LightPath reports largest quarterly net income in two fiscal years

Aug. 31, 2012
Orlando, FL--Optical components and assemblies maker LightPath Technologies (NASDAQ:LPTH) has reported its financial results for the fourth quarter and fiscal year (FY) ended June 30, 2012.

Orlando, FL--Optical components and assemblies maker LightPath Technologies (NASDAQ:LPTH) has reported its financial results for the fourth quarter and fiscal year (FY) ended June 30, 2012. The combination of increased sales volume and lower costs resulted in net income of $196,000 for the fourth quarter—the company's highest quarterly net income since the fourth quarter of FY2010, according to Jim Gaynor, LightPath's president and CEO.

In particular, the company's fourth quarter was driven by strength in demand for its custom optics and products designed for the telecom markets—including revenue from a large purchase order from Raytheon Vision Systems, explains Gaynor. Revenue for the fourth quarter of FY2012 totaled approximately $3.10 million compared to around $2.78 million for the fourth quarter of FY2011, an increase of 11%. Growth in sales for the next several quarters is expected to be derived primarily from the company's molded lenses product line, particularly low-cost lenses being sold in Asia and from infrared (IR) and collimator products. The IR products are expected to accelerate growth more, beginning in FY2013 and continuing into FY2014.

During the fourth quarter of FY2012, total costs and expenses increased by approximately $22,000 compared to the same period of the prior year. Selling, general, and administrative expenses were $860,000 for the fourth quarter of FY2012. Total operating income for the fourth quarter of FY2012 was approximately $111,000 compared to $22,000 for the same period in FY2011.

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