13 May 1999: US-based LightPath Technologies, Inc., developer and manufacturer of patented GRADIUM(R) glass products and laser packaging concepts for telecommunications, industrial, medical and consum…
13 May 1999: US-based LightPath Technologies, Inc., developer and manufacturer of patented GRADIUM(R) glass products and laser packaging concepts for telecommunications, industrial, medical and consumer applications, has announced its financial results for the third fiscal quarter ended 31 March 1999. For the quarter, the company reported total revenues of US$ 291,601 compared to US$ 123,963 for the third quarter of the previous year; a 135% increase. Net loss for the quarter was US$ 912,833, or US$ (0.21) per applicable common share, compared to a net loss of US$ 899,666, or US$ (0.46) per applicable common share, in the third quarter of the previous year. For the nine-month period ended 31 March 1999, the company reported a 49% increase in total revenues to US$ 736,898 compared with US$ 496,166 for the comparable period in the previous year. Net loss for the nine-month period was US$ 2.8 million, or US$ (0.73) per applicable common share, compared to US$ 2.7 million, or US$ (1.34) per applicable common share, for the first nine months of fiscal 1998. The number of shares outstanding used in the per-share calculations for the three and nine-month period increased by 49% and 40% respectively, from the previous year“s comparable periods, primarily due to the conversions of preferred stock issued in 1998 private placements. During the quarter, LightPath completed the development and de-bugging of its laser polishing and fusion equipment used to manufacture its collimator assemblies and further refined the automated process. The company also successfully conducted environmental and mechanical stability testing on the assemblies during the quarter, a requirement necessary for all telecommunications components. In December 1998, LightPath entered into an exclusive licensing agreement, with renowned telecommunications expert Herzel Laor, to commercialize two fibreoptic mechanical switch technologies. The company subsequently signed a joint assembly and distribution agreement with Kaifa Technology, Inc. for the 2X2 and 1XN mechanical switches to bring these products to the marketplace. “Industry response to our three collimator product offerings has been excellent,” said Donald E. Lawson, chief executive officer of LightPath Technologies. “All three products; lens, standard assembly and the large-beam assembly, are being tested and qualified in the marketplace with very good results.”