ORLANDO, Fla., Sept. 5, 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 fourth quarter and fiscal year
ended June 30, 2013.
(Logo:
http://photos.prnewswire.com/prnh/20130122/FL45558LOGO)
Fourth Quarter Highlights:
- Revenue for the fourth quarter of fiscal 2013 increased 1% to
$3.13 million compared to
$3.10 million for the fourth quarter
of fiscal 2012. Revenue for our precision molded optics products
increased 18% from the fourth quarter of fiscal 2012.
- Gross margin for the quarter increased to 45% as compared to
40% for the fourth quarter of fiscal 2012.
- EBITDA increased nearly 24% to $471,000 in the fourth quarter of fiscal 2013
compared to $381,000 in the fourth
quarter of fiscal 2012.
- Cash on hand as of June 30, 2013
was $1.57 million as compared to
$1.40 million on March 31, 2013.
- Operating income was $206,000 for
the fourth quarter compared to $111,000 in the fourth quarter of fiscal
2012.
- Net loss was $244,000 or
$0.02 per common share, basic and
diluted, for the fourth quarter compared to net income of
$196,000 or $0.02, basic and diluted, for the fourth quarter
of fiscal 2012.
Jim Gaynor, President and Chief
Executive Officer of LightPath, commented, "I am pleased to report
continued improvement in the Company's operating results, driven by
strong demand for our optics across a broad base of our market
segments. Gross margin improved to 44% in fiscal 2013 due to the
cost reductions we implemented and higher unit volume sales which
increased our overhead leverage. The combination of increased
sales volume and lower costs resulted in fourth quarter operating
income of $206,000. EBITDA, which
excludes the effect of non-cash expenses associated with the
mark-to-market adjustments related to our warrants issued in
June 2012, increased by nearly 24% to
$471,000 and we had positive
operating cash flow of $622,000 for
the fourth quarter. For the year, we demonstrated strong operating
leverage with increases in both EBITDA and sales, resulting in
LightPath's first profitable fiscal year!"
"The Company's operating results for fiscal 2013 and fiscal 2012
as reported under generally accepted accounting principles (GAAP)
include the effect of quarterly mark-to-market adjustments related
to warrants that were issued in connection with our private
placement in June of 2012. We believe the comparisons of ongoing
operations excluding the effects of the non-cash expenses
associated with such warrants are also helpful for investors to
better understand the financial results of our business
operations. After adjusting for this warrant expense,
non-GAAP net income for the fourth quarter of fiscal 2013 was
$259,000, or $0.02 per share compared to $92,500, or $0.01
per share for the fourth quarter of fiscal 2012. Non-GAAP net
income for fiscal 2013 was $230,000,
or $0.02 per share compared to a net
loss of $968,000, or ($0.10) per share in fiscal year 2012. We believe
this non-GAAP measure reflects the strength of the fourth quarter
and represents an inflection point for the Company to build on as
we go forward."
Mr. Gaynor added, "Demand for LightPath's aspheric lenses has
increased in both its domestic and Asian sales regions. End
product markets driving the increased demand for aspheric lenses
include laser tools, telecommunications, digital projectors,
industrial equipment, weapon sights and green lasers.
LightPath anticipates this increase in demand will phase in over
the next two quarters and provide potential incremental revenue
growth in excess of 15% on an annualized basis. It is significant
to note that the product demand we are seeing is broad based across
several of our larger market segments. It is not limited to any
specific industry, market or geographic location."
"Optics is a strategic technology that is critical in many
manufacturing processes, as well as a key component in end
products," continued Mr. Gaynor. "We believe that the optical
market is at the beginning of a multi-year growth cycle driven by
four major market themes: expansion of cloud computing; digital
technology used for video distribution; expansion of wireless
broadband; and, machine to machine connection. Cloud computing is
causing a shift in enterprise technology with increased spending
for Software-as-a-Service ("SaaS") and Infrastructure-as-a-Service
("IaaS") capital investments. Delivery of applications and
technology using SaaS and IaaS requires larger and faster network
bandwidth. The explosion of mobile devices, which includes
smartphones and tablet devices, is also requiring the expansion of
network bandwidth as users are receiving and transferring larger
amounts of data via their mobile devices. The number of mobile
devices will exceed the global population by 2016 and is estimated
to be at 1.4 devices per person. Individuals are also
streaming more video on their mobile devices or through their smart
TVs. This type of video distribution through digital technology,
which is estimated to become 70% of all network traffic by 2016, is
creating a huge demand for larger and faster bandwidth.
Finally, machine to machine connection technology allows wireless
and wired systems to communicate with other devices of the same
type. This type of networking often requires bandwidth in
order for the machines to communicate with each other. All of
these themes require the expansion of bandwidth, and thus, the
growth of optical communication networks. LightPath produces
products, such as our precision molded optics products, that can be
used as a component in optical communication networks. These
themes combined with the excellent value proposition that we bring
to our customers with competitive prices and superior quality are
the reasons we believe we are experiencing this increase in demand
for our precision molded optics products and why we have confidence
in our continued growth going forward."
Financial Results for Three Months Ended June 30, 2013
Revenue for the fourth quarter of fiscal 2013 totaled
approximately $3.13 million compared
to approximately $3.10 million for
the fourth quarter of fiscal 2012, an increase of 1%. This increase
was primarily attributable to growth in revenue from sales of the
Company's telecommunications products, including our precision
molded optics products, which overcame the effect in the fourth
quarter of fiscal 2012 of a large purchase order from a customer in
connection with the Defense Advanced Research Projects Agency's Low
Cost Thermal Imaging Manufacturing Program. Revenue for our
precision molded optics increased 18% compared to the fourth
quarter of fiscal 2012. 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
products.
The gross margin percentage in the fourth quarter of fiscal 2013
was 45%, up from 40% in the fourth quarter of fiscal 2012. Total
manufacturing costs of $1.72 million
decreased by approximately $154,000
in the fourth quarter of fiscal 2013 compared to the same period of
the prior fiscal year due to improved productivity associated with
higher unit volumes and the impact of cost reduction efforts.
During the fourth quarter of fiscal 2013, total costs and expenses
increased by approximately $84,000
compared to the same period of the prior year.
Selling, general and administrative expenses were $948,000 for the fourth quarter of fiscal 2013.
Total operating income for the fourth quarter of fiscal 2013 was
approximately $206,000 compared to
$111,000 for the same period in
fiscal 2012.
In the fourth quarter of fiscal 2013, the Company recognized
non-cash expense of approximately $503,000 related to the change in the fair value
of derivative warrants issued in connection with a private
placement of securities in June 2012.
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.
Net loss for the fourth quarter of fiscal 2013 was $244,000 (including the $503,000 non-cash expense for the change in value
of the warrant liability) or $0.02
per basic and diluted common share, compared with net income of
$196,000 or $0.02 per basic and diluted common share for the
same period in fiscal 2012. Non-GAAP net income for the
fourth quarter of fiscal 2013 was $259,000, or $0.02
per share compared to $92,500, or
$0.01 per share in the fourth quarter
of fiscal 2012. Weighted-average basic shares outstanding increased
to 12,956,390 in the fourth quarter of fiscal 2013 from 10,384,899
in the fourth quarter of fiscal 2012. This increase is
primarily due to the issuance of shares of common stock in
connection with the June 2012 private
placement, shares issued for the payment of interest on the
Company's convertible debentures, shares issued in connection with
the conversion of debentures, including incentive shares and
shares issued for the employee stock purchase plan.
Financial Results for Year Ended June
30, 2013
Revenue for fiscal year 2013 was approximately $11.78 million compared to approximately
$11.28 million for fiscal 2012, an
increase of 4%. This increase was primarily attributable to revenue
from precision molded lenses for the telecommunications and laser
tool markets and custom optics. The number of units of
precision molded optics sold increased by 35% due to the Company's
increased production capability and the pursuit of low-cost,
high-volume lens business. We expect continued growth in sales of
our precisions molded optics product line. Infrared products,
that are now being designed and will be introduced in fiscal 2014,
are also expected to accelerate the Company's growth more
meaningfully beginning in fiscal 2014 and continuing into fiscal
2015.
Gross margin percentage for fiscal 2013 was 44% compared to 36%
in fiscal 2012. Total manufacturing costs of $6.61 million were approximately $642,000 lower in fiscal 2013 compared to fiscal
2012.
This decrease in manufacturing costs resulted from an increase
in direct costs of $31,000 for
materials, labor and outside services due to higher revenues offset
by a decrease of $219,000 in labor
costs, a decrease of $304,000 in
tooling costs, a decrease of $92,000
in freight costs and a decrease of $55,000 in supplies. Direct costs, which include
material, labor and services, were 24% of revenue in fiscal 2013,
as compared to 25% of revenue in fiscal 2012.
During fiscal 2013, total costs and expenses increased
$6,000 to approximately $4.97 million from approximately $4.96 million for fiscal 2012. As a result, total
operating income for fiscal year 2013 increased to approximately
$210,000 as compared to an operating
loss of $924,000 for fiscal year
2012.
In fiscal 2013, the Company recognized expenses of approximately
$15,000 related to the change in the
fair value of derivative warrants issued in connection with the
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.
Net income for fiscal 2013 was approximately $215,000 or $0.02
per basic and diluted common share, compared with a net loss of
approximately ($865,000) or
($0.09) per basic and diluted common
share for fiscal 2012. Non-GAAP net income for fiscal 2013 was
$230,000, or $0.02 per share compared to a net loss of
$968,000, or $0.01 per share for fiscal 2012. Weighted-average
basic shares outstanding increased to 12,102,124 in fiscal 2013
compared to 9,861,596 in fiscal 2012, which is primarily due to the
issuance of shares of common stock in the June 2012 private placement, shares issued as
payment of interest due on the Company's convertible debentures,
shares issued in connection with the conversion of the convertible
debentures, including incentive shares, and shares issued under our
employee stock purchase plan.
Cash and cash equivalents totaled approximately $1.57 million as of June
30, 2013. The current ratio as of June 30, 2013 was 3.75:1 compared to 3.59:1 as of
June 30, 2012. Total stockholders'
equity as of June 30, 2013 totaled
approximately $5.43 million compared
to $4.00 million as of June 30, 2012.
As of June 30, 2013, the Company's
12-month backlog was $4.14 million
compared to $4.89 million as of
June 30, 2012. The change is
backlog does not include three large orders totaling over
$700,000 which had been expected in
the fourth quarter of fiscal 2013 but were delayed until the first
quarter of fiscal 2014.
Investor Conference Call and Webcast Details:
LightPath will host an audio conference call and webcast on
Thursday, September 5, at
4:30 p.m. EDT to discuss the
Company's financial and operational performance for the fourth
quarter of fiscal 2013.
Conference Call Details
Date: Thursday, September 5, 2013
Time: 4:30 p.m. (EDT)
Dial-in Number: 1-800-860-2442
International Dial-in Number: 1-412-858-4600
Webcast: http://www.videonewswire.com/event.asp?id=95565
It is recommended that participants dial-in approximately 5 to
10 minutes prior to the start of the call. A transcript
archive of the conference call will be available for viewing or
download from the Company's 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 patent portfolio that has been
granted or licensed to it in these fields. For more
information visit www.lightpath.com.
LightPath prepares its financial statements in accordance with
generally accepted accounting principles for the United States (GAAP). The
discussions of the Company's results as presented in this release
include use of non-GAAP measures "EBITDA" and "gross margin," As
well as an adjusted Non-GAAP net income. 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 GAAP. The Company believes 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 the
Company's cost structure and provides funds for our total costs and
expenses. The Company uses gross margin in measuring the
performance of its business and has 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, change in fair value
of warrants 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. The Company uses EBITDA for
evaluating the relative underlying performance of its core
operations and for planning purposes. The Company calculates 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." EBITDA calculations can be found at
the end of the tables that follow.
Non-GAAP net income excludes the non-cash impact form
mark-to-market adjustments related to the Company's warrants issued
in connection with the Company's private placement in June of
2012. The Company believes that this non-GAAP measure is
helpful in understanding the Company's underlying operating
results. Non-GAAP net income is not in accordance with, or an
alternative to GAAP net income (net loss) and may not be comparable
to information provided by other companies.
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.
|
407-382-4003
|
407-382-4003
x305
|
jgaynor@lightpath.com
|
dcipolla@lightpath.com
|
www.lightpath.com
|
www.lightpath.com
|
|
|
|
|
Jordan
Darrow
|
|
Darrow Associates,
Inc.
|
|
631-367-1866
|
|
jdarrow@darrowir.com
|
|
www.darrowir.com
|
|
LIGHTPATH
TECHNOLOGIES, INC.
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
Assets
|
|
2013
|
|
2012
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,565,215
|
$
|
2,354,087
|
|
Trade accounts
receivable, net of allowance of $20,617 and $18,214
|
|
2,126,907
|
|
2,133,079
|
|
Inventories,
net
|
|
1,770,681
|
|
1,513,384
|
|
Other
receivables
|
|
353,530
|
|
41,000
|
|
Prepaid interest
expense
|
|
—
|
|
7,250
|
|
Prepaid expenses and
other assets
|
|
262,236
|
|
201,459
|
|
|
|
|
Total current
assets
|
|
6,078,569
|
|
6,250,259
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
2,235,781
|
|
1,920,950
|
|
Intangible assets,
net
|
|
35,397
|
|
68,265
|
|
Debt costs,
net
|
|
—
|
|
3,882
|
|
Other
assets
|
|
27,737
|
|
27,737
|
|
|
|
|
Total
assets
|
$
|
8,377,484
|
$
|
8,271,093
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
1,065,651
|
$
|
1,129,708
|
|
Accrued
liabilities
|
|
110,628
|
|
183,910
|
|
Accrued payroll and
benefits
|
|
440,462
|
|
386,234
|
|
Deferred
revenue
|
|
1,966
|
|
37,750
|
|
Capital lease
obligation, current portion
|
|
3,602
|
|
3,602
|
|
|
|
|
Total current
liabilities
|
|
1,622,309
|
|
1,741,204
|
|
|
|
|
|
|
|
|
|
Capital lease
obligation, less current portion
|
|
3,302
|
|
6,903
|
Deferred
rent
|
|
|
220,216
|
|
345,726
|
Warrant
liability
|
|
1,102,021
|
|
1,087,296
|
8% convertible
debentures to related parties
|
|
—
|
|
1,012,500
|
8% convertible
debentures
|
|
—
|
|
75,000
|
|
|
|
Total
liabilities
|
|
2,947,848
|
|
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; 12,958,239 and 11,711,952
|
|
|
|
|
|
|
shares issued and
outstanding, respectively
|
|
129,582
|
|
117,120
|
|
Additional paid-in
capital
|
|
209,645,126
|
|
208,410,216
|
|
Accumulated other
comprehensive income
|
|
52,736
|
|
88,258
|
|
Accumulated
deficit
|
|
(204,397,808)
|
|
(204,613,130)
|
|
|
|
|
Total stockholders'
equity
|
|
5,429,636
|
|
4,002,464
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
8,377,484
|
$
|
8,271,093
|
LIGHTPATH
TECHNOLOGIES, INC.
|
Consolidated
Statements of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Product sales,
net
|
$
3,128,986
|
|
$ 3,104,120
|
|
$
11,783,539
|
|
$ 11,284,869
|
Cost of
sales
|
1,721,184
|
|
1,875,505
|
|
6,608,288
|
|
7,250,098
|
|
|
|
Gross
margin
|
1,407,802
|
|
1,228,615
|
|
5,175,251
|
|
4,034,771
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
948,038
|
|
859,798
|
|
3,990,927
|
|
3,880,667
|
|
New product
development
|
245,631
|
|
249,641
|
|
939,025
|
|
1,045,535
|
|
Amortization of
intangibles
|
8,217
|
|
8,217
|
|
32,868
|
|
32,868
|
|
Loss on disposal of
property and equipment
|
—
|
|
—
|
|
2,273
|
|
—
|
|
|
|
Total costs and
expenses
|
1,201,886
|
|
1,117,656
|
|
4,965,093
|
|
4,959,070
|
|
|
|
Operating income
(loss)
|
205,916
|
|
110,959
|
|
210,158
|
|
(924,299)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
(428)
|
|
(21,809)
|
|
(96,435)
|
|
(88,729)
|
|
Interest expense -
debt costs
|
—
|
|
(850)
|
|
(3,882)
|
|
(3,298)
|
|
Change in fair value
of warrant liability
|
(502,827)
|
|
103,364
|
|
(14,725)
|
|
103,364
|
|
Other income
(expense), net
|
53,574
|
|
4,200
|
|
120,206
|
|
48,095
|
|
Total other income
(expense), net
|
(449,681)
|
|
84,905
|
|
5,164
|
|
59,432
|
|
|
Net income
(loss)
|
$
(243,765)
|
|
$
195,864
|
|
$
215,322
|
|
$
(864,867)
|
Income (loss) per
common share (basic)
|
$
(0.02)
|
|
$
0.02
|
|
$
0.02
|
|
$
(0.09)
|
Number of shares used
in per share calculation
|
12,956,390
|
|
10,384,899
|
|
12,102,124
|
|
9,861,596
|
(basic)
|
|
|
|
|
|
|
|
Income (loss) per
common share (diluted)
|
$
(0.02)
|
|
$
0.02
|
|
$
0.02
|
|
$
(0.09)
|
Number of shares used
in per share calculation
|
13,824,454
|
|
11,311,701
|
|
12,959,218
|
|
9,861,596
|
(diluted)
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
(36,016)
|
|
16,531
|
|
(35,522)
|
|
37,665
|
|
|
Comprehensive
income (loss)
|
$
(279,781)
|
|
$
212,395
|
|
$
179,800
|
|
$
(827,202)
|
LIGHTPATH
TECHNOLOGIES, INC.
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
Year
ended
|
|
June
30,
|
|
2013
|
|
2012
|
Cash flows from
operating activities
|
|
|
|
Net income
(loss)
|
$
215,322
|
|
$
(864,867)
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
Depreciation and
amortization
|
813,234
|
|
1,124,038
|
Interest from
amortization of debt costs
|
3,882
|
|
3,298
|
Warrants
issued to consultant
|
—
|
|
7,500
|
Loss on disposal
of property and equipment
|
2,273
|
|
—
|
Stock based
compensation
|
268,307
|
|
272,044
|
Change in
provision for doubtful accounts receivable
|
2,403
|
|
10,969
|
Change in fair
value of warrant liability
|
14,725
|
|
(103,364)
|
Deferred
rent
|
(125,510)
|
|
(118,536)
|
Changes in operating
assets and liabilities:
|
|
|
|
Trade accounts
receivables
|
3,769
|
|
(311,004)
|
Other
receivables
|
(312,530)
|
|
(10,057)
|
Inventories
|
(257,297)
|
|
109,253
|
Prepaid expenses and other assets
|
46,473
|
|
82,671
|
Accounts payable and accrued liabilities
|
(83,111)
|
|
166,039
|
Deferred revenue
|
(35,784)
|
|
37,750
|
Net cash provided by operating activities
|
556,156
|
|
405,734
|
Cash flows from
investing activities
|
|
|
|
Purchase
of property and equipment
|
(1,097,470)
|
|
(628,593)
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
exercise of stock options
|
2,612
|
|
—
|
Proceeds from sale of
common stock, net of costs
|
—
|
|
1,596,786
|
Proceeds from sale of
common stock from employee stock purchase plan
|
8,981
|
|
13,595
|
Costs associated with
settlement of debentures
|
(40,028)
|
|
—
|
Repayments of
debentures
|
(180,000)
|
|
—
|
Payments on capital lease obligation
|
(3,601)
|
|
—
|
Net cash provided by (used in) financing activities
|
(212,036)
|
|
1,610,381
|
Effect of exchange
rate on cash and cash equivalents
|
(35,522)
|
|
37,665
|
Increase (decrease)
in cash and cash equivalents
|
(788,872)
|
|
1,425,187
|
Cash and cash
equivalents, beginning of period
|
2,354,087
|
|
928,900
|
Cash and cash
equivalents, end of period
|
$1,565,215
|
|
$2,354,087
|
|
|
|
-
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
Interest paid in cash
|
$
1,874
|
|
$
1,670
|
Income taxes paid
|
$
2,350
|
|
$
4,174
|
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
|
|
—
|
Fair value of warrants
issued to consultant
|
$
13,000
|
|
$
15,000
|
LIGHTPATH
TECHNOLOGIES, INC.
|
Consolidated
Statement of Stockholders' Equity
|
Years ended June 30,
2013 and 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
Vested restricted
stock units
|
-
|
-
|
-
|
-
|
-
|
-
|
|
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
|
|
|
|
|
|
|
|
|
Issuance of common
stock for:
|
|
|
|
|
|
|
|
Employee stock
purchase plan
|
10,567
|
106
|
8,875
|
—
|
—
|
8,981
|
|
Exercise of employee
stock options
|
2,511
|
25
|
2,587
|
—
|
—
|
2,612
|
|
Conversion of
debentures, net of costs
|
1,148,738
|
11,487
|
855,985
|
—
|
—
|
867,472
|
|
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
|
—
|
—
|
268,307
|
—
|
—
|
268,307
|
Net income
|
—
|
—
|
—
|
—
|
215,322
|
215,322
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
(35,522)
|
—
|
(35,522)
|
|
|
|
|
|
|
|
|
Balance at June 30,
2013
|
12,958,239
|
$
129,582
|
$
209,645,126
|
$
52,736
|
$
(204,397,808)
|
$
5,429,636
|
LIGHTPATH
TECHNOLOGIES, INC.
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Three months
ended
|
|
Year
ended
|
|
June
30,
|
|
June
30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(243,765)
|
|
$
195,864
|
|
$
215,322
|
|
$
(864,867)
|
Depreciation and
amortization
|
211,900
|
|
266,317
|
|
813,234
|
|
1,124,038
|
Change in fair value
of warrant liability
|
502,827
|
|
(103,364)
|
|
14,725
|
|
(103,364)
|
Interest
expense
|
428
|
|
22,659
|
|
100,317
|
|
92,027
|
EBITDA
|
$
471,390
|
|
$
381,476
|
|
$
1,143,598
|
|
$
247,834
|
SOURCE LightPath Technologies, Inc.