Lpth financials

[bananapeel]

Press Release Source: LightPath Technologies, Inc. On Thursday September 16, 2010, 8:30 am
ORLANDO, Fla., Sept. 16 /PRNewswire-FirstCall/ -- LightPath Technologies, Inc. (Nasdaq:LPTH - News) (the "Company", "LightPath", or "we"), a global manufacturer, distributor and integrator of patented optical components and high-level assemblies, announced today its financial results for the fourth quarter and fiscal year ended June 30, 2010. Actual results were in line with the Company's preliminary results issued on August 25, 2010. Full details are available in the Company's Annual Report on Form 10-K filed today with the SEC at U.S. Securities and Exchange Commission (Home Page).

Highlights:


•Net income for the fourth quarter of fiscal 2010 was approximately $92,000 compared to a loss of approximately $318,000 for the fourth quarter of fiscal 2009.
•Revenue for the fourth quarter of fiscal 2010 was $2.8 million compared to $1.6 million for the fourth quarter of fiscal 2009.
•Backlog scheduled to ship within the next 12 months was $2.9 million as of June 30, 2010, an increase of $600,000 from June 30, 2009.
•Gross margin was 51% for the fourth quarter of fiscal 2010 as compared to 33% for the fourth quarter of fiscal 2009.
•EBITDA for the fourth quarter of fiscal 2010 improved to income of $488,000 compared to a loss of $21,000 in the fourth quarter of fiscal 2009.
•Cash on hand as of June 30, 2010 was $1.5 million as compared to $580,000 on June 30, 2009.
•Unit shipment volume in precision molded optics was up 292% in the fourth quarter of fiscal 2010 compared to the same period last year.




Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "I am pleased to report LightPath has continued its trend of positive net income in the fourth quarter of fiscal 2010. During the fourth quarter, our revenues rose 75% over the same quarter in the prior year, gross margin increased both from the third quarter to the fourth quarter and year-over-year to 51% and expenses remained relatively flat. Unit shipment volume in precision molded optics increased substantially by 292% in the fourth quarter of fiscal 2010 compared to the same period last year."

Gaynor continued, "One measure the Company uses to measure performance is EBITDA. EBITDA has improved from a loss of $21,000 in the fourth quarter of fiscal 2009 to income of $488,000 in the fourth quarter of fiscal 2010, a gain of $509,000. As we continue to grow our top-line and increase our unit volume, we anticipate better fixed cost utilization. A greater percentage of our revenues will drop to the bottom-line, delivering gross margin, EBITDA and net income improvements going forward."

"While the U.S. optics market showed signs of an economic rebound in fiscal 2010, Asia represents a significant new market for future growth. Our Shanghai-based facility has taken over 95% of our total production and has enabled us to make the transition into low-cost, high-volume production. While we continue to implement this new business strategy, we anticipate production levels to ramp up significantly at our Shanghai facility. Minimal capital expenditure would be required for future expansion, providing us the ability to meet growing demand for high-volume, low-cost lenses used in laser systems, laser tools, biomedical instrumentation, and telecommunications equipment, primarily produced by Original Equipment Manufacturers based in Asia," Gaynor added.

He concluded, "Overall, given the uncertain market conditions, our outlook for the future is positive but cautious over the short-term. Given the opportunities we see for LightPath in the low cost commercial markets and infrared markets, especially in Asia, we are very optimistic for our long-term business. Our efforts to penetrate high-volume, lower cost commercial markets in Asia show tremendous promise for the upcoming fiscal year. We are excited by the acceptance of the new products, such as our blue laser collimating lenses, which have shown quick market uptake and helped contribute to increased quote activity in recent weeks. We expect our upward growth trend to continue in fiscal 2011."

[amberrichards]

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