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Date Announced: 25 Aug 2010
Revenues Increase 75% to $2.8 Million; Achieves Fourth Consecutive Quarter of Revenue Growth
ORLANDO, FL, Aug 25, 2010 (MARKETWIRE via COMTEX) -- LightPath Technologies, Inc., a manufacturer, distributor and integrator of patented optical components and assemblies, announced today preliminary financial results for its fourth quarter ended June 30, 2010.
The Company reported preliminary revenue of $2.8 million for the fourth quarter of fiscal 2010, an increase of 75% as compared to $1.6 million for the same period of fiscal 2009. Cash as of June 30, 2010 was $1.5 million as compared to $580,000 on June 30, 2009. Backlog scheduled to ship within the next 12 months was $2.9 million as of June 30, 2010, an increase of $671,000 as compared to backlog on June 30, 2009.
"The fourth quarter of fiscal 2010 represents the fourth consecutive quarter of improving revenues for our Company," said Jim Gaynor, President and CEO of LightPath. "Despite an uncertain economy, we continued to maintain strong quote activity during the quarter, with the number of quotes provided in the fourth quarter of fiscal 2010 increasing 3% as compared to the immediately preceding quarter. Our expertise in optical design engineering has enabled us to serve a diversified customer base, leading to new and repeat business."
Gaynor continued, "LightPath is continuing its transition from a low volume niche market supplier to a high volume manufacturer of optical components. With our low cost structure and recent release of several families of new lenses, we are positioned to enter larger, global markets not previously available to us. In the short term, we remain cautiously optimistic. We may experience a slight softening as we transition to new markets, qualify our products with new customers, and encounter the normal seasonal slowdown with our existing customers. Over the long term, we anticipate strong top and bottom-line growth and the continued enhancement of shareholder value."
Source: LightPath Technologies
E-mail: dcipolla@lightpath.com
Web Site: www.lightpath.com
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