ORLANDO, Fla., Jan. 30, 2013 /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 second quarter ended
December 31, 2012.
(Logo: http://photos.prnewswire.com/prnh/20130122/FL45558LOGO
)
Second Quarter Highlights:
- Revenue for the second quarter of fiscal 2013 increased 9% to
$2.92 million compared to
$2.67 million for the second quarter
of fiscal 2012.
- 12-month backlog increased 21% to $4.64
million as of December 31,
2012 compared to $3.82 as of
December 31, 2011.
- Gross margin for the quarter was 43%, the highest level since
the fourth quarter of fiscal 2010, compared to 32% in the second
quarter of fiscal 2012.
- EBITDA increased to $356,000, or
12% of revenues, compared to $6,000,
in the second quarter of fiscal 2012.
- Net income was $141,000, or
$0.01 per share for the quarter
compared to a net loss of $343,000,
or $0.04 loss per share in the second
quarter of fiscal 2012.
Jim Gaynor, President and Chief
Executive Officer of LightPath, commented, "LightPath continued to
make financial progress in the quarter. Revenue continues to grow,
and gross margin improved significantly over the prior year,
driving increased EBITDA and resulting in another profitable
quarter. Gross margin, in fact, reached the highest level since the
fourth quarter of fiscal 2010. Improvement in gross margin resulted
from productivity gains, lower tooling costs and continued benefit
from our ongoing cost reduction programs. Our revenue growth was
led by the telecommunications sector, specifically the need for
expanded infrastructure to support mobile internet demand, our
industrial tool business which benefited from improving Chinese
market, and our entry into the digital projection market, which is
highlighted by the initial $1.1
million order we received from a new customer in
November."
Mr. Gaynor added, "Our goal is to accelerate our top line growth
and we are rigorously pursuing opportunities to further proliferate
with our current accounts and penetrate new ones. We believe the
themes of mobile internet growth, recovery of the Chinese
industrial tool market and new product applications bode well for
our long term growth, though overall markets are still weak and
somewhat choppy as was indicated by our lower booking rate in the
second quarter. To take advantage of these emerging opportunities
in the marketplace, we have implemented some changes to our sales
organization. Specifically we are changing our sales approach to a
product centered focus. We expect these changes will enable us to
move more rapidly towards our growth objectives. In addition, we
continue to develop new products in order to keep our product
offerings current and in line with the latest technology relevant
to our customers, as is demonstrated by our recent announcement for
the new products to be released at the upcoming Photonics West
Trade Show. Our product offerings, which serve a diverse
group of end-markets, have found growth opportunities for our core
business in precision molded optics and are building a presence in
the infrared market. We will continue to work hard to ensure that
we are positioned to capitalize on the many opportunities we see
ahead for our products and technology. "
Financial Results for Three Months Ended December 31, 2012
Revenue for the second quarter of fiscal 2013 totaled
approximately $2.92 million compared
to approximately $2.67 million for
the second quarter of fiscal 2012, an increase of 9%. This increase
was primarily attributable to increases in sales of custom optics
and an increase in our industrial tool products offset by slightly
lower sales volumes in our collimator, isolator and GRADIUM®
product lines. Growth in sales for the next several quarters
is expected to be derived primarily from the precision molded lens
product line, with an increase in low cost lenses being sold in
Asia and from new business with
penetration into imaging applications. Infrared products, now
being designed and introduced are expected to accelerate the
Company's growth more meaningfully beginning in the fourth quarter
of fiscal 2013 and continuing in fiscal 2014.
The gross margin percentage in the second quarter of fiscal 2013
was 43%, compared to 32% for the second quarter of fiscal 2012.
Total manufacturing costs of $1.65
million decreased by approximately $178,000 in the second quarter of fiscal 2013
compared to the same period of the prior fiscal year due to an
decrease of $123,000 in wages
$116,000 in tooling costs and
$40,000 in freight costs offset by a
$100,000 increase in direct
costs associated with the infrared project. Direct costs, which
include material, labor and services, were 23% of revenue in the
second quarter of fiscal 2013, as compared to 26% of revenue in the
second quarter of fiscal 2012.
During the second quarter of fiscal 2013, total costs and
expenses increased by approximately $128,000 compared to the same period of the prior
year. Selling, general and administrative expenses were
$1.02 million for the second quarter
of fiscal 2013. Total operating loss for the second quarter of
fiscal 2013 improved to approximately $25,000 compared to $320,000 for the same period in fiscal 2012.
In the second quarter of fiscal 2013, we recognized a gain of
approximately $170,000 related to the
change in the fair value of derivative warrants issued in
connection with our June 2012 private
placement. This fair value will be re-measured each reporting
period throughout the five year life of the warrants or until
exercised.
Other income increased by approximately $13,000 to $12,000
in the second quarter of fiscal 2013 from approximately
($1,000) in the second quarter of
fiscal 2012.
Net income for the second quarter of fiscal 2013 was
$141,000 or $0.01 per basic and diluted common share,
compared with a net loss of $343,000
or $0.04 per basic and diluted common
share for the same period in fiscal 2012. Weighted-average basic
shares outstanding increased to 11,801,684 in the second quarter of
fiscal 2013 compared to 9,761,129 in the second quarter of fiscal
2012 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 and the shares issued for our employee stock
purchase plan.
Financial Results for Six Months Ended December 31, 2012
Revenue for the first half of fiscal 2013 totaled approximately
$5.81 million compared to
approximately $5.41 million for the
first half of fiscal 2012, an increase of 7%. This increase was
primarily attributable to increases in sales of custom optics, an
increase in our industrial tool products and our entry in the
digital projection market offset by slightly lower sales volumes in
our collimator, isolator and GRADIUM® product lines. Growth
in sales for the next several quarters is expected to be derived
primarily from the precision molded lens product line, with an
increase in low cost lenses being sold in Asia and from new business with penetration
into imaging applications.
The gross margin percentage in the first half of fiscal 2013 was
42%, compared to 36% for the first half of fiscal 2012. Total
manufacturing costs of $3.36 million
decreased by approximately $115,000
in the first half of fiscal 2013 compared to the same period of the
prior fiscal year due to a decrease of $244,000 in wages offset by and increase of
$130,000 in direct costs associated
with higher revenues. Direct costs, which include material, labor
and services, were 24% of revenue in the first half of fiscal 2013,
as compared to 26% of revenue in the first half of fiscal 2012.
During the first half of fiscal 2013, total costs and expenses
increased by approximately $40,000
compared to the same period of the prior year. Selling, general and
administrative expenses were $2.00
million for the first half of fiscal 2013. Total operating
loss for the first half of fiscal 2013 improved to approximately
$52,000 compared to $529,000 for the same period in fiscal 2012.
In the first half of fiscal 2013 we recognized a gain of
approximately $265,000 related to the
change in the fair value of derivative warrants issued in
connection with our June 2012 private
placement. This fair value will be re-measured each reporting
period throughout the five year life of the warrants or until
exercised.
Other income increased by approximately $41,000 to $75,000
in the first half of fiscal 2013 from approximately $34,000 in the first half of fiscal 2012.
In the first half of fiscal 2013 we sold a technology license for
our GRADIUM® product line in Asia
and recognized $50,000 in income
associated with the license agreement.
Net income for the first half of fiscal 2013 was $242,000 or $0.02
per basic and diluted common share, compared with a net loss of
$542,000 or ($0.06) per basic and diluted common share for
the same period in fiscal 2012. Weighted-average basic shares
outstanding increased to 11,786,793 in the first half of fiscal
2013 compared to 9,753,618 in the first half of fiscal 2012 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
and the shares issued for our employee stock purchase plan.
Cash and cash equivalents totaled approximately $1.78 million as of December 31, 2012. The current ratio as of
December 30, 2012 was 2.18 to 1
compared to 3.59 to 1 as of June 30,
2012. The change was primarily due to our convertible debt
moving from a long term to a current liability. Total stockholders'
equity as of December 31, 2012 was
approximately $4.48 million compared
to $4.00 million as of June 30, 2012.
As of December 31, 2012, our
12-month backlog was $4.64 million
compared to $4.89 million as of
June 30, 2012.
Investor Conference Call and Webcast Details:
LightPath will host an audio conference call and webcast on
Wednesday, January 30th at
4:30 p.m. (ET) to discuss the
Company's financial and operational performance for the second
quarter of fiscal 2013.
Conference Call Details
Date: Wednesday, January 30, 2013
Time: 4:30 p.m. (ET)
Dial-in Number: 1-800-860-2442
International Dial-in Number: 1-412-858-4600
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, and 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.
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
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
December 31,
|
|
June
30,
|
Assets
|
|
2012
|
|
2012
|
Current
assets:
|
|
|
|
|
|
Cash and
cash equivalents
|
$
|
1,777,530
|
$
|
2,354,087
|
|
Trade
accounts receivable, net of allowance of $3,003 and
$18,214
|
|
2,409,606
|
|
2,133,079
|
|
Inventories, net
|
|
1,729,227
|
|
1,513,384
|
|
Other
receivables
|
|
287,057
|
|
41,000
|
|
Prepaid
interest expense
|
|
50,750
|
|
7,250
|
|
Current
debt costs, net
|
|
2,132
|
|
—
|
|
Prepaid
expenses and other assets
|
|
229,083
|
|
201,459
|
|
|
|
|
Total
current assets
|
|
6,485,385
|
|
6,250,259
|
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net
|
|
2,016,565
|
|
1,920,950
|
|
Intangible
assets, net
|
|
51,831
|
|
68,265
|
|
Debt
costs, net
|
|
—
|
|
3,882
|
|
Other
assets
|
|
27,737
|
|
27,737
|
|
|
|
|
Total
assets
|
$
|
8,581,518
|
$
|
8,271,093
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
1,339,508
|
$
|
1,129,708
|
|
Accrued
liabilities
|
|
77,904
|
|
183,910
|
|
Accrued
payroll and benefits
|
|
469,807
|
|
386,234
|
|
Deferred
revenue
|
|
1,966
|
|
37,750
|
8% convertible
debentures to related parties
|
|
1,012,500
|
|
—
|
8% convertible
debentures, net of debt discount
|
|
75,000
|
|
—
|
|
Capital
lease obligation, current portion
|
|
3,602
|
|
3,602
|
|
|
|
|
Total
current liabilities
|
|
2,980,287
|
|
1,741,204
|
|
|
|
|
|
|
|
|
|
Capital
lease obligation, less current portion
|
|
5,102
|
|
6,903
|
Deferred
rent
|
|
297,138
|
|
345,726
|
Derivative
liability, warrant
|
|
821,960
|
|
1,087,296
|
8%
convertible debentures to related parties
|
|
—
|
|
1,012,500
|
8%
convertible debentures
|
|
—
|
|
75,000
|
|
|
|
Total
liabilities
|
|
4,104,487
|
|
4,268,629
|
|
|
|
|
|
|
|
|
|
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; 11,801,684 and 11,711,952
|
|
|
|
|
|
|
shares
issued and outstanding, respectively
|
|
118,017
|
|
117,120
|
|
Additional
paid-in capital
|
|
208,641,399
|
|
208,410,216
|
|
Accumulated other comprehensive income
|
|
88,752
|
|
88,258
|
|
Accumulated deficit
|
|
(204,371,137)
|
|
(204,613,130)
|
|
|
|
|
Total
stockholders' equity
|
|
4,477,031
|
|
4,002,464
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$
|
8,581,518
|
$
|
8,271,093
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
|
|
|
|
Consolidated Statements of Operations and
Comprehensive Income
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
Six
months ended
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Product
sales, net
|
$
2,916,781
|
$
|
2,672,138
|
$
|
5,807,835
|
$
|
5,405,263
|
Cost of
sales
|
|
1,650,461
|
|
1,828,368
|
|
3,364,203
|
|
3,478,869
|
|
|
|
|
Gross
margin
|
1,266,320
|
|
843,770
|
|
2,443,632
|
|
1,926,394
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling,
general and administrative
|
1,018,367
|
|
883,882
|
|
2,000,822
|
|
1,879,503
|
|
New
product development
|
264,311
|
|
271,532
|
|
476,768
|
|
559,251
|
|
Amortization of intangibles
|
8,217
|
|
8,217
|
|
16,434
|
|
16,434
|
|
Loss on
disposal of property and equipment
|
545
|
|
—
|
|
1,247
|
|
—
|
|
|
|
|
Total
costs and expenses
|
1,291,440
|
|
1,163,631
|
|
2,495,271
|
|
2,455,188
|
|
|
|
|
Operating
loss
|
(25,120)
|
|
(319,861)
|
|
(51,639)
|
|
(528,794)
|
Other
income (expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
(14,616)
|
|
(21,750)
|
|
(45,056)
|
|
(45,170)
|
|
Interest
expense - debt costs
|
(884)
|
|
(816)
|
|
(1,750)
|
|
(1,616)
|
|
Change in
fair value of derivative warrant
|
169,552
|
|
—
|
|
265,336
|
|
—
|
|
Other
income (expense), net
|
11,840
|
|
(872)
|
|
75,102
|
|
33,834
|
|
Total
other income (expense), net
|
165,892
|
|
(23,438)
|
|
293,632
|
|
(12,952)
|
|
|
|
Net income
(loss)
|
$
140,772
|
$
|
(343,299)
|
$
|
241,993
|
$
|
(541,746)
|
Income
(loss) per common share (basic)
|
$
0.01
|
$
|
(0.04)
|
$
|
0.02
|
|
(0.06)
|
Number of
shares used in per share calculation
|
11,801,684
|
|
9,761,129
|
|
11,786,793
|
|
9,753,618
|
(basic)
|
|
|
|
|
|
|
|
|
|
Income
(Loss) per common share (diluted)
|
$
0.01
|
$
|
(0.04)
|
$
|
0.02
|
$
|
(0.06)
|
Number of
shares used in per share calculation
|
12,728,486
|
|
9,761,129
|
|
12,738,595
|
|
9,753,618
|
(diluted)
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment
|
3,651
|
|
9,278
|
|
494
|
|
21,134
|
Comprehensive income (loss)
|
$
144,423
|
$
|
(334,021)
|
$
|
242,487
|
$
|
(520,612)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
Six
months ended
|
|
December 31,
|
|
2012
|
|
2011
|
Cash flows
from operating activities
|
|
|
|
Net income
(loss)
|
$
241,993
|
|
$
(541,746)
|
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
|
|
|
|
Depreciation and
amortization
|
408,295
|
|
571,707
|
Interest from
amortization of debt costs
|
1,750
|
|
1,616
|
Loss on disposal
of property and equipment
|
1,247
|
|
—
|
Stock based
compensation
|
128,286
|
|
137,976
|
Change in
provision for doubtful accounts receivable
|
(4,216)
|
|
8,557
|
Change in fair
value of warrant liability
|
(265,336)
|
|
—
|
Deferred
rent
|
(48,588)
|
|
(59,859)
|
Changes in
operating assets and liabilities:
|
|
|
|
Trade
accounts receivables
|
(272,311)
|
|
(8,871)
|
Other
receivables
|
(246,057)
|
|
30,943
|
Inventories
|
(215,843)
|
|
(170,059)
|
Prepaid expenses and other
assets
|
28,876
|
|
(30,764)
|
Accounts payable and accrued
liabilities
|
187,367
|
|
317,107
|
Deferred revenue
|
(35,784)
|
|
—
|
Net cash provided by (used in) operating activities
|
(90,321)
|
|
256,607
|
Cash flows
from investing activities
|
|
|
|
Purchase of property and
equipment
|
(488,723)
|
|
(542,597)
|
Cash flows
from financing activities
|
|
|
|
Proceeds
from sale of common stock from employee stock purchase
plan
|
3,794
|
|
7,871
|
Deferred
costs associated with equity financing
|
—
|
|
(76,527)
|
Payments on capital lease
obligation
|
(1,801)
|
|
—
|
Net cash provided by (used in) financing activities
|
1,993
|
|
(68,656)
|
Effect of
exchange rate on cash and cash equivalents
|
494
|
|
21,134
|
Decrease
in cash and cash equivalents
|
(576,557)
|
|
(333,512)
|
Cash and
cash equivalents, beginning of period
|
2,354,087
|
|
928,900
|
Cash and
cash equivalents, end of period
|
$
1,777,530
|
|
$
595,388
|
|
|
|
-
|
|
|
|
|
Supplemental disclosure of cash flow
information:
|
|
|
|
Interest paid in
cash
|
$
1,555
|
|
$
—
|
Income taxes paid
|
$
1,736
|
|
$
3,694
|
Supplemental disclosure of non-cash investing
& financing activities:
|
|
|
|
Accrued deferred costs
associated with equity financing
|
$
—
|
|
$
144,070
|
Prepaid interest on
convertible debentures through the issuance of common
stock
|
$
87,000
|
|
$
87,000
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
|
Consolidated Statement of Stockholders'
Equity
|
|
Six months
ended December 31, 2012
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
Class
A
|
Additional
|
Other
|
|
Total
|
|
Common
Stock
|
Paid-in
|
Comprehensive
|
Accumulated
|
Stockholders'
|
|
|
Shares
|
Amount
|
Capital
|
Income
|
Deficit
|
Equity
|
Balance at
June 30, 2012
|
11,711,952
|
$
117,120
|
$
208,410,216
|
$
88,258
|
$
(204,613,130)
|
$
4,002,464
|
Issuance
of common stock for:
|
|
|
|
|
|
|
|
Employee
stock purchase plan
|
5,261
|
53
|
3,741
|
—
|
—
|
3,794
|
|
Interest
payment on convertible debentures
|
84,471
|
844
|
86,156
|
—
|
—
|
87,000
|
Warrant
issued for consulting services
|
—
|
—
|
13,000
|
—
|
—
|
13,000
|
Stock
based compensation on stock
|
|
|
|
|
|
|
|
options
and restricted stock units
|
—
|
—
|
128,286
|
—
|
—
|
128,286
|
Net
income
|
—
|
—
|
—
|
—
|
241,993
|
241,993
|
Foreign
currency translation adjustment
|
—
|
—
|
—
|
494
|
—
|
494
|
Balance at
December 31, 2012
|
11,801,684
|
$
118,017
|
$
208,641,399
|
$
88,752
|
$
(204,371,137)
|
$
4,477,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Three
months ended
|
|
Six
months ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
140,772
|
|
$
(343,299)
|
|
$
241,993
|
|
$
(541,746)
|
Depreciation and amortization
|
199,658
|
|
326,269
|
|
408,295
|
|
571,707
|
Interest
expense
|
15,500
|
|
22,566
|
|
46,806
|
|
46,786
|
|
EBITDA
|
$
355,930
|
|
$
5,536
|
|
$
697,094
|
|
$
76,747
|
|
|
|
|
|
|
|
|
|
SOURCE LightPath Technologies, Inc.