LightPath Technologies Announces Fiscal 2014 Third Quarter
Financial Results
ORLANDO, FL--(Marketwired - May 8, 2014) - LightPath
Technologies, Inc. ("LightPath", the "Company" or "we") (NASDAQ:
LPTH), a leading vertically integrated global manufacturer,
distributor and integrator of proprietary optical components and
high-level assemblies, announced today the financial results for
its fiscal year 2014 third quarter ended March 31, 2014.
Third Quarter & Recent Highlights:
- Revenue for the third quarter of fiscal 2014 was $3.01 million
compared to $2.85 million for the third quarter of fiscal
2013.
- Gross margin for the third quarter of fiscal 2014 improved to
49% from 47% in the third quarter of fiscal 2013.
- Adjusted earnings before interest, taxes, depreciation,
amortization and change in fair value of warrant liability
("Adjusted EBITDA") was approximately $130,000 for the third
quarter of fiscal 2014.
- Net loss was ($133,000) or ($0.01) per basic and diluted common
share for the third quarter of fiscal 2014, compared with net
income of $217,000 or $0.02 per basic and diluted common share for
the third quarter of fiscal 2013.
- Backlog increased by approximately 13% from June 30, 2013 to
approximately $4.69 million as of March 31, 2014.
- Cash on hand as of March 31, 2014 was $1.62 million as compared
to $1.57 million on June 30, 2013.
Jim Gaynor, President and Chief Executive Officer of LightPath,
commented, "We are very pleased with the continuation of our
progress from the first half of the year, which has been magnified
in the third quarter as we continue to improve our gross margin as
a percentage of sales and Adjusted EBITDA. We have positioned the
Company for future prosperity through the establishment of a
diversified global product platform, low cost manufacturing
operations and sales and distribution strategies.
"We believe the investment by Pudong Science & Technology,
which was executed after the end of the quarter but, remains
subject to certain government approvals before closing, verifies
our progress toward becoming a profitable and global optical
technology leader.
"The proceeds of the sale of common stock are intended to
provide working capital to support our continued growth through
global expansion. This endeavor involves new product
development and capital expenditures related to the acquisition of
new equipment, both of which are critical to the Company's growth
plans. For our more established line of molded aspheric
lenses, we continue to see broad applications and diversification
of markets, including demand from telecom, digital imaging and
custom assemblies. Infrared products, now being quoted, are
expected to accelerate the Company's growth more meaningfully over
the balance of this calendar year.
"We have been working at a rapid pace to keep up with interest
levels for both product lines and the diversification that this
requires. At the same time, we have invested in and are
focused on our second manufacturing facility in Zhenjiang, China
which opened in April. With this new manufacturing facility in
place, we will have three manufacturing facilities, with two of
them located in China. We are expanding our sales and marketing
initiatives in the Asia-Pacific region to take advantage of robust
manufacturing activity in China. The progress and achievements
year-to-date for LightPath sets a course for significant long term
growth in sales and profitability."
Financial Results for Three Months Ended March 31, 2014
Revenue for the third quarter of fiscal 2014 totaled $3.01
million, which was a 6% increase as compared to $2.85 million in
the third quarter of fiscal 2013. This increase in revenue
primarily reflects growing unit demand for precision molded lenses
for the laser tool market. Continued growth in sales for the
precision molded lens product line is expected to include demand
relating to the telecommunications sector's need for expanded
infrastructure to support mobile internet usage, the industrial
tool sector, increasing utilization of fiber laser delivery
systems, and the digital projection market.
The gross margin as a percentage of revenue in the third quarter
of fiscal 2014 was 49% compared to 47% in the same period in fiscal
2013. Total manufacturing costs of $1.54 million increased by
approximately $16,000 in the third quarter of fiscal 2014 as
compared to the same period of the prior fiscal year. The increase
in manufacturing costs, as compared to the same period of the prior
fiscal year, is a result of $75,000 in higher wages due to
increased volume offset by a decrease of $60,000 in coating
costs.
Selling, general and administrative expenses were $1.10 million
for the third quarter of fiscal 2014, an increase of approximately
$57,000, or 5% from the same period in the prior year. The
increase was primarily due to an increase of $59,000 in legal fees.
Total costs and expenses were $1.42 million in the third quarter of
fiscal 2014, an increase of $155,000, or 12%, from $1.27 million in
the same period of the prior year. This increase was primarily due
to an increase of $83,000 in wages for new product development, and
an increase of $59,000 in legal fees. Total operating income for
the third quarter of fiscal 2014 was approximately $43,000 as
compared to approximately $56,000 for the same period in fiscal
2013.
In the third quarter of fiscal 2014, the Company recognized
non-cash expense of approximately $131,000 related to the change in
the fair value of liability-classified warrants issued in
connection with a private placement of securities in June 2012. In
the third quarter of fiscal 2013, the Company recognized non-cash
income of $223,000 for the change in fair value of these warrants.
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 third quarter of fiscal 2014 was ($133,000),
which included the $131,000 non-cash expense for the change in the
fair value of the warrant liability and $33,000 for the impact from
foreign currency exchange, or ($0.01) per basic and diluted common
share, compared with net income of $217,000, including the $223,000
non-cash income for the change in the fair value of the warrant
liability, or $0.02 per basic and diluted common share for the same
period in fiscal 2013. Non-GAAP net loss, which excludes the
change in the fair value of the warrant liability, for the third
quarter of fiscal 2014 was ($3,000) or ($0.00) per share compared
to non-GAAP net loss of ($6,000) or ($0.00) per share in the third
quarter of fiscal 2013.
Weighted-average basic shares outstanding increased to
14,292,976 in the third quarter of fiscal 2014 from 11,883,042 in
the third quarter of fiscal 2013. The increase in
weighted-average shares outstanding was primarily due to the
issuance of shares of common stock related to the conversion of the
Company's debentures to common stock, exercises of warrants and
shares issued under the Employee Stock Purchase Plan.
Financial Results for Nine Months Ended March 31, 2014
Revenue for the first nine months of fiscal 2014 totaled
approximately $8.72 million compared to approximately $8.65 million
for the first nine months of fiscal 2013, an increase of 1%.
Revenue in the first nine months of the prior fiscal year included
$451,000 for a large one-time purchase order from a customer in
connection with the Defense Advanced Research Projects Agency
("DARPA") Low Cost Thermal Imaging Manufacturing Program. The
period-over-period increase in revenue demonstrates sales growth in
our underlying products. Unit shipment volume in precision molded
optics increased by 10% in the first nine months of fiscal 2014
compared to the same period of the prior fiscal year.
The gross margin as a percentage of revenue in the first nine
months of fiscal 2014 was 46%, up from 44% in the first nine months
of fiscal 2013. Total manufacturing costs of $4.70 million
decreased by approximately $189,000 in the first nine months of
fiscal 2014 as 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 a decrease of
$294,000 in direct costs associated with the DARPA purchase order
last year, a decrease of $81,000 in freight costs and a decrease of
$40,000 in direct costs due to a change in the product mix in the
current period offset by an increase of $223,000 in wages in the
current fiscal year.
Selling, general and administrative expenses were $3.33 million
for the first nine months of fiscal 2014, an increase of
approximately 9% from the prior year. Total costs and expenses were
$4.23 million in the first nine months of fiscal 2014, an increase
of $467,000, from $3.76 million in the same period of the prior
year. This increase was due to an increase of $97,000 in
non-recurring stock compensation expense due to accelerated vesting
of restricted stock units, an increase of $12,000 in wages, an
increase of $74,000 in higher taxes and fees, an increase of
$26,000 in commissions, an increase of $59,000 in legal fees and an
increase of $55,000 for outside services for lens designs. Total
operating loss for the first nine months of fiscal 2014 was
approximately ($205,000) as compared to income of $4,000 for the
same period in fiscal 2013.
In the first nine months of fiscal 2014, the Company recognized
non-cash expense of approximately $185,000 related to the change in
the fair value of liability-classified warrants issued in
connection with a private placement of securities in June 2012. In
the first nine months of fiscal 2013, the Company recognized
non-cash income of $488,000 for the change in fair value of these
warrants. 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 first nine months of fiscal 2014 was
($416,000), which included the $185,000 non-cash expense for the
change in the fair value of the warrant liability as well as
$97,000 for the additional stock compensation expense incurred with
respect to the acceleration of vesting of restricted stock units
for a former member of our Board of Directors offset by $7,000 of
income for foreign currency exchange, or ($0.03) per basic and
diluted common share, compared with net income of $459,000, which
included the $488,000 non-cash income for the change in the fair
value of the warrant liability, or $0.04 per basic and diluted
common share for the same period in fiscal 2013. Non-GAAP net
loss, which excludes the change in the fair value of the warrant
liability and additional stock compensation expense, for the first
nine months of fiscal 2014 was ($231,000) or ($0.02) per share
compared to non-GAAP net loss of ($29,000) or ($0.00) per share in
the first nine months of fiscal 2013.
Weighted-average basic shares outstanding increased to
13,905,376 in the first nine months of fiscal 2014 from 11,818,048
in the first nine months of fiscal 2013. The increase in
weighted-average shares outstanding was primarily due to the
issuance of shares of common stock related to the conversion of the
Company's debentures to common stock, exercises of warrants and
shares issued under the employee stock purchase plan.
The Company's cash and cash equivalents was approximately $1.6
million as of March 31, 2014 and June 30, 2013. The Company's
current ratio as of March 31, 2014 was 3.77:1 compared to 3.75:1 as
of June 30, 2013. During the same period, total stockholders'
equity increased by nearly 32%, from approximately $5.43 million as
of June 30, 2013 to approximately $7.14 million as of March 31,
2014.
As of March 31, 2014, the Company's 12-month backlog was $4.69
million, an increase of nearly 13% from $4.14 million as of June
30, 2013.
Investor Conference Call and Webcast Details:
LightPath will host an audio conference call and webcast on
Thursday, May 8, at 4:30 p.m. ET to discuss the Company's financial
and operational performance for the third quarter of fiscal
2014.
Conference Call Details Date: Thursday, May 8, 2014 Time: 4:30
p.m. ET Dial-in Number: 1-800-860-2442 International Dial-in
Number: 1-412-858-4600 Webcast:
http://services.choruscall.com/links/lpth140508.html 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 website at www.lightpath.com shortly after the call is
concluded.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and
photonics solutions for the industrial, defense,
telecommunications, testing and measurement, and medical
industries. LightPath designs, manufactures, and distributes
optical and infrared components including molded glass aspheric
lenses and assemblies, infrared lenses and thermal imaging
assemblies, fused fiber collimators, and gradient index GRADIUM®
lenses. LightPath also offers custom optical assemblies, including
full engineering design support. 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
"adjusted gross margin," as well as an adjusted Non-GAAP net
income. Cost of sales includes manufacturing direct and
indirect labor, materials, services, fixed costs for rent,
utilities and depreciation, and variable overhead. Adjusted 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 adjusted 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 and Adjusted EBITDA are non-GAAP financial measures used
by management, lenders and certain investors as supplemental
measures 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 or loss excludes the non-cash impact from
mark-to-market adjustments related to the Company's warrants issued
in connection with the Company's private placement in June of 2012
and stock based compensation expense. 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.
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LIGHTPATH TECHNOLOGIES, INC. |
|
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
March 31, |
|
|
June 30, |
|
Assets |
2014 |
|
|
2013 |
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,624,570 |
|
|
$ |
1,565,215 |
|
|
Trade accounts receivable, net of allowance of $9,910
and $20,617 |
|
2,453,062 |
|
|
|
2,126,907 |
|
|
Inventories, net |
|
2,947,368 |
|
|
|
1,770,681 |
|
|
Other receivables |
|
133,530 |
|
|
|
353,530 |
|
|
Prepaid expenses and other assets |
|
395,590 |
|
|
|
262,236 |
|
|
|
Total current assets |
|
7,554,120 |
|
|
|
6,078,569 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
2,662,815 |
|
|
|
2,235,781 |
|
|
Intangible assets, net |
|
13,445 |
|
|
|
35,397 |
|
|
Other assets |
|
27,737 |
|
|
|
27,737 |
|
|
|
|
Total
assets |
$ |
10,258,117 |
|
|
$ |
8,377,484 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
$ |
1,401,808 |
|
|
$ |
1,065,651 |
|
|
Accrued liabilities |
|
110,330 |
|
|
|
110,628 |
|
|
Accrued payroll and benefits |
|
484,768 |
|
|
|
440,462 |
|
|
Deferred revenue |
|
-- |
|
|
|
1,966 |
|
|
Capital lease obligation, current portion |
|
6,196 |
|
|
|
3,602 |
|
|
|
Total current liabilities |
|
2,003,102 |
|
|
|
1,622,309 |
|
|
|
|
|
|
|
|
|
Capital lease obligation, less current portion |
|
7,519 |
|
|
|
3,302 |
|
Deferred rent |
|
97,856 |
|
|
|
220,216 |
|
Warrant liability |
|
1,009,614 |
|
|
|
1,102,021 |
|
|
|
Total liabilities |
|
3,118,091 |
|
|
|
2,947,848 |
|
|
|
|
|
|
|
|
|
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; 14,293,305 and 12,958,239 shares
issued and outstanding, respectively |
|
142,933 |
|
|
|
129,582 |
|
|
Additional paid-in capital |
|
211,748,604 |
|
|
|
209,645,126 |
|
|
Accumulated other comprehensive income |
|
61,997 |
|
|
|
52,736 |
|
|
Accumulated deficit |
|
(204,813,508 |
) |
|
|
(204,397,808 |
) |
|
|
|
Total
stockholders' equity |
|
7,140,026 |
|
|
|
5,429,636 |
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
10,258,117 |
|
|
$ |
8,377,484 |
|
|
|
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LIGHTPATH TECHNOLOGIES, INC. |
|
Consolidated Statements of Operations and
Comprehensive Income |
|
(Unaudited) |
|
|
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|
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|
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|
|
|
|
|
|
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|
Three months ended |
|
|
Nine months ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
Product sales, net |
|
$ |
3,005,592 |
|
|
$ |
2,846,718 |
|
|
$ |
8,723,173 |
|
|
$ |
8,654,553 |
|
Cost of sales |
|
|
1,539,278 |
|
|
|
1,522,901 |
|
|
|
4,697,785 |
|
|
|
4,887,104 |
|
|
|
Gross margin |
|
|
1,466,314 |
|
|
|
1,323,817 |
|
|
|
4,025,388 |
|
|
|
3,767,449 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
1,098,997 |
|
|
|
1,042,067 |
|
|
|
3,330,006 |
|
|
|
3,042,889 |
|
|
New product development |
|
|
319,499 |
|
|
|
216,626 |
|
|
|
878,172 |
|
|
|
693,394 |
|
|
Amortization of intangibles |
|
|
5,518 |
|
|
|
8,217 |
|
|
|
21,952 |
|
|
|
24,651 |
|
|
Loss (gain) on disposal of property and equipment |
|
|
(587 |
) |
|
|
1,026 |
|
|
|
511 |
|
|
|
2,273 |
|
|
|
Total costs and expenses |
|
|
1,423,427 |
|
|
|
1,267,936 |
|
|
|
4,230,641 |
|
|
|
3,763,207 |
|
|
|
Operating income (loss) |
|
|
42,887 |
|
|
|
55,881 |
|
|
|
(205,253 |
) |
|
|
4,242 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(350 |
) |
|
|
(50,951 |
) |
|
|
(770 |
) |
|
|
(96,007 |
) |
|
Interest expense - debt costs |
|
|
(12,645 |
) |
|
|
(2,132 |
) |
|
|
(22,692 |
) |
|
|
(3,882 |
) |
|
Change in fair value of warrant liability |
|
|
(130,698 |
) |
|
|
222,766 |
|
|
|
(184,663 |
) |
|
|
488,102 |
|
|
Other income (expense), net |
|
|
(32,516 |
) |
|
|
(8,470 |
) |
|
|
(2,322 |
) |
|
|
66,632 |
|
|
Total other income (expense), net |
|
|
(176,209 |
) |
|
|
161,213 |
|
|
|
(210,447 |
) |
|
|
454,845 |
|
|
|
Net income (loss) |
|
$ |
(133,322 |
) |
|
$ |
217,094 |
|
|
$ |
(415,700 |
) |
|
$ |
459,087 |
|
Income (loss) per common share (basic) |
|
$ |
(0.01 |
) |
|
$ |
0.02 |
|
|
$ |
(0.03 |
) |
|
$ |
0.04 |
|
Number of shares used in per share calculation
(basic) |
|
|
14,292,976 |
|
|
|
11,883,042 |
|
|
|
13,905,376 |
|
|
|
11,818,048 |
|
Income (loss) per common share (diluted) |
|
$ |
(0.01 |
) |
|
$ |
0.02 |
|
|
$ |
(0.03 |
) |
|
$ |
0.04 |
|
Number of shares used in per share calculation
(diluted) |
|
|
14,292,976 |
|
|
|
12,717,742 |
|
|
|
13,905,376 |
|
|
|
12,671,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(4,534 |
) |
|
|
(269 |
) |
|
|
9,261 |
|
|
|
225 |
|
|
|
Comprehensive income (loss) |
|
$ |
(137,856 |
) |
|
$ |
216,825 |
|
|
$ |
(406,439 |
) |
|
$ |
459,312 |
|
|
|
|
|
|
|
|
|
|
|
|
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LIGHTPATH TECHNOLOGIES, INC. |
|
Consolidated Statements of Cash Flows |
|
(Unaudited) |
|
|
|
|
|
Nine months ended |
|
|
March 31, |
|
|
2014 |
|
|
2013 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(415,700 |
) |
|
$ |
459,087 |
|
Adjustments to reconcile net income (loss) to net cash
used in operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
544,067 |
|
|
|
601,334 |
|
|
|
Interest from amortization of debt costs |
|
10,047 |
|
|
|
3,882 |
|
|
|
Loss on disposal of property and equipment |
|
511 |
|
|
|
2,273 |
|
|
|
Stock based compensation |
|
293,538 |
|
|
|
197,198 |
|
|
|
Provision for doubtful accounts receivable |
|
(5,765 |
) |
|
|
9,386 |
|
|
|
Change in fair value of warrant liability |
|
184,663 |
|
|
|
(488,102 |
) |
|
|
Deferred rent |
|
(122,360 |
) |
|
|
(87,446 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivables |
|
(320,390 |
) |
|
|
(110,668 |
) |
|
Other receivables |
|
220,000 |
|
|
|
(282,500 |
) |
|
Inventories |
|
(730,899 |
) |
|
|
(314,984 |
) |
|
Prepaid expenses and other assets |
|
(163,503 |
) |
|
|
(33,077 |
) |
|
Accounts payable and accrued liabilities |
|
380,165 |
|
|
|
13,438 |
|
|
Deferred revenue |
|
(1,966 |
) |
|
|
(35,784 |
) |
|
|
|
Net
cash used in operating activities |
|
(127,592 |
) |
|
|
(65,963 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
(1,362,374 |
) |
|
|
(671,220 |
) |
|
|
|
Net
cash used in investing activities |
|
(1,362,374 |
) |
|
|
(671,220 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from sale of common stock from employee stock
purchase plan |
|
7,413 |
|
|
|
8,981 |
|
|
Costs associated with conversion of debentures |
|
-- |
|
|
|
(39,919 |
) |
|
Repayments of debentures |
|
-- |
|
|
|
(180,000 |
) |
|
Proceeds from exercise of warrants, net of costs |
|
1,538,808 |
|
|
|
-- |
|
|
Payments on capital lease obligations |
|
(6,161 |
) |
|
|
(2,701 |
) |
|
|
|
Net
cash provided by (used in) financing activities |
|
1,540,060 |
|
|
|
(213,639 |
) |
Effect of exchange rate on cash and cash
equivalents |
|
9,261 |
|
|
|
225 |
|
Change in cash and cash equivalents |
|
59,355 |
|
|
|
(950,597 |
) |
Cash and cash equivalents, beginning of period |
|
1,565,215 |
|
|
|
2,354,087 |
|
Cash and cash equivalents, end of period |
$ |
1,624,570 |
|
|
$ |
1,403,490 |
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Interest paid in cash |
$ |
769 |
|
|
$ |
1,757 |
|
|
Income taxes paid |
|
2,541 |
|
|
|
2,350 |
|
|
Vesting of restricted stock units |
|
1,912 |
|
|
|
-- |
|
Supplemental disclosure of non-cash investing &
financing activities: |
|
|
|
|
|
|
|
|
Prepaid interest on convertible debentures through the
issuance of common stock |
|
-- |
|
|
|
87,000 |
|
|
Issuance of common stock through the conversion of 8%
debentures |
|
-- |
|
|
|
907,500 |
|
|
Purchase of equipment through capital lease
arrangement |
|
12,972 |
|
|
|
-- |
|
|
Reclassification of tooling costs to inventory |
|
425,626 |
|
|
|
-- |
|
|
Reclassification of warrant liability upon
exercise |
|
277,070 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH
TECHNOLOGIES, INC. |
Consolidated Statement of Stockholders' Equity |
Nine
months ended March 31, 2014 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
Class A |
|
Additional |
|
|
Other |
|
|
|
|
Total |
|
|
Common Stock |
|
Paid-in |
|
|
Comprehensive |
|
Accumulated |
|
|
Stockholders' |
|
|
Shares |
|
Amount |
|
Capital |
|
|
Income |
|
Deficit |
|
|
Equity |
|
Balance at June 30, 2013 |
12,958,239 |
|
$ |
129,582 |
|
$ |
209,645,126 |
|
|
$ |
52,736 |
|
$ |
(204,397,808 |
) |
|
$ |
5,429,636 |
|
Issuance of common stock for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested restricted stock units |
191,160 |
|
|
1,912 |
|
|
(1,912 |
) |
|
|
-- |
|
|
-- |
|
|
|
-- |
|
|
Employee stock purchase plan |
7,764 |
|
|
77 |
|
|
7,336 |
|
|
|
-- |
|
|
-- |
|
|
|
7,413 |
|
|
Exercise of warrants, net of costs |
1,136,142 |
|
|
11,362 |
|
|
1,527,446 |
|
|
|
-- |
|
|
-- |
|
|
|
1,538,808 |
|
Reclassification of warrant liability upon warrant
exercise |
-- |
|
|
-- |
|
|
277,070 |
|
|
|
-- |
|
|
-- |
|
|
|
277,070 |
|
Stock based compensation on stock options and
restricted stock units |
-- |
|
|
-- |
|
|
293,538 |
|
|
|
-- |
|
|
-- |
|
|
|
293,538 |
|
Net loss |
-- |
|
|
-- |
|
|
-- |
|
|
|
-- |
|
|
(415,700 |
) |
|
|
(415,700 |
) |
Foreign currency translation adjustment |
-- |
|
|
-- |
|
|
-- |
|
|
|
9,261 |
|
|
-- |
|
|
|
9,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2014 |
14,293,305 |
|
$ |
142,933 |
|
$ |
211,748,604 |
|
|
$ |
61,997 |
|
$ |
(204,813,508 |
) |
|
$ |
7,140,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIGHTPATH TECHNOLOGIES, INC. |
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
Three months ended March 31, |
|
|
Nine months ended March 31, |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(133,322 |
) |
|
$ |
217,094 |
|
|
$ |
(415,700 |
) |
|
$ |
459,087 |
|
Depreciation and amortization |
|
119,577 |
|
|
|
193,039 |
|
|
|
544,067 |
|
|
|
601,334 |
|
Interest expense |
|
12,995 |
|
|
|
53,083 |
|
|
|
23,462 |
|
|
|
99,889 |
|
|
EBITDA |
$ |
(750 |
) |
|
$ |
463,216 |
|
|
$ |
151,829 |
|
|
$ |
1,160,310 |
|
Change in fair value of warrant liability |
|
130,698 |
|
|
|
(222,766 |
) |
|
|
184,663 |
|
|
|
(488,102 |
) |
|
Adjusted EBITDA |
$ |
129,948 |
|
|
$ |
240,450 |
|
|
$ |
336,492 |
|
|
$ |
672,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts: Jim Gaynor President & CEO LightPath Technologies,
Inc. 407-382-4003 jgaynor@lightpath.com www.lightpath.com Dorothy
Cipolla CFO LightPath Technologies, Inc. 407-382-4003 x305
dcipolla@lightpath.com www.lightpath.com Jordan Darrow Darrow
Associates, Inc. 631-367-1866 jdarrow@darrowir.com
www.darrowir.com
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