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News and Information Article
ORLANDO, Fla., April 13 /-FirstCall/ -- LightPath
Technologies, Inc. (Nasdaq: LPTH), manufacturer and integrator of families
of precision molded aspheric optics, GRADIUM(R) glass products, and
high-performance fiber- optic collimators and isolators, reported today
that projected results for its third quarter of fiscal 2006 include sales
of approximately $3.11 million compared with $2.95 million in the second
quarter of fiscal 2006, an increase of 5%. Compared to the third quarter of
the prior year, when the Company reported sales of approximately $3.06
million, sales increased 2%.
This quarter we continue to see a mix change in the markets we serve.
For example the defense applications have nearly doubled year over year. By
the nature of the market segment, defense applications require longer-term
design engineering and marketing efforts to develop large-scale, long-term
manufacturing opportunities. We anticipate continued growth in defense
applications. Additionally, we have seen some increased business in various
traditional communications applications.
At March 31, 2006, our Disclosure Backlog was $3.5 million, an increase
of 40% over our Disclosure Backlog at March 31, 2005 of $2.5 million. As
reported in our Annual Report on Form 10-K for June 30, 2005, we had a
"Disclosure Backlog" (as defined therein) at that date of $2.6 million.
The $3.1 million of quarterly revenues were below our internal targets.
The main issues facing LightPath in executing its business plan this
quarter were: manufacturing scheduling, coordination between manufacturing
facilities, and a temporary leadership void in the manufacturing and
financial areas. The manufacturing of product and fulfillment of orders
throughout the quarter were delayed until quarter end. This has negatively
impacted our gross margins and working capital use. We are still evaluating
the financial impacts; however we will be significantly below our internal
targets for profits and cash flow. However, in spite of these issues we
shipped $1.6 million of product in the month of March 2006, or 51% of
quarterly revenue. This is a company record and indicates that our
execution issues are being resolved.
Ken Brizel, President and Chief Executive Officer of LightPath,
commented, "We are very disappointed with our overall execution especially
by the manufacturing impacts in the last quarter. However our backlog
continues to grow with new business opportunities. This past quarter has
increased spending on investments in manufacturing in both Shanghai and
Orlando, and engineering new designs. Shanghai is delivering on it cost
commitments and has produced 10% of our molded optics production in the
last quarter and we expect a significant increase as we ramp-up production
this quarter. The mix of markets we serve has strengthened since last
Fiscal Year with new defense applications. We have seen some improvement in
the communications market applications, while providing higher revenue this
still remains lower margin. This highlights the importance of our ongoing
market diversification initiatives. Last year we introduced Black Diamond
(TM) enabling high performance, cost-effective LWIR molded aspheric lenses,
this month we will introduce more new products at the SPIE Defense and
Security show in Orlando for thermal imaging systems. These LWIR lenses are
used in a variety of markets including defense, industrial, commercial and
automotive. We expect that the current quarter will put us on a path to
exceed the quarter ending December 2005 financial results."
Ken Brizel also commented, "Moving forward our priorities are to revise
the internal reporting process for more timely flow of intra-quarter
information and enhanced coordination between our Orlando and Shanghai
manufacturing facilities. Due to the nature of the manufacturing issues
experienced, Bob Reichert will step down and a search will be underway for
a VP of Global Manufacturing."
Webcast Details:
LightPath plans to hold an audio webcast at 3:00 p.m. EDT on Monday,
May 8, 2006 to discuss details regarding the companys performance for the
third quarter and first nine months of fiscal 2006. The session may be
accessed at http://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, GRADIUM(R) glass products, proprietary collimator
assemblies, laser components 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 SmallCap Market under the
symbol "LPTH." Investors are encouraged to go to LightPaths website for
additional financial information.
Contacts: Dorothy Cipolla, CFO
LightPath Technologies, Inc. (407) 382-4003
Internet: http://www.lightpath.com
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.
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