ORLANDO, Fla., May 2, 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 third quarter ended
March 31, 2013.
(Logo:
http://photos.prnewswire.com/prnh/20130122/FL45558LOGO)
Third Quarter Highlights:
- Revenue for the third quarter of fiscal 2013 increased 3% to
$2.85 million compared to
$2.78 million for the third quarter
of fiscal 2012.
- 12-month backlog increased 14% to $5.01
million as of March 31, 2013
compared to $4.39 million as of
March 31, 2012.
- Gross margin for the quarter was 47%, compared to 32% for the
same quarter of fiscal 2012.
- EBITDA increased to $463,000, or
16% of revenues, compared to a loss of $211,000, in the same quarter of fiscal
2012.
- Net income was $217,000, or
$0.02 per share for the quarter
compared to a net loss of $519,000 or
$0.05 loss per share in the same
quarter of fiscal 2012.
Jim Gaynor, President and Chief
Executive Officer of LightPath, commented, "We are very pleased
with the results we achieved this quarter with bookings over
$3 million, shipments of $2.85 million and gross margin of 47%. The 15
percentage point improvement in gross margin as compared to the
third quarter of fiscal 2012, was a result of cost reductions from
our glass conversion program, lower tooling costs, yield
improvement and direct labor productivity improvement. We also
benefited from improved overhead absorption as we continued to
increase our manufacturing volume. Our revenue growth continues to
be driven by the telecommunications sector, specifically the need
for expanded infrastructure to support mobile internet demand; our
industrial tool business which benefited from an improving Chinese
market; demand for fiber laser delivery systems; and our entry into
the digital projection market."
Mr. Gaynor added, "Our goal is to accelerate our top line growth
and we are rigorously pursuing opportunities to further expand our
current accounts and develop 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. Even though overall markets are still weak and somewhat
choppy, we have been able to grow our business 51% from 2009 to
2012. Our product offerings, which serve a diverse
group of end-markets, have found growth opportunities for our core
business in precision molded optics. We are also 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 March 31, 2013
Revenue for the third quarter of fiscal 2013 totaled
approximately $2.85 million compared
to approximately $2.78 million for
the third quarter of fiscal 2012, an increase of 3%. This increase
was primarily attributable to increases in sales of our custom
optics, our industrial tool and our GRADIUM® product lines. Growth
in sales for the next several quarters is expected to be derived
primarily from the precision molded lens product line, driven by
the telecommunications sector's need for expanded infrastructure to
support mobile internet demand; our industrial tool business, which
benefited from an improving Chinese market demand; fiber laser
delivery systems; and our entry into the digital projection
market. Infrared products, now being designed and introduced
to the market 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 third quarter of fiscal 2013
was 47%, compared to 32% for the third quarter of fiscal 2012.
Total manufacturing costs of $1.52
million decreased by approximately $373,000 in the third quarter of fiscal 2013
compared to the same period of the prior fiscal year. The decrease
in manufacturing costs, as compared to the same period of the prior
fiscal year, is a result of an increase in precision molded optics
products utilizing lower cost glass, lower tooling costs and better
utilization of fixed costs due to higher unit volumes. Direct
costs, which include material, labor and services, were 23% of
revenue in the third quarter of fiscal 2013, as compared to 24% of
revenue in the third quarter of fiscal 2012.
During the third quarter of fiscal 2013, total costs and
expenses decreased by approximately $118,000 compared to the same period of the prior
year. Selling, general and administrative expenses were
$1.04 million for the third quarter
of fiscal 2013 compared to $1.14
million for the third quarter of fiscal 2012. Total
operating income for the third quarter of fiscal 2013 improved to
approximately $56,000 compared to a
loss of $506,000 for the same period
in fiscal 2012.
In the third quarter of fiscal 2013, we recognized a gain of
approximately $223,000 related to the
change in the fair value of derivative warrants issued in
connection with our June 2012 private
placement. The warrants have a five year life and this fair value
will be re-measured each reporting period until the warrants are
exercised or expire.
Other income was a loss of $8,500
in the third quarter of fiscal 2013 compared to a gain of
approximately $10,000 in the third
quarter of fiscal 2012 due to the effect of foreign currency rate
adjustments. Net income for the third quarter of fiscal 2013 was
$217,000 or $0.02 per basic and diluted common share,
compared with a net loss of $519,000
or $0.05 per basic and diluted common
share for the same period in fiscal 2012. Weighted-average basic
shares outstanding increased to 11,883,042 in the third quarter of
fiscal 2013 compared to 9,767,640 in the third quarter of fiscal
2012 which was 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, shares issued in connection with the
conversion of our debentures and the shares issued under our
employee stock purchase plan.
Financial Results for Nine Months Ended March 31, 2013
Revenue for the first nine months of fiscal 2013 totaled
approximately $8.65 million compared
to approximately $8.18 million for
the first nine months of fiscal 2012, an increase of 6%. This
increase was primarily attributable to an increase in the sales of
custom optics, an increase in the sales of our industrial tool
products and our entry in the digital projection market offset by
slightly lower sales volumes in our collimator and isolator product
lines. Growth in sales for the next several quarters is expected to
be derived primarily from the precision molded lens product line,
driven by the telecommunications sector's need for expanded
infrastructure to support mobile internet demand; our industrial
tool business which benefited from an improving Chinese market;
demand for fiber laser delivery systems; and our entry into the
digital projection market.
The gross margin percentage in the first nine months of fiscal
2013 was 44%, compared to 34% for the first nine months of fiscal
2012. Total manufacturing costs of $4.89
million decreased by approximately $487,000 in the first nine months of fiscal 2013
compared to the same period of the prior fiscal year. This decrease
in manufacturing costs, as compared to the same period of the prior
fiscal year, is a result of a decrease of $271,000 in wages and a decrease of $268,000 in material and tooling costs offset by
an increase of $38,000 in repairs and
an increase of $33,000 in
depreciation. Direct costs, which include material, labor and
services, were 23% of revenue in the first nine months of fiscal
2013, as compared to 26% of revenue in the first nine months of
fiscal 2012.
During the first nine months of fiscal 2013, total costs and
expenses decreased by approximately $78,000 compared to the same period of the prior
year. Selling, general and administrative expenses were
$3.04 million for the first nine
months of fiscal 2013 compared to $3.02
million for the same period in fiscal 2012. Total operating
income for the first nine months of fiscal 2013 improved to
approximately $4,000 compared to a
loss of $1.04 million for the same
period in fiscal 2012.
In the first nine months of fiscal 2013 we recognized a gain of
approximately $488,000 related to the
change in the fair value of derivative warrants issued in
connection with our June 2012 private
placement. The warrants have a five year life and this fair value
will be re-measured each reporting period until the warrants are
exercised or expire.
Other income increased by approximately $23,000 to $67,000
in the first nine months of fiscal 2013 from approximately
$44,000 in the first nine months of
fiscal 2012. In the first nine months of fiscal 2013 we
entered into license agreement in which we granted a license for
our GRADIUM® product line to NHG for a $150,000 fee. We recognized $50,000 in income, in accordance with ASC
605-10.
Net income for the first nine months of fiscal 2013 was
$459,000 or $0.04 per basic and diluted common share,
compared with a net loss of $1.06
million or ($0.11) per basic
and diluted common share for the same period in fiscal 2012.
Weighted-average basic shares outstanding increased to 11,818,408
in the first nine months of fiscal 2013 compared to 9,758,233 in
the first nine months of fiscal 2012 which was 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 8% convertible debentures, shares
issued in connection with the conversion of our debentures and the
shares issued under our employee stock purchase plan.
Cash and cash equivalents totaled approximately $1.40 million as of March
31, 2013. The current ratio as of March 31, 2013 was 3.57 to 1.00 compared to 3.59
to 1.00 as of June 30, 2012. Total
stockholders' equity as of March 31,
2013 was approximately $5.64
million compared to $4.00
million as of June 30,
2012.
As of March 31, 2013, our 12-month
backlog was $5.01 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
Thursday, May 2nd at 4:30 p.m. (ET) to discuss the Company's financial
and operational performance for the third quarter of fiscal
2013.
Conference Call Details
Date: Thursday, May 2, 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
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Balance Sheets
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
March
31,
|
|
June
30,
|
Assets
|
|
2013
|
|
2012
|
Current
assets:
|
|
|
|
|
|
Cash and
cash equivalents
|
$
|
1,403,490
|
$
|
2,354,087
|
|
Trade
accounts receivable, net of allowance of $27,600 and
$18,214
|
|
2,234,361
|
|
2,133,079
|
|
Inventories, net
|
|
1,828,368
|
|
1,513,384
|
|
Other
receivables
|
|
323,500
|
|
41,000
|
|
Prepaid
interest expense
|
|
—
|
|
7,250
|
|
Prepaid
expenses and other assets
|
|
341,786
|
|
201,459
|
|
|
|
|
Total
current assets
|
|
6,131,505
|
|
6,250,259
|
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net
|
|
2,013,214
|
|
1,920,950
|
|
Intangible
assets, net
|
|
43,614
|
|
68,265
|
|
Debt
costs, net
|
|
—
|
|
3,882
|
|
Other
assets
|
|
27,737
|
|
27,737
|
|
|
|
|
Total
assets
|
$
|
8,216,070
|
$
|
8,271,093
|
Liabilities and Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
1,048,555
|
$
|
1,129,708
|
|
Accrued
liabilities
|
|
167,942
|
|
183,910
|
|
Accrued
payroll and benefits
|
|
496,793
|
|
386,234
|
|
Deferred
revenue
|
|
1,966
|
|
37,750
|
|
Capital
lease obligation, current portion
|
|
3,602
|
|
3,602
|
|
|
|
|
Total
current liabilities
|
|
1,718,858
|
|
1,741,204
|
|
|
|
|
|
|
|
|
|
Capital
lease obligation, less current portion
|
|
4,202
|
|
6,903
|
Deferred
rent
|
|
258,280
|
|
345,726
|
Warrant
liability
|
|
599,194
|
|
1,087,296
|
8%
convertible debentures to related parties
|
|
—
|
|
1,012,500
|
8%
convertible debentures
|
|
—
|
|
75,000
|
|
|
|
Total
liabilities
|
|
2,580,534
|
|
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; 12,955,728 and 11,711,952
|
|
|
|
|
|
|
shares
issued and outstanding, respectively
|
|
129,557
|
|
117,120
|
|
Additional
paid-in capital
|
|
209,571,539
|
|
208,410,216
|
|
Accumulated other comprehensive income
|
|
88,483
|
|
88,258
|
|
Accumulated deficit
|
|
(204,154,043)
|
|
(204,613,130)
|
|
|
|
|
Total
stockholders' equity
|
|
5,635,536
|
|
4,002,464
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$
|
8,216,070
|
$
|
8,271,093
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Statements of Operations and
Comprehensive Income
|
(Unaudited)
|
|
|
|
|
|
|
Three
months ended
|
|
Nine
months ended
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Product
sales, net
|
$
2,846,718
|
$
|
2,775,486
|
|
8,654,553
|
$
|
8,180,749
|
Cost of
sales
|
1,522,901
|
|
1,895,724
|
|
4,887,104
|
|
5,374,593
|
|
|
|
|
Gross
margin
|
1,323,817
|
|
879,762
|
|
3,767,449
|
|
2,806,156
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling,
general and administrative
|
1,042,067
|
|
1,141,366
|
|
3,042,889
|
|
3,020,869
|
|
New
product development
|
216,626
|
|
236,643
|
|
693,394
|
|
795,894
|
|
Amortization of intangibles
|
8,217
|
|
8,217
|
|
24,651
|
|
24,651
|
|
Loss on
disposal of property and equipment
|
1,026
|
|
—
|
|
2,273
|
|
—
|
|
|
|
|
Total
costs and expenses
|
1,267,936
|
|
1,386,226
|
|
3,763,207
|
|
3,841,414
|
|
|
|
|
Operating
income (loss)
|
55,881
|
|
(506,464)
|
|
4,242
|
|
(1,035,258)
|
Other
income (expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
(50,951)
|
|
(21,750)
|
|
(96,007)
|
|
(66,920)
|
|
Interest
expense - debt costs
|
(2,132)
|
|
(832)
|
|
(3,882)
|
|
(2,448)
|
|
Change in
fair value of warrant liability
|
222,766
|
|
—
|
|
488,102
|
|
—
|
|
Other
income (expense), net
|
(8,470)
|
|
10,061
|
|
66,632
|
|
43,895
|
|
Total
other income (expense), net
|
161,213
|
|
(12,521)
|
|
454,845
|
|
(25,473)
|
|
|
|
Net income
(loss)
|
$
217,094
|
|
$
(518,985)
|
|
$
459,087
|
|
$
(1,060,731)
|
Income
(loss) per common share (basic)
|
$
0.02
|
|
$
(0.05)
|
|
$
0.04
|
|
$
(0.11)
|
Number of
shares used in per share calculation (basic)
|
11,883,042
|
|
9,767,640
|
|
11,818,408
|
|
9,758,233
|
Income
(loss) per common share (diluted)
|
$
0.02
|
|
$
(0.05)
|
|
$
0.04
|
|
$
(0.11)
|
Number of
shares used in per share calculation (diluted)
|
12,717,742
|
|
9,767,640
|
|
12,671,472
|
|
9,758,233
|
Foreign
currency translation adjustment
|
(269)
|
|
9,883
|
|
225
|
|
31,017
|
Comprehensive income (loss)
|
$
216,825
|
|
$
(509,102)
|
|
$
459,312
|
|
$
(1,029,714)
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
Nine
months ended
|
|
March
31,
|
|
2013
|
|
2012
|
Cash flows
from operating activities
|
|
|
|
Net income
(loss)
|
$
459,087
|
|
$
(1,060,731)
|
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
|
|
|
|
Depreciation and
amortization
|
601,334
|
|
857,721
|
Interest from
amortization of debt costs
|
3,882
|
|
2,448
|
Loss on disposal
of property and equipment
|
2,273
|
|
—
|
Stock based
compensation
|
197,198
|
|
202,802
|
Change in
provision for doubtful accounts receivable
|
9,386
|
|
7,946
|
Change in fair
value of warrant liability
|
(488,102)
|
|
—
|
Deferred
rent
|
(87,446)
|
|
(92,753)
|
Changes in
operating assets and liabilities:
|
|
|
|
Trade
accounts receivables
|
(110,668)
|
|
(571,541)
|
Other
receivables
|
(282,500)
|
|
10,289
|
Inventories
|
(314,984)
|
|
59,196
|
Prepaid expenses and other
assets
|
(33,077)
|
|
45,022
|
Accounts payable and accrued
liabilities
|
13,438
|
|
354,169
|
Deferred revenue
|
(35,784)
|
|
282,000
|
Net cash provided by (used in) operating activities
|
(65,963)
|
|
96,568
|
Cash flows
from investing activities
|
|
|
|
Purchase of property and
equipment
|
(671,220)
|
|
(580,575)
|
Net cash used in investing activities
|
(671,220)
|
|
(580,575)
|
Cash flows
from financing activities
|
|
|
|
Proceeds from sale of common stock from
employee stock purchase plan
|
8,981
|
|
14,145
|
Costs associated with conversion of
debentures
|
(39,919)
|
|
—
|
Repayments of debentures
|
(180,000)
|
|
—
|
Payments on capital lease
obligation
|
(2,701)
|
|
—
|
Net cash provided by (used in) financing activities
|
(213,639)
|
|
14,145
|
Effect of
exchange rate on cash and cash equivalents
|
225
|
|
31,017
|
Decrease
in cash and cash equivalents
|
(950,597)
|
|
(438,845)
|
Cash and
cash equivalents, beginning of period
|
2,354,087
|
|
928,900
|
Cash and
cash equivalents, end of period
|
$
1,403,490
|
|
$
490,055
|
Supplemental disclosure of cash flow
information:
|
|
|
|
Interest paid in
cash
|
$
1,757
|
|
$
1,670
|
Income taxes paid
|
$
2,350
|
|
$
3,694
|
Supplemental disclosure of non-cash investing
& financing activities:
|
|
|
|
Prepaid interest on
convertible debentures through the issuance of common
stock
|
$
87,000
|
|
$
87,000
|
Issuance of common
stock through the conversion of 8% debentures
|
$
907,500
|
|
—
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
|
Consolidated Statement of Stockholders'
Equity
|
|
Nine
months ended March 31, 2013
|
|
(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
|
10,567
|
106
|
8,875
|
—
|
—
|
8,981
|
|
Conversion
of debentures, net of costs
|
1,148,738
|
11,487
|
856,094
|
—
|
—
|
867,581
|
|
Cashless
exercise of warrants
|
-
|
-
|
-
|
—
|
—
|
—
|
|
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
|
—
|
—
|
197,198
|
—
|
—
|
197,198
|
Net
income
|
—
|
—
|
—
|
—
|
459,087
|
459,087
|
Foreign
currency translation adjustment
|
—
|
—
|
—
|
225
|
—
|
225
|
Balance at
March 31, 2013
|
12,955,728
|
$
129,557
|
$
209,571,539
|
$
88,483
|
$(204,154,043)
|
$
5,635,536
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC.
|
EBITDA
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Three
months ended
|
|
Nine
months ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
217,094
|
|
$
(518,985)
|
|
$
459,087
|
|
$
(1,060,731)
|
Depreciation and amortization
|
193,039
|
|
286,014
|
|
601,334
|
|
857,721
|
Interest
expense
|
53,083
|
|
22,582
|
|
99,889
|
|
69,368
|
|
EBITDA
|
$
463,216
|
|
$
(210,389)
|
|
$
1,160,310
|
|
$
(133,642)
|
|
|
|
|
|
|
|
|
|
SOURCE LightPath Technologies, Inc.