ORLANDO, Fla., July 25, 2013 /PRNewswire/ -- LightPath
Technologies, Inc. (NASDAQ: LPTH) (the "Company", "LightPath" or
"we"), a global manufacturer, distributor and integrator of
proprietary optical components and assemblies, announced today its
preliminary financial results for the fourth quarter ended
June 30, 2013.
(Logo: http://photos.prnewswire.com/prnh/20130122/FL45558LOGO
)
The Company reported preliminary revenue of $3.13 million for the fourth quarter of fiscal
2013, an increase of 10% over the fiscal third quarter of 2013 and
an increase of 1%, as compared to the fourth quarter of last
year.
Cash on hand as of June 30, 2013
was approximately $1.57 million, an
increase of 12% as compared to approximately $1.40 million on March 31,
2013.
Backlog scheduled to ship within the next 12 months was
$4.14 million as of June 30, 2013.
Jim Gaynor, President and Chief
Executive Officer of LightPath, stated, "LightPath is growing its
business in new markets at a rapid pace as indicated by our 61%
increase in unit volume in the fourth quarter of fiscal 2013
compared to the fourth quarter last year and a 30% unit volume
increase in the fourth quarter of fiscal 2013 compared to the third
quarter of fiscal 2013. As previously disclosed, we have been
successfully penetrating high volume lower price applications and
are experiencing a corresponding change in our operating
performance. While our revenue has grown, our unit volume and gross
margins have grown dramatically. Our average sales price on
precision molded optics was approximately 21% lower in the fourth
quarter of fiscal 2013 as compared to the fourth quarter of fiscal
2012, which was offset by the 61% increase in unit volume and 41%
decrease in our cost of products sold."
Mr. Gaynor continued, "Our focus remains to grow our revenue and
increase our operating cash flow. The execution of strategies
aligned with our focus has resulted in our cash balance increasing
by 12% in the most recent quarter. As we look forward, we believe
we have positioned the Company for continued, long term growth for
both of these metrics. We believe we will be supported by the
optical market which is at the beginning of a multi-year growth
cycle driven by four major themes: expansion of cloud computing,
video distribution moving to digital technology, expansion of
wireless broadband and machine-to-machine communications. LightPath
has the products to participate in the opportunities and
applications being created by these growth themes."
About LightPath Technologies
LightPath (NASDAQ: LPTH) manufactures optical products including
precision molded aspheric optics, GRADIUM® glass products,
proprietary collimator assemblies, laser components utilizing
proprietary automation technology, higher-level assemblies and
packing solutions. The Company's products are used in various
markets, including industrial, medical, defense, test &
measurement and telecommunications. LightPath has a strong patent
portfolio that has been granted or licensed to us in these fields.
For more information, visit www.lightpath.com.
This news release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
This information may involve risks and uncertainties that could
cause actual results to differ materially from such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, factors detailed by
LightPath Technologies, Inc. in its public filings with the
Securities and Exchange Commission. Except as required under the
federal securities laws and the rules and regulations of the
Securities and Exchange Commission, the Company does not have any
intention or obligation to update publicly any forward-looking
statements whether as a result of new information, future events or
otherwise.
GRADIUM® is a registered trademark of LightPath
Technologies.
Contacts:
Dorothy
Cipolla, CFO
LightPath Technologies, Inc.
Tel: 407-382-4003 x305
Email: dcipolla@lightpath.com
Web: www.lightpath.com
Jordan Darrow
Darrow Associates, Inc.
jdarrow@darrowir.com
631-367-1866
SOURCE LightPath Technologies, Inc.