
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97,611
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97,131
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Additional paid-in
capital
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207,868,807
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207,636,440
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Accumulated other comprehensive
income
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71,727
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50,593
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Accumulated deficit
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(204,290,009)
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(203,748,263)
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Total stockholders’
equity
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3,748,136
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4,035,901
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Total liabilities and
stockholders’ equity
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$
|
7,090,959
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$
|
7,121,476
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LIGHTPATH
TECHNOLOGIES, INC.
Consolidated
Statements of Operations and Comprehensive Income
(unaudited)
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Three months
ended
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Six months
ended
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|
|
December
31,
|
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December
31,
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|
|
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2011
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2010
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2011
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2010
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Product sales,
net
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$
2,672,138
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$
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2,528,074
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5,405,263
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$
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4,781,996
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Cost of sales
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1,828,368
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1,527,941
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3,478,869
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2,955,415
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Gross margin
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843,770
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1,000,133
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1,926,394
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1,826,581
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Operating expenses:
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Selling, general and
administrative
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883,882
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997,329
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1,879,503
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2,068,527
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New product
development
|
271,532
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248,507
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559,251
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471,092
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Amortization of
intangibles
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8,217
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|
8,217
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|
16,434
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16,434
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Gain on sale of property and
equipment
|
—
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—
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—
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(540)
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Total costs and
expenses
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1,163,631
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|
1,254,053
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2,455,188
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2,555,513
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|
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Operating loss
|
(319,861)
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|
(253,920)
|
|
(528,794)
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|
(728,932)
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Other income
(expense):
|
|
|
|
|
|
|
|
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Interest expense
|
(21,750)
|
|
(28,977)
|
|
(45,170)
|
|
(116,299)
|
|
|
Interest expense - debt
discount
|
—
|
|
(60,178)
|
|
—
|
|
(269,844)
|
|
|
Interest expense - debt
costs
|
(816)
|
|
(23,972)
|
|
(1,616)
|
|
(107,494)
|
|
|
Other income (expense),
net
|
(872)
|
|
(6,667)
|
|
33,834
|
|
(4,095)
|
|
|
Total other income (expense),
net
|
(23,438)
|
|
(119,794)
|
|
(12,952)
|
|
(497,732)
|
|
|
|
|
Net loss
|
$
(343,299)
|
|
$ (373,714)
|
|
$
(541,746)
|
|
$ (1,226,664)
|
|
Loss per common share (basic and
diluted)
|
$
(0.04)
|
|
$
(0.04)
|
|
$
(0.06)
|
|
$
(0.13)
|
|
Number of shares used in per share calculation
|
9,761,129
|
|
9,705,890
|
|
9,753,618
|
|
9,359,068
|
|
(basic and
diluted)
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment
|
9,278
|
|
(5,476)
|
|
21,134
|
|
(28,316)
|
|
|
|
|
Comprehensive loss
|
$
(334,021)
|
|
$ (379,190)
|
|
$
(520,612)
|
|
$ (1,254,980)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH
TECHNOLOGIES, INC.
Consolidated
Statements of Cash Flows
(unaudited)
|
|
|
|
|
|
Six Months
ended
|
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
Cash flows from operating
activities
|
|
|
|
|
Net loss
|
$ (541,746)
|
|
$ (1,226,664)
|
|
Adjustments to reconcile net
loss to net cash provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
571,707
|
|
427,270
|
|
Interest
from amortization of debt discount
|
—
|
|
269,844
|
|
Interest
from amortization of debt costs
|
1,616
|
|
107,494
|
|
Gain on
sale of property and equipment
|
—
|
|
(540)
|
|
Stock based
compensation
|
137,976
|
|
103,900
|
|
Change in
provision for doubtful accounts receivable
|
8,557
|
|
(2,903)
|
|
Deferred
rent
|
(59,859)
|
|
(48,447)
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
Trade accounts
receivables
|
(8,871)
|
|
147,584
|
|
Other
receivables
|
30,943
|
|
—
|
|
Inventories
|
(170,059)
|
|
(323,064)
|
|
Prepaid expenses
and other assets
|
(30,764)
|
|
210,001
|
|
Accounts payable and
accrued liabilities
|
317,107
|
|
390,747
|
|
Net cash provided by operating
activities
|
256,607
|
|
55,222
|
|
Cash flows from investing
activities
|
|
|
|
|
Purchase of property and
equipment
|
(542,597)
|
|
(631,953)
|
|
Proceeds from sale of
equipment
|
—
|
|
540
|
|
Net cash used in investing
activities
|
(542,597)
|
|
(631,413)
|
|
Cash flows from financing
activities
|
|
|
|
|
Proceeds from exercise of
stock options
|
—
|
|
5,653
|
|
Proceeds from sale of
common stock from employee stock purchase plan
|
7,871
|
|
4,888
|
|
Deferred costs associated
with equity financing
|
(76,527)
|
|
—
|
|
Costs associated with
conversion of debentures
|
—
|
|
(6,748)
|
|
Exercise of
warrants
|
—
|
|
231,659
|
|
Net cash provided by (used in)
financing activities
|
(68,656)
|
|
235,452
|
|
Effect of exchange rate on cash
and cash equivalents
|
21,134
|
|
(28,316)
|
|
Decrease in cash and cash
equivalents
|
(333,512)
|
|
(369,055)
|
|
Cash and cash equivalents,
beginning of period
|
928,900
|
|
1,464,351
|
|
Cash and cash equivalents, end
of period
|
$ 595,388
|
|
$
1,095,296
|
|
Supplemental disclosure of cash
flow information:
|
|
|
|
|
Interest paid in
cash
|
$
-
|
|
$
80
|
|
Income taxes
paid
|
3,694
|
|
160
|
|
Supplemental disclosure of
non-cash investing & financing activities:
|
|
|
|
|
Convertible
debentures converted into common stock
|
$
-
|
|
$
832,500
|
|
Accrued
deferred costs associated with equity financing
|
144,070
|
|
-
|
|
Prepaid
interest on convertible debentures through the issuance
of
common stock
|
87,000
|
|
-
|
|
|
|
|
|
LIGHTPATH
TECHNOLOGIES, INC.
Consolidated
Statement of Stockholders' Equity
Six months
ended December 31, 2011
(unaudited)
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
Class
A
|
Additional
|
Other
|
|
Total
|
|
|
Common
Stock
|
Paid-in
|
Comprehensive
|
Accumulated
|
Stockholders’
|
|
|
|
Shares
|
Amount
|
Capital
|
Income
|
Deficit
|
Equity
|
|
Balance at June 30,
2011
|
9,713,099
|
$ 97,131
|
$
207,636,440
|
$
50,593
|
$
(203,748,263)
|
$
4,035,901
|
|
Issuance of common stock
for:
|
|
|
|
|
|
|
|
|
Employee stock purchase
plan
|
6,198
|
62
|
7,809
|
—
|
—
|
7,871
|
|
|
Interest payment on convertible debentures
|
41,832
|
418
|
86,582
|
—
|
—
|
87,000
|
|
Stock based compensation on
stock
|
|
|
|
|
|
|
|
|
options and restricted stock
units
|
—
|
—
|
137,976
|
—
|
—
|
137,976
|
|
Net loss
|
—
|
—
|
—
|
—
|
(541,746)
|
(541,746)
|
|
Foreign currency translation
adjustment
|
—
|
—
|
—
|
21,134
|
—
|
21,134
|
|
Balance at December 31,
2011
|
9,761,129
|
$ 97,611
|
$
207,868,807
|
$
71,727
|
$
(204,290,009)
|
$
3,748,136
|
|
|
|
|
|
|
|
|
|
SOURCE LightPath Technologies, Inc.