Contact Information: Contacts: Dorothy Cipolla, CFO LightPath Technologies, Inc. (407) 382-4003 Internet: www.lightpath.com
LightPath Technologies Fiscal 2007 Third Quarter Comments
| Source: LightPath Technologies
ORLANDO, FL -- (MARKET WIRE) -- April 13, 2007 -- LightPath Technologies, Inc. (NASDAQ : LPTH ),
manufacturer and integrator of families of precision molded aspheric
optics, precision molded infrared optics, GRADIUM® glass products, and
high-performance fiber-optic collimators and isolators, reported today that
projected results for its third quarter of fiscal 2007 include sales of
approximately $2.9 million compared with $3.1 million in the third quarter
of fiscal 2006, a decrease of 8%.
During our first nine months of this fiscal year sales increased 26%, to
$11.0 million compared to the first nine months of fiscal 2006 when the
Company reported sales of approximately $8.8 million.
At March 31, 2007, our Disclosure Backlog was $2.1 million, a decrease of
41% over our Disclosure Backlog at March 31, 2006 of $3.5 million. As
reported in our Annual Report on Form 10-K for June 30, 2006, we had a
"Disclosure Backlog" (as defined therein) at that date of $4.3 million.
During our second and third quarters we experienced a shift in our business
as new orders for communications-related products slowed, while orders for
our other products did not increase to compensate for the reduction.
Although the backlog is lower, quoting activity is up and we remain
confident about the new opportunities in front of LightPath and the growth
of optics worldwide.
Ken Brizel, President and Chief Executive Officer of LightPath, commented,
"While our gross margins were negatively impacted by lower sales volumes,
the impact was minimized primarily because of our shift of more than 70% of
our molded production to our Shanghai location resulting in lower
production costs. During this quarter our communications orders slowed and
other markets could not pick up the difference which has caused a reduction
in our backlog compared to prior quarters."
"Our Orlando team continues to develop new products for defense and
industrial applications, while the Shanghai team is introducing our
technologies to a whole new base of customers in Asia/Pacific region. Each
of these could create additional opportunities for larger volume sales,
thus promoting future growth," explained Ken Brizel.
Webcast Details:
LightPath plans to hold an audio webcast at 3:00 p.m. EDT on Tuesday, May
15, 2007 to discuss details regarding the company's performance for the
third quarter of fiscal 2007. The session may be accessed at
www.lightpath.com. A transcript archive of the webcast will be available
for viewing or download on our web site shortly after the call is
concluded.
LightPath manufactures optical products including precision molded aspheric
optics, precision molded infrared optics, GRADIUM® glass products,
proprietary collimator assemblies, isolators utilizing proprietary
automation technology, higher-level assemblies and packing solutions.
LightPath has a strong patent portfolio that has been granted or licensed
to us in these fields. LightPath common stock trades on the Nasdaq Capital
Market under the symbol "LPTH." Investors are encouraged to go to
LightPath's website for additional financial information.
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.