23 Sep 2015
Growth "reflects traction in global sales of specialty and infrared products," claims mixed optics developer.LightPath Technologies, Orlando, FL, USA, a developer of optical and infrared components and assemblies, has announced significantly improved financial results for its fiscal 2015 fourth quarter, which ended June 30. Revenue for the quarter rose 45% to $4.5m compared to $3.1m for 2014's equivalent quarter, while sales of infrared products increased by 176% in quarter over quarter.
“The excellent results reported today represent the third consecutive quarter of solid and improving fundamentals, highlighted by significantly increased revenues from certain growth initiatives implemented earlier in the year," said Jim Gaynor, President and CEO.
"Our hard work over the past several years has positioned LightPath to take advantage of future market opportunities, particularly with molded infrared lenses and value-added specialty products.”
“Momentum in bookings earlier in the year has continued to accelerate in the fourth quarter, which bodes well for further revenue growth in future periods. Our order intake remained strong in the fourth quarter of fiscal 2015, up 63% from the fourth quarter of fiscal 2014 and up 28% from the previous quarter."
Gaynor continued, “Our Q4 results benefited from several project-specific opportunities that totaled approximately $400,000 in revenue. These opportunities included a non-recurring engineering project, a one-time order from a defense contractor, and several customer pull-in orders. While the confluence of these factors led to a strong fourth quarter, we expect continued growth at a more normalized pace, which is both faster than the market and at a rate that exceeds the 15% growth we achieved in fiscal 2015.”
Q4 2015 highlights
Full year results to June 2015
Revenue for fiscal 2015 totaled approximately $13.7m compared to approximately $11.8m for fiscal 2014, an increase of 15%. The 15% increase in revenue primarily resulted from an increase in specialty products due to higher collimators volume, and growth in sales of infrared products. Unit shipment volume in precision molded optics in fiscal 2015 decreased by 28% overl 2014, but the average selling price increased by 38% due to a product mix shift with lower volumes in the industrial tool business offset by new applications in fiber laser delivery systems, medical applications and telecommunications.
The sales price mix of the precision molded optics also changed in fiscal 2015. Revenue from sales of Lightpath's low volume precision molded (“LVPMO”) lenses, which have selling prices of $10 or greater, increased by 11%, while revenue from sales of high volume precision molded (“HVPMO”) lenses, which have a sales price of less than $10, decreased by 22%.
The decrease in revenue for the Company’s HVPMOs was primarily due to the demand for such lenses slowing in China during fiscal 2015. LightPath management expects continued growth in sales to be derived primarily from our specialty products andprecision molded optics product lines, particularly HVPMOs sold in Asia, and the company’s infrared product lines based on recent quote activity and market trends.
About the Author
Matthew Peach is a contributing editor tooptics.org.