[LightPath Technologies Announces Fiscal Year-End Financial Results]
GRADIUM Product Sales for the Year Increase 165%
ALBUQUERQUE, N.M., Aug. 11, /PRNewswire/ -- LightPath Technologies, Inc.
(NASDAQ:LPTHA, LPTHU) today reported financial results for the fourth quarter
and the fiscal year ended June 30, 1998.
For the quarter, revenues increased 111% to $262,066 compared to revenues
of $123,963 in the previous quarter, and were up 86% from the $141,084 of the
previous year's comparable quarter. The Company reported a net loss of
$1,667,334, or $(0.64) per share, compared to a net loss of $656,935, or
$(0.23) per share in the comparable quarter last year. The loss for the
quarter includes a charge of $921,662 ($0.28) per share, due to the equity in
losses of LightChip, Inc.
For the fiscal year ended June 30, 1998, the Company recorded a
13% increase in revenues to $758,232 from the previous years $673,677, and a
loss of $(2.00) per share which includes the loss of $945,382 due to the
inclusion of LightChip, Inc., versus a loss of $(1.09) per share in fiscal
1997. LightPath was required to recognize substantially all of LightChip's
loss for the year ended June 30, 1998 due to LightPath's commitment to
LightChip along with a major venture capital fund, to complete LightChip's
first round of equity financing. It is anticipated that the financing will
close within the current quarter.
Operating results for the quarter and the fiscal year continue to reflect
the Company's business plan of shifting from a research and development driven
company to a fully operating manufacturing company. Sales of the Company's
proprietary GRADIUM glass lenses during the quarter increased to $143,667, up
26%, from the $113,963 of the previous quarter, and up 67% from the $86,084 in
last year's fourth quarter. For the year the Company's GRADIUM product sales
increased 165% to $529,318 from $199,524 in the previous year.
Donald E. Lawson, President and Chief Executive Officer of LightPath
Technologies, Inc., commented, "We are pleased with the improved sequential
and year-over-year revenue growth achieved in the quarter and the fiscal year
because they reflect repeat orders from our initial laser customers as well as
new OEM laser manufacturers that have converted to our products. Many of
these customers have come through our international distribution force and we
are pleased to announce today that the world's largest OEM of YAG laser
systems, Rofin Sinar of Hamburg, Germany, has recently completed a successful
evaluation of our products and has begun to incorporate them into their
systems. While laser sales continue to grow, we have taken initial steps to
leverage our GRADIUM technology to become a leading-edge optical
telecommunications components company and are dedicated to providing a steady
stream of new component and module products to the telecommunications
industry. We are optimistic that our first released product, the single mode
fiber collimator, will become our largest revenue generator in fiscal year
1999. Our focus will be to continue to address the market's demand for
increased telecommunications and Internet bandwidth in the most cost-efficient
manner possible. Our efforts with laser systems and collimators, along with
those of LightChip, Inc., in the area of WDM systems, have established a
platform for our current and future telecommunication products. We look
forward to the opportunities that lie ahead."
LightPath Technologies, Inc. is the developer, manufacturer and marketer
of proprietary GRADIUM glass products. GRADIUM glass is the only material
that can precisely "steer" light internally, collect and concentrate energy,
separate wavelengths of high-speed data and be manufactured cost-effectively
in all sizes and volumes. LightPath manufactures GRADIUM materials at its
headquarters in Albuquerque. The Company has 14 patents associated with the
process to manufacture GRADIUM glass and currently has 12 additional patents
pending. LightPath common stock trades on the Nasdaq SmallCap Market under the
stock symbol LPTHA. LightPath units, comprised of common stock and warrants,
trade under the symbol LPTHU.
The statements included in this press release concerning predictions of
economic performance and management's plans and objectives constitute forward-
looking statements under the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. These statements involve risks and
uncertainties that could cause actual results to differ materially from such
forward-looking statements. Factors which would cause or contribute to such
differences include but are not limited to factors detailed in the Company's
Securities and Exchange Commission filings, many of which are beyond the
control of the Company. The Company does not undertake any obligation to
revise or update any of the information in this press release.
LIGHTPATH TECHNOLOGIES, INC.
Summary Financial Data -unaudited
(dollars except per share data)
Three months Ending Year Ending
June 30 June 30
1998 1997 1998 1997
Revenues $262,066 $141,084 $758,232 $673,677
Operating loss (806,860) (667,445) (3,553,032) (3,103,720)
Equity in losses
of LightChip, Inc. (921,662) -- (945,382) --
Net loss $(1,667,334) $(656,935) $(4,331,290) $(2,998,290)
Net loss applicable
to common
shareholders $(2,102,784) $(656,935) $(6,029,519) $(2,998,290)
Basic net loss
per share (Note A) $(.64) $(.23) $(2.00) $(1.09)
Number of shares
used in per share
calculation 3,287,277 2,856,239 3,010,861 2,755,001
(A) Basic net loss per share for the three months and year ended June 30,
1998 contains an imputed deemed dividend of $.10 and $.46
respectively, arising from the issuance of convertible preferred
stock and $.03 and $.11 respectively, arising from the 8% premium
earned by preferred stock. In addition, basic net loss per share for
the three months and year ended June 30, 1998 contains equity in
losses of LightChip, Inc. of $.28 and $.30, respectively.
SOURCE LightPath Technologies, Inc.
-0- 08/11/98
/CONTACT: Retail: Joe Dorame or James Estrada, Analyst/Institutional:
Kevin Mahoney, or Media: Jeff Stanlis, all of RCG Capital Markets Group, Inc.,
602-675-0400/
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ext. 738490/
/Web site: rcgonline.com
/Web site: light.net |
