ORLANDO, Fla., Aug. 30, 2012 /PRNewswire/ -- LightPath
Technologies, Inc. (NASDAQ: LPTH) ("LightPath", the "Company" or
"we"), a global manufacturer, distributor and integrator of
proprietary optical components and high-level assemblies, announced
today its financial results for the fourth quarter and fiscal year
ended June 30, 2012.
(Logo: http://photos.prnewswire.com/prnh/20120202/FL45310LOGO
)
Fourth Quarter Highlights:
- Net Income was $196,000, or
$0.02 per share for the quarter
compared to $429, or $0.00 per share in the fourth quarter of fiscal
2011.
- 12-month backlog was $4.89
million as of June 30, 2012,
an increase of 26% or $1.02 million
from June 30, 2011.
- Revenue for the fourth quarter of fiscal 2012 increased 11% to
$3.10 million compared to
$2.78 million for the fourth quarter
of fiscal 2011.
- Gross margin for the quarter remained at 40% as compared to the
fourth quarter of fiscal 2011.
- EBITDA increased 72% to $485,000
compared to $281,000 in the fourth
quarter of fiscal 2011.
- Cash on hand as of June 30, 2012
was $2.35 million as compared to
$929,000 on June 30, 2011.
Jim Gaynor, President and Chief
Executive Officer of LightPath, commented, "I am pleased to report
top-and bottom-line improvement for our fourth quarter, driven by
strength in demand for our custom optics and in particular our
products designed for the telecom markets. Gross margin improved
over each of the previous two quarters by 25% and has returned to
40%, due in part to cost reductions we implemented in April 2012 and an increase in revenue.
EBITDA increased by 72% to $485,000
and we had positive operating cash flow for the fourth quarter of
$309,000 before taking into account
the proceeds we raised in our June
2012 private placement. The combination of increased sales
volume and lower costs resulted in net income of $196,000, our highest quarterly net income since
the fourth quarter of fiscal 2010. For the year, we demonstrated
strong operating leverage with increases in both EBITDA and
sales, and we reduced our net loss by 46%."
Mr. Gaynor added, "LightPath has increased its revenue and grown
its backlog during a challenging period of uncertainty and weakness
in the broader markets in which we do business. We continue
to serve our markets well, and we expect to continue our growth
given the opportunities we see ahead for not only our core business
in precision molding, but particularly in the infrared markets. Our
recently completed private placement has provided us with the
opportunity to add the appropriate capacity to bring our exciting
next generation of infrared products to market, and we are
currently in the process of adding the equipment that will enable
us to capitalize on diverse opportunities that we see ahead for
such products and technology."
Financial Results for Three Months Ended June 30, 2012
Revenue for the fourth quarter of fiscal 2012 totaled
approximately $3.10 million compared
to approximately $2.78 million for
the fourth quarter of fiscal 2011, an increase of 11%. This
increase was primarily attributable to revenue from the Company's
telecom products and custom optics which includes revenue from a
large purchase order from the Raytheon Vision Systems ("Raytheon").
Growth in sales for the next several quarters is expected to be
derived primarily from the precision molded lenses product line,
particularly low cost lenses being sold in Asia and from infrared and collimator
products. Infrared products, now being designed and
introduced are expected to accelerate the Company's growth more
meaningfully beginning in fiscal 2013 and continuing in fiscal
2014.
The gross margin percentage in the fourth quarter of fiscal 2012
was 40%, unchanged compared to the fourth quarter of fiscal 2011.
Total manufacturing costs of $1.88
million increased by approximately $209,000 in the fourth quarter of fiscal 2012
compared to the same period of the prior fiscal year due to
increased revenues. Direct costs, which include material,
labor and services, were 22% of revenue in the fourth quarter of
fiscal 2012, as compared to 30% of revenue in the fourth quarter of
fiscal 2011.
During the fourth quarter of fiscal 2012, total costs and
expenses increased by approximately $22,000 compared to the same period of the
prior year. Selling, general and administrative expenses were
$860,000 for the fourth quarter of
fiscal 2012. Total operating income for the fourth quarter of
fiscal 2012 was approximately $111,000 compared to $22,000 for the same period in fiscal 2011.
Net income for the fourth quarter of fiscal 2012 was
$196,000 or $0.02 per basic and diluted common share,
compared with a net income of $429 or
$0.00 per basic and diluted common
share for the same period in fiscal 2011. Weighted-average basic
shares outstanding increased to 10,384,899 in the fourth quarter of
fiscal 2012 compared to 9,714,156 in the fourth quarter of fiscal
2011 which is primarily due to the issuance of shares of common
stock in the June 2012 private
placement, shares issued for the payment of interest on our
convertible debentures, the shares issued for our employee stock
purchase plan and the shares issued upon the exercise of incentive
stock options.
Financial Results for Year Ended June
30, 2012
Revenue for fiscal year 2012 was approximately $11.28 million compared to approximately
$10.00 million for fiscal 2011, an
increase of 13%. This increase was primarily attributable to
revenue from the Raytheon purchase order, and sales of precision
molded lenses for the telecom and laser tool markets and custom
optics. The number of units of precision molded optics sold
increased by 13% due to the Company's continuing pursuit of the
low-cost, high-volume lens business. Growth in sales going forward
is expected to be derived primarily from LightPath's precision
molded optics product line, particularly its low cost lenses sold
in Asia, and its infrared and
collimator product lines.
Gross margin percentage for fiscal year 2012 decreased to 36%
compared to 39% in fiscal 2011. Total manufacturing costs of
$7.25 million were approximately
$1.17 million higher in fiscal 2012
compared to the prior fiscal year. This increase in manufacturing
costs resulted from a $576,000
increase in direct costs for materials, labor and outside
services due to an increase in revenues, a $171,000 increase in labor costs for our
collimator and infrared products as we continue to ramp up the
development of these products, and a $293,000 increase in tooling costs. Direct costs,
which include material, labor and services, were 25% of revenue in
fiscal year 2012, as compared to 27% of revenue in fiscal year
2011.
During fiscal year 2012, total costs and expenses increased
$180,000 to approximately
$4.96 million compared to
approximately $4.78 million for
fiscal year 2011. As a result, total operating loss for fiscal year
2012 increased to a loss of approximately $924,000 compared to a loss of $857,000 for fiscal year 2011.
Net loss for fiscal year 2012 was approximately $865,000 or $0.09
per basic and diluted common share, compared with a net loss of
approximately $1.60 million or
$0.17 per basic and diluted common
share for fiscal year 2011. Weighted-average basic shares
outstanding increased to 9,861,596 in fiscal year 2012 compared to
9,533,558 in fiscal year 2011, which is primarily due to the
issuance of shares of common stock in the June 2012 private placement, the shares issued as
payment of interest due on the Company's convertible debentures and
the shares issued for our employee stock purchase plan.
Cash and cash equivalents totaled approximately $2.35 million as of June
30, 2012. The current ratio as of June 30, 2012 was 3.59 to 1 compared to 3.01 to 1
as of June 30, 2011. Total
stockholders' equity as of June 30,
2012 totaled approximately $4.00
million compared to $4.04
million as of June 30,
2011.
As of June 30, 2012, our 12-month
backlog, was $4.89 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, August 30th at 4:30 p.m. EDT to discuss the Company's financial
and operational performance for the fourth quarter of fiscal
2012.
Conference Call Details
Date: Thursday, August 30,
2012
Time: 4:30p.m. (EDT)
Dial-in Number: 1-877-407-8033
International Dial-in Number: 1-201-689-8033
It is recommended that participants dial-in approximately 5 to
10 minutes prior to the start of the 4:30
p.m. call. A transcript archive of the webcast will be
available for viewing or download on the company web site shortly
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 and 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 is 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, loss on extinguishment of debt 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.
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
Assets
|
|
2012
|
|
2011
|
Current
assets:
|
|
|
|
|
|
Cash and
cash equivalents
|
$
|
2,354,087
|
$
|
928,900
|
|
Trade
accounts receivable, net of allowance of $18,214 and
$7,245
|
|
2,133,079
|
|
1,833,044
|
|
Inventories, net
|
|
1,513,384
|
|
1,622,637
|
|
Other
receivables
|
|
41,000
|
|
30,943
|
|
Prepaid
interest expense
|
|
7,250
|
|
7,250
|
|
Prepaid
expenses and other assets
|
|
201,459
|
|
189,630
|
|
|
|
|
Total
current assets
|
|
6,250,259
|
|
4,612,404
|
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net
|
|
1,920,950
|
|
2,373,022
|
|
Intangible
assets, net
|
|
68,265
|
|
101,133
|
|
Debt
costs, net
|
|
3,882
|
|
7,180
|
|
Other
assets
|
|
27,737
|
|
27,737
|
|
|
|
|
Total
assets
|
$
|
8,271,093
|
$
|
7,121,476
|
Liabilities
and Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
1,129,708
|
$
|
928,790
|
|
Accrued
liabilities
|
|
183,910
|
|
123,705
|
|
Accrued
payroll and benefits
|
|
386,234
|
|
481,318
|
|
Deferred
revenue
|
|
37,750
|
|
—
|
|
Capital
lease obligation, current portion
|
|
3,602
|
|
—
|
|
|
|
|
Total
current liabilities
|
|
1,741,204
|
|
1,533,813
|
|
|
|
|
|
|
|
|
|
Capital
lease obligation
|
|
6,903
|
|
—
|
Deferred
rent
|
|
345,726
|
|
464,262
|
Warrant
liability
|
|
1,087,296
|
|
—
|
8%
convertible debentures to related parties
|
|
1,012,500
|
|
1,012,500
|
8%
convertible debentures
|
|
75,000
|
|
75,000
|
|
|
|
Total
liabilities
|
|
4,268,629
|
|
3,085,575
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Preferred
stock: Series D, $.01 par value, voting;
|
|
|
|
|
|
|
5,000,000
shares authorized; none issued and outstanding
|
—
|
|
—
|
|
Common
stock: Class A, $.01 par value, voting;
|
|
|
|
|
|
|
40,000,000
shares authorized; 11,711,952 and 9,713,099
|
|
|
|
|
|
shares
issued and outstanding, respectively
|
|
117,120
|
|
97,131
|
|
Additional
paid-in capital
|
|
208,410,216
|
|
207,636,440
|
|
Accumulated other comprehensive income
|
|
88,258
|
|
50,593
|
|
Accumulated deficit
|
|
(204,613,130)
|
|
(203,748,263)
|
|
|
|
|
Total
stockholders' equity
|
|
4,002,464
|
|
4,035,901
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$
|
8,271,093
|
$
|
7,121,476
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Statements of Operations and
Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
Year
ended
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Product
sales, net
|
$
3,104,120
|
$
|
2,784,550
|
|
11,284,869
|
$
|
10,000,602
|
Cost of
sales
|
1,875,505
|
|
1,666,656
|
|
7,250,098
|
|
6,078,829
|
|
|
|
|
Gross
margin
|
1,228,615
|
|
1,117,894
|
|
4,034,771
|
|
3,921,773
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling,
general and administrative
|
859,798
|
|
842,065
|
|
3,880,667
|
|
3,771,643
|
|
New
product development
|
249,641
|
|
258,249
|
|
1,045,535
|
|
995,087
|
|
Amortization of intangibles
|
8,217
|
|
8,217
|
|
32,868
|
|
32,868
|
|
Gain on
sale of property and equipment
|
—
|
|
(12,729)
|
|
—
|
|
(20,480)
|
|
|
|
|
Total
costs and expenses
|
1,117,656
|
|
1,095,802
|
|
4,959,070
|
|
4,779,118
|
|
|
|
|
Operating
income (loss)
|
110,959
|
|
22,092
|
|
(924,299)
|
|
(857,345)
|
Other
income (expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
(21,809)
|
|
(22,171)
|
|
(88,729)
|
|
(170,585)
|
|
Interest
expense - debt discount
|
—
|
|
(103)
|
|
—
|
|
(316,693)
|
|
Interest
expense - debt costs
|
(850)
|
|
(784)
|
|
(3,298)
|
|
(118,977)
|
|
Loss on
extinguishment of debt
|
—
|
|
—
|
|
—
|
|
(131,784)
|
|
Change in
fair value of warrant liability
|
103,364
|
|
—
|
|
103,364
|
|
—
|
|
Other
income (expense), net
|
4,200
|
|
1,395
|
|
48,095
|
|
(6,579)
|
|
Total
other expense, net
|
84,905
|
|
(21,663)
|
|
59,432
|
|
(744,618)
|
|
|
|
Net income
(loss)
|
$
195,864
|
|
$
429
|
|
$
(864,867)
|
|
$
(1,601,963)
|
Income
(loss) per common share (basic)
|
$
0.02
|
|
$
0.00
|
|
$
(0.09)
|
|
$
(0.17)
|
Number of
shares used in per share calculation
|
10,384,899
|
|
9,714,156
|
|
9,861,596
|
|
9,533,558
|
(basic)
|
|
|
|
|
|
|
|
|
Income
(loss) per common share (diluted)
|
$
0.02
|
|
$
0.00
|
|
$
(0.09)
|
|
$
(0.17)
|
Number of
shares used in per share calculation
|
11,311,701
|
|
10,333,828
|
|
9,861,596
|
|
9,533,558
|
(diluted)
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment
|
16,531
|
|
29,406
|
|
37,665
|
|
27,127
|
Comprehensive
income (loss)
|
$
212,395
|
|
$
29,835
|
|
$
(827,202)
|
|
$
(1,574,836)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Statements of Cash Flows
|
|
|
|
Year
ended
|
|
June
30,
|
|
2012
|
|
2011
|
Cash flows
from operating activities
|
|
|
|
Net
loss
|
$
(864,867)
|
|
$
(1,601,963)
|
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
|
|
|
|
Depreciation and
amortization
|
1,124,038
|
|
912,929
|
Interest from amortization of debt
discount
|
—
|
|
316,693
|
Interest from amortization of debt
costs
|
3,298
|
|
118,977
|
Warrants issued to
consultant
|
7,500
|
|
—
|
Gain on sale of property and
equipment
|
—
|
|
(20,480)
|
Stock based
compensation
|
272,044
|
|
246,149
|
Change in provision for doubtful
accounts receivable
|
10,969
|
|
(15,685)
|
Change in value of warrant
liability
|
(103,364)
|
|
—
|
Deferred rent
|
(118,536)
|
|
(105,024)
|
Loss on extinguishment of
debt
|
—
|
|
131,784
|
Changes in
operating assets and liabilities:
|
|
|
|
Trade accounts receivables
|
(311,004)
|
|
(13,296)
|
Other receivables
|
(10,057)
|
|
(30,943)
|
Inventories
|
109,253
|
|
(484,959)
|
Prepaid expenses and other assets
|
82,671
|
|
194,663
|
Accounts payable and accrued liabilities
|
166,039
|
|
446,057
|
Deferred revenue
|
37,750
|
|
—
|
Net cash provided by operating activities
|
405,734
|
|
94,902
|
Cash flows
from investing activities
|
|
|
|
Purchase
of property and equipment
|
(628,593)
|
|
(908,391)
|
Proceeds
from sale of equipment
|
—
|
|
20,480
|
Net cash used in investing activities
|
(628,593)
|
|
(887,911)
|
Cash flows
from financing activities
|
|
|
|
Proceeds from exercise of stock options
|
—
|
|
7,634
|
Proceeds from sale of common stock, net of costs
|
1,596,786
|
|
—
|
Proceeds from sale of common stock from employee stock purchase
plan
|
13,595
|
|
12,137
|
Costs associated with conversion of debentures
|
—
|
|
(6,749)
|
Repayments of debentures
|
—
|
|
(14,250)
|
Exercise of warrants
|
—
|
|
231,659
|
Net cash provided by financing activities
|
1,610,381
|
|
230,431
|
Effect of
exchange rate on cash and cash equivalents
|
37,665
|
|
27,127
|
Increase
(decrease) in cash and cash equivalents
|
1,425,187
|
|
(535,451)
|
Cash and
cash equivalents, beginning of period
|
928,900
|
|
1,464,351
|
Cash and
cash equivalents, end of period
|
$
2,354,087
|
|
$
928,900
|
|
|
|
|
Supplemental disclosure of cash flow
information:
|
|
|
|
Interest paid in cash
|
$
1,670
|
|
$
2,236
|
Income taxes paid
|
4,174
|
|
4,429
|
Supplemental disclosure of non-cash investing &
financing activities:
|
|
|
|
Convertible debentures converted
into common stock
|
$
-
|
|
$
832,500
|
Prepaid interest on convertible
debentures through the issuance of
|
87,000
|
|
—
|
common
stock
|
|
|
|
Fair value of warrants issued to
consultant
|
15,000
|
|
—
|
Premium from debt exchange for
common stock
|
—
|
|
42,719
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Statement of Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
Class
A
|
Additional
|
Other
|
|
Total
|
|
Common
Stock
|
Paid-in
|
Comprehensive
|
Accumulated
|
Stockholders'
|
|
|
Shares
|
Amount
|
Capital
|
Income
|
Deficit
|
Equity
|
Balance at
June 30, 2010
|
8,971,638
|
$
89,716
|
$206,277,806
|
$
23,466
|
$(202,146,300)
|
$4,244,688
|
|
|
|
|
|
|
|
|
Issuance
of common stock for:
|
|
|
|
|
|
|
|
Employee
Stock Purchase Plan
|
7,854
|
78
|
12,059
|
—
|
—
|
12,137
|
|
Exercise
of employee stock options
|
7,270
|
73
|
7,560
|
—
|
—
|
7,633
|
|
Conversion
of debentures, net of costs
|
540,592
|
5,406
|
820,346
|
—
|
—
|
825,752
|
|
Cashless
exercise of warrants
|
56,695
|
567
|
(567)
|
—
|
—
|
—
|
|
Exercise
of warrants
|
129,050
|
1,291
|
230,368
|
—
|
—
|
231,659
|
Stock
based compensation on stock
|
|
|
|
|
|
|
|
options
and restricted stock units
|
—
|
—
|
246,149
|
—
|
—
|
246,149
|
Premium
from debt exchange
|
—
|
—
|
42,719
|
—
|
—
|
42,719
|
Net
loss
|
—
|
—
|
—
|
—
|
(1,601,963)
|
(1,601,963)
|
Foreign
currency translation adjustment
|
—
|
—
|
—
|
27,127
|
—
|
27,127
|
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
|
13,169
|
132
|
13,463
|
—
|
—
|
13,595
|
|
Interest
payment on convertible debentures
|
41,832
|
418
|
86,582
|
—
|
—
|
87,000
|
Warrant
issued for consulting services
|
—
|
—
|
15,000
|
—
|
—
|
15,000
|
Stock
based compensation on stock
|
|
|
|
|
|
|
|
options
and restricted stock units
|
—
|
—
|
272,044
|
—
|
—
|
272,044
|
Sale of
common stock and warrants, net
|
1,943,852
|
19,439
|
386,687
|
—
|
—
|
406,126
|
Net
loss
|
—
|
—
|
—
|
—
|
(864,867)
|
(864,867)
|
Foreign
currency translation adjustment
|
—
|
—
|
—
|
37,665
|
—
|
37,665
|
Balance at
June 30, 2012
|
11,711,952
|
$
117,120
|
$208,410,216
|
$
88,258
|
$(204,613,130)
|
$4,002,464
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
Year
ended
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
195,864
|
|
$
429
|
|
$
(864,867)
|
|
$
(1,601,963)
|
|
|
|
Depreciation and amortization
|
266,317
|
|
257,798
|
|
1,124,038
|
|
912,929
|
|
|
|
Loss on
extinguishment of debt
|
—
|
|
—
|
|
—
|
|
131,784
|
|
|
|
Interest
expense
|
22,659
|
|
23,058
|
|
92,027
|
|
606,255
|
|
|
|
|
EBITDA
|
$
484,840
|
|
$
281,285
|
|
$
351,198
|
|
$
49,005
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:
|
|
Jim
Gaynor, President & CEO
|
Dorothy
Cipolla, CFO
|
LightPath
Technologies, Inc.
|
LightPath
Technologies, Inc.
|
Tel:
407-382-4003
|
Tel:
407-382-4003 x305
|
Email:
jgaynor@lightpath.com
|
Email:
dcipolla@lightpath.com
|
Web:
www.lightpath.com
|
Web:
www.lightpath.com
|
|
|
Brett
Maas, Managing Partner
|
|
Hayden
IR
|
|
Tel:
646-536-7331
|
|
Email:
Brett@haydenir.com
|
|
Web:
www.haydenir.com
|
|
SOURCE LightPath Technologies, Inc.