3 September 1998: LightPath Technologies, Inc., the developer, manufacturer and marketer of proprietary Gradium glass products, reported financial results for the fourth quarter and the fiscal year en…
3 September 1998: LightPath Technologies, Inc., the developer, manufacturer and marketer of proprietary Gradium glass products, reported financial results for the fourth quarter and the fiscal year ended 30 June 1998. For the quarter, revenues increased 111% to US$ 262,066 compared to revenues of US$ 123,963 in the previous quarter, and were up 86% from the US$ 141,084 of the previous year“s comparable quarter. The company reported a net loss of US$ 1.67 million or US$ 0.64 per share, compared to a net loss of US$ 656,935, or US$ 0.23 per share in the comparable quarter last year. The loss for the quarter includes a charge of US$ 921,662, or US$ 0.28 per share, due to the equity in losses of LightChip, Inc. For the fiscal year ended 30 June 1998, the company recorded a 13% increase in revenues to US$ 758,232 from the previous year“s US$ 673,677, and a loss of US$ 2.00 per share, which includes the loss of US$ 945,382 due to the inclusion of LightChip, Inc., versus a loss of US$ 1.09 per share in fiscal 1997. Operating results for the quarter and the fiscal year continue to reflect the company“s business plan of shifting from a research and development driven company to a fully operating manufacturing company. Sales of the company“s proprietary Gradium glass lenses during the quarter increased to US$ 143,667, up 26% from US$ 113,963 of the previous quarter, and up 67% from US$ 86,084 in last year“s fourth quarter. For the year, the company“s Gradium product sales increased 165% to US$ 529,318 from US$ 199,524 in the previous year. “We are pleased with the improved sequential and year-over-year revenue growth achieved in the quarter and the fiscal year, because they reflect repeat orders from our initial laser customers as well as new OEM laser manufacturers that have converted to our products,” said Donald E. Lawson, President and Chief Executive Officer of LightPath Technologies, Inc. “Our focus will be to continue to address the market“s demand for increased telecommunications and Internet bandwidth in the most cost-efficient manner possible,” he said.