"Company Announces Collimator and Isolator Sales Orders In Excess of $5 Million Since January 2000
ALBUQUERQUE, N.M., May 11 /PRNewswire/ -- LightPath Technologies, Inc. (Nasdaq: LPTHA - news), manufacturer of families of high-performance fiber-optic collimator and isolator products, today announced financial results for the third quarter of fiscal year 2000. Results for the three month and nine month reporting periods as reflected in the Summary Financial Data do not reflect the acquisition of Horizon Photonics, Inc., which was completed in April 2000.
For the quarter ended March 31, 2000, the Company reported total revenues of $333,175 compared to $291,601 for the third quarter of the previous year, a 14% increase. Excluding development fees, product shipments alone increased by 108% over the previous period. Net loss for the quarter was $2,120,287, which includes approximately $780,000 in non-cash stock based compensation charges. Net loss applicable to common shareholders was $3,134,329 or $(0.29) per applicable common share, compared to a net loss of $697,694 and a net loss applicable to common shareholders of $735,712 million or $(0.16) per applicable common share, in the third quarter of the previous year. The Company ended the period with no debt and approximately $42 million in cash compared to $1 million at the end of the same period in 1999. Horizon's shipments for the quarterly period are not included, however had they been included, LightPath revenues would have been $832,513, which on a pro forma basis would reflect an increase of 185% over the comparable period in 1999.
For the nine-month period ended March 31, 2000, the Company reported a 19% increase in total revenues to $880,075 compared with $736,898 for the comparable period in the previous year. Net loss for the nine month period was $4.1 million, and net loss applicable to common shareholders was $6.3 million or $(0.83) per applicable common share, compared to a net loss of $2.6 million and net loss applicable to common shareholders of $2.8 million or $(0.68) per applicable common share, for the nine-month period of fiscal 1999. The Company has incurred significant non-cash charges for debt discount amortization and stock based compensation, and the net cash used in operations for the nine month period March 31, 2000 was $2.7 million as compared to $2.1 million for the comparable period in 1999. The number of shares outstanding used in the per-share calculations for the three and nine-month period increased by 132% and 85% respectively, from the previous year's comparable periods due to the conversions of the convertible debentures and preferred stock issued in private placements and the exercise of Class A warrants and other outstanding warrants and options.
The Company also announced that it had posted record product sales orders for the third consecutive quarter and fourth quarter orders have already tripled prior quarters sales orders. During the quarter ended March 31, 2000, the Company recorded sales orders of approximately $420,000 of which over 55% were for telecom component products. This positive trend has continued into the current quarter where through the first six weeks, orders (excluding Horizon) have already totaled approximately $1.3 million of which approximately 93% were for collimator products. Three OEMs account for over 95% of the telecom sales. During the same period, Horizon received sales orders for its telecom component products in the form of free-space isolators totaling approximately $3.6 million. Under the terms of the purchase orders, one OEM has the right to call for additional shipments over a twelve month period, which has the impact of almost doubling the isolator sales backlog.
Don Lawson, President and CEO, commented, ``I am pleased with customer response to our products and the increase orders for each successive quarter, along with the additional products and revenue opportunity from the Horizon acquisition. The acceptance of both the collimator and isolator products by a number of OEMs and their projected volume requirements has placed us in a position where expansion of our automated manufacturing capacity has become a top priority. We are also maintaining our gross margins in excess of 50% on all products, which I expect to continue into the next quarter.''
LightPath manufactures its proprietary collimator assembly, GRADIUM glass products and other optical telecommunications products at its headquarters in Albuquerque. The Company's subsidiary, Horizon Photonics, manufactures isolator products utilizing its proprietary automation technology in Walnut, California. LightPath also has on office in Warren, New Jersey for the purpose of development of various optical switch products. The Company has 22 patents, plus 4 more pending, associated with its optical technologies. In addition, various foreign countries had issued a total of 8 patents with 9 patents pending. LightPath common stock trades on the Nasdaq SmallCap Market under the stock symbol LPTHA.
This news release includes statements that may 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.
LightPath Technologies, Inc.
Condensed Statement of Operations
For the quarter and nine-month periods ended March 31, 2000
(unaudited)
Summary Financial Data -- unaudited
2000 1999
Cash and cash equivalents at March 31, $41,867,441 $999,271
Net cash used in operations for
the nine months ended March 31, ($2,658,504) ($2,135,630)
Summary Financial Data -- unaudited
(dollars except per share data) (Note 1)
Three months Ended Nine months Ended
March 31, March 31,
2000 1999 2000 1999
Revenues $333,175 $291,601 $880,075 $736,898
Operating loss (2,419,398) (700,133) (4,010,439) (2,285,086)
Equity in losses
of LightChip, Inc. -- (10,324) -- (361,671)
Net loss $(2,120,287) $(697,694) $(4,093,244) $(2,572,983)
Net loss
applicable to
common
shareholders $(3,134,329) $(735,712) $(6,298,486) $(2,769,642)
Basic and diluted
net loss per
share (Note 2) $(.29) $(.16) $(.83) $(.68)
Number of shares
used in per share
calculation 10,674,337 4,602,501 7,550,091 4,091,651
(Note 1) March 31, 1999 numbers have been restated to reflect the change
in accounting for LightChip, Inc.
(Note 2) Basic and diluted net loss per share contains the following:
Three months ended March 31, 2000 and 1999
-- contains of $.07 and $.00, respectively, due to the
non-cash stock based compensation expense associated with
nonqualified stock options;
-- contains $.09 and $.01, respectively, arising from the
non-cash imputed dividend and the premium earned by the
Series F preferred stock.
Nine months ended March 31, 2000 and 1999
-- contains of $.10 and $.00, respectively, due to the
non-cash stock based compensation expense associated with
nonqualified stock options;
-- contains $.29 and $.05, respectively, arising from the
non-cash imputed dividend and the premium earned by the
Series F preferred stock;
-- contains $.00 and $.09, respectively, equity in losses of
LightChip, Inc.;
-- contains $.06 and $.00, respectively, due to the non-cash
interest charge for a beneficial conversion feature and
debt discount amortization associated with the debentures.
SOURCE: LightPath Technologies, Inc.
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