18 February 1999: US-based LightPath Technologies, Inc., developer and manufacturer of patented GRADIUM(R) glass products for telecommunications, industrial, medical and consumer applications, has ann…
18 February 1999: US-based LightPath Technologies, Inc., developer and manufacturer of patented GRADIUM(R) glass products for telecommunications, industrial, medical and consumer applications, has announced financial results for the second quarter of fiscal year 1999 ended 31 December 1998. For the quarter the company reported total revenues of US$ 254,569 compared to US$ 206,084 for the second quarter of the previous year; a 24% increase. Net loss for the quarter was US$ 913,183, or US$ (0.23) per applicable common share, compared to a net loss of US$ 851,691, or US$ (0.46) per applicable common share, in the second quarter of the previous year. For the six-month period, the company reported a 20% increase in total revenues to US$ 445,297 compared with US$ 372,203 for the comparable period in the previous year. Net loss for the six-month period was US$ 1.9 million, or US$ (0.53) per applicable common share, compared to US$ 1.8 million, or US$ (0.88) per applicable common share, for the first half of fiscal 1998. The number of shares outstanding used in the per-share calculations for the three and six-month period increased by 46% and 35% respectively, from the previous year“s comparable periods, due to the conversions of preferred stock issued in 1998 private placements. During the quarter, LightPath completed the development and shipment of product samples of its newly designed single-mode fiber (SMF) collimator assembly. This assembly is being marketed for use by telecommunications companies. In addition, LightPath entered into an exclusive licensing agreement, with renowned telecommunications expert Herzel Laor, to commercialize two fibreoptic switch technologies. The company also entered into a five-year strategic agreement with Germany-based Rodenstock Prazisionsoptik GmbH, a subsidiary of Rodenstock Technologie GmbH, to develop, manufacture and jointly-distribute GRADIUM-based optical products in Europe.