Thursday February 8, 4:01 pm Eastern Time
Press Release
SOURCE: LightPath Technologies, Inc.
LightPath Technologies Announces Second Quarter of Fiscal 2001 Financial Results
Substantial Telecom Revenue Growth Continues
ALBUQUERQUE, N.M., Feb. 8 /PRNewswire/ -- LightPath Technologies, Inc. (Nasdaq: LPTH - news), manufacturer of families of high performance fiber-optic collimator, isolator, mechanical switch products and precision molded aspherical optics, today announced financial results for the second quarter and the first six months of the fiscal year ended June 30, 2001. Results for the six month reporting period ended December 31, 2000 include the operating results of Geltech, Inc. (Geltech) since September 20, 2000, the date the Company acquired Geltech.
For the quarter ended December 31, 2000, the Company reported total revenues of $7.8 million compared to total revenues of $277,795 for the second quarter of the previous fiscal year, an increase of approximately 2700%. Sales from acquisitions accounted for $6.2 million or 83% of the increase in total revenue while $1.3 million or 17% was from existing telecom product sales. Net loss for the quarter was $8.8 million, which includes approximately $6.5 million in non-cash charges for the amortization of acquisition intangible assets and goodwill and stock-based compensation expense. Net loss applicable to common shareholders for the second quarter of fiscal 2001 was $8.9 million or $(0.46) per applicable common share, compared to a net loss of $1 million and net loss applicable to common shareholders of $2.1 million or $(0.32) per applicable common share for the second quarter of fiscal 2000.
For the six-month period ended December 31, 2000, the Company reported an increase of approximately 1900% in total revenues to $10.8 million compared with $546,900 for the comparable period in the previous year. Sales from acquisitions accounted for $8.25 million or 80% of the increase in total revenue while $2 million or 20% was due to sales of existing telecom products. Net loss for the six-month period was $25.8 million, which includes approximately $20.8 million in non-cash charges for the write off of the acquired in-process research and development of Geltech, amortization of acquisition intangible assets and goodwill and stock-based compensation expense. Net loss applicable to common shareholders in the first six months of fiscal 2001 was $25.8 million or $(1.38) per applicable common share, compared to a net loss of $2 million and a net loss applicable to common shareholders of $3.2 million or $(0.53) per applicable common share, for the first six month period of the previous year. Excluding the non-cash charges, which attributed $(1.11) to the net loss per share, the net loss per applicable common share would have been $(0.27) in the six-month period of fiscal 2001. The number of shares outstanding used in the per-share calculations for the first six month period of fiscal 2001 increased by 213% from the previous year's comparable period due to the conversions of the convertible debentures and preferred stock issued in private placements, the exercise of Class A and Class B warrants and other outstanding warrants and options and the issuance of shares in connection with the acquisitions of Horizon Photonics and Geltech. For the period ended December 31, 2000, the Company had increased its investment in LightChip by $7.2 million to $8.2 million, reduced acquired Geltech debt to $0.9 million and reported approximately $38 million in cash at the end of the period.
The Company also announced that it had posted record product sales bookings for the sixth consecutive quarter. Consolidated sales bookings increased to $23 million at December 31, 2000 compared to $10.2 million at September 30, 2000 and $4 million at June 30, 2000. This increase was primarily attributable to telecom product orders taken from the Company's largest customers, Lucent Technologies, Inc., Corning Inc., SDL, Inc. and New Focus. The Company expects significant growth to continue in its telecom product areas over the next twelve months.
Don Lawson, President and CEO, commented, ``I am very pleased with our results for the quarter as our announced revenue growth reflects acceptance of our families of passive optical devices in many areas of the optical networking industry. We received follow-on volume orders for previously qualified isolator, collimator and aspherical lens customers at record levels. Additionally, we released new products in the form of a low cost isolator for high volume metro applications with roll-out production orders. We continue on track to meet our financial model for the fiscal year 2001.'' |
