In the United States, LightPath Technologies, Inc., a producer of patented glass products for high-performance industrial, telecommunications, computer network, optical storage, medical and consumer a…
In the United States, LightPath Technologies, Inc., a producer of patented glass products for high-performance industrial, telecommunications, computer network, optical storage, medical and consumer applications, recently reported revenue of US$ 380,959 for its third fiscal quarter ending on 31 March 1997, a 350% increase over the US$ 84,472 reported for the same period in 1996. Net loss for the 1997 quarter fell to US$ 651,105 from a 1996 first quarter figure of US$ 693,086. For the nine months ending 31 March 1997, revenues totalled US$ 532,593, compared with US$ 169,066 for the nine-months to 31 March 1996. Net loss for the period increased to US$ 2,341,355 from US$ 2,286,609, reflecting increases in selling, administrative and research and development costs. Increased revenue during the first quarter of this year was attributable, in part, to US$ 244,000 in license and product development fees and US$ 53,000 in sales of lenses. LightPath earned a US$ 25,000 fee from a major optical company for an option to use LightPath patented lenses in a new generation of television cameras and also received US$ 75,000 during the quarter from government-funded subcontracts for certain solar energy applications. LightPath has entered into a strategic alliance with Hikari Glass Co., Ltd. of Japan, which is 40% owned by Nikon, to increase the presence of LightPath glass in Hikari“s established Asian optics markets.