LPTH--Thursday August 10, 8:02 am Eastern Time
Press Release
SOURCE: LightPath Technologies, Inc.
LightPath Technologies Announces Fiscal 2000 Financial Results; Revenue Growth Reflects Isolators Sales and Increased Collimator Sales
ALBUQUERQUE, N.M., Aug. 10 /PRNewswire/ -- LightPath Technologies, Inc. (Nasdaq: LPTH - news), manufacturer of families of high-performance fiber-optic collimator and isolator products®, today announced financial results for the quarter and fiscal year ended June 30, 2000. Results for the three month and twelve month reporting periods ended June 30, 2000 include the operating results of Horizon Photonics, Inc. (HPI) since April 14, 2000, the date the Company acquired HPI.
For the quarter ended June 30, 2000, the Company reported total revenues of $1.4 million compared to total revenues of $349,228 for the fourth quarter of the previous year, a 297% increase due primarily from HPI isolator sales. Excluding development fees, product shipments alone increased by 597% over the fourth quarter of 1999. Net loss for the quarter was $11.5 million, which includes approximately $9 million in non-cash charges for the write off of the acquired in-process research and development of HPI, amortization of HPI intangible assets and stock based compensation expense. Net loss applicable to common shareholders in the fourth quarter of 2000 was also $11.5 million or $(0.73) per applicable common share, compared to a net loss of $561,035 and a net loss applicable to common shareholders of $589,027 or $(0.12) per applicable common share, in the fourth quarter of the previous year. Excluding the non-cash charges, which attributed $(.57) to the net loss per share, the net loss per applicable common share would have been $(0.16) in the fourth quarter of 2000.
For the year ended June 30, 2000, the Company reported a 109% increase in total revenues to $2.3 million compared with $1.1 million for the comparable period in the previous year. Excluding development fees, product shipments alone increased by 194% over the previous year. Net loss for fiscal 2000 was $15.6 million, and net loss applicable to common shareholders was $17.8 million or $(1.86) per applicable common share, compared to a net loss of $3.1 million and net loss applicable to common shareholders of $3.4 million or $(0.79) per applicable common share, for fiscal 1999. The Company has incurred significant non-cash charges, which total $10.2 million, for the write off of the acquired in-process research and development of HPI, amortization of HPI intangible assets, debt discount amortization and stock based compensation expense. Excluding these non-cash charges, which attributed $(1.06) to the net loss per share, the net loss per applicable common share would have been $(0.80). The net cash used in operations for fiscal 2000 was $3.3 million as compared to $2.7 million for the comparable periods in 1999. The number of shares outstanding used in the per-share calculations for the three and twelve month period increased by 227% and 124% 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 and Class B warrants and other outstanding warrants and options. The Company ended the fiscal year with no debt and approximately $59 million in cash.
The Company also announced that it had posted record product sales bookings for the fourth consecutive quarter. Sales bookings increased by over 300% for the fourth quarter of fiscal 2000 compared to the previous quarter. This increase was primarily attributed to new collimator and isolator orders taken from Corning Inc. and Lucent Technologies, Inc. As of June 30, 2000, the Company's sales orders stands at over $4 million and the Company expects significant growth in both its telecom product areas over the next twelve months.
During fiscal 2000, the Company added approximately 135 new customers, of which 70% purchased products directly related to telecom applications. Geographically, the Company's customers are primarily U.S. based (77%), with customers from Germany (11%) and other foreign countries (12%) making up the balance.
During fiscal 2000, the Company invested approximately $5.2 million for capital equipment and patent protection. The majority of the capital expenditures during the year were related to the build out of clean rooms and equipment used to expand the manufacturing facilities for collimator production. The Company has committed another $5 million in fiscal 2001 to be used primarily to expand its isolator manufacturing facilities at Horizon.
Don Lawson, President and CEO, commented, ``I am pleased with the results of the quarter as they are reflective of our effort in fiscal 2000 to establish momentum in the fast growing telecommunications component sector. Additionally, fiscal 2000 marks the merger of our automated technologies, a significantly improved cash position and product acceptance by key industry leaders. The sales orders we took in the quarter resulted from the completion of very extensive qualification cycles by both Corning and Lucent and the movement to ramp-up quantities. The fact that this cycle is ongoing with many other telecom customers is a reflection that the optical solutions we are providing are in demand throughout the industry as the optical network is built out. Our automation platforms are producing collimator and isolator products with real cost advantages to our customers. We will continue to leverage these capabilities to package additional products and modules to meet their needs.''
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 Inc., manufactures isolator products utilizing its proprietary automation technology in Walnut, California. LightPath also has an office in Warren, New Jersey for the purpose of development of various optical switch products. The Company has 22 patents, plus 7 more pending, associated with its optical technologies. In addition, various foreign countries have issued a total of 8 patents with 9 patents pending. LightPath common stock trades on the Nasdaq National Market under the stock symbol LPTH.
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 Consolidated Financial Data
For the quarter and years ended June 30, 2000 and 1999
(unaudited)
2000 1999
Cash and cash equivalents at June 30, $58,728,130 $413,388
Net cash used in operations for
the year ended June 30, $(3,255,520) $(2,661,742)
(Dollars except per share data)
Three months Ended Years Ended
June 30 June 30
2000 1999 2000 1999
Revenues $1,386,189 $349,228 $2,266,264 $1,086,126
Write off of the
non-recurring
acquired in-process
R&D of HPI and
amortization of
HPI intangibles 6,587,774 -- 6,587,774 --
Stock based
compensation 2,365,543 -- 3,144,980 --
Operating loss (12,187,483) (571,760) (16,197,922) (2,856,846)
Net loss $(11,516,823) $(561,035) $(15,610,067) $(3,134,018)
Net loss
applicable to
common
shareholders $(11,543,525) $(589,027) $(17,842,011) $(3,358,669)
Basic and diluted
net loss per share $(.73) $(.12) $(1.86) $(.79)
Number of shares
used in per
share calculation 15,741,760 4,812,275 9,586,817 4,271,313
SOURCE: LightPath Technologies, Inc. |
