ORLANDO, Fla., Sept. 16 /PRNewswire-FirstCall/ — LightPath
Technologies, Inc. (Nasdaq:
LPTH) (the “Company”, “LightPath”, or “we”), a global
manufacturer, distributor and integrator of patented optical
components and high-level assemblies, announced today its financial
results for the fourth quarter and fiscal year ended June 30, 2010.
Actual results were in line with the Company’s preliminary results
issued on August 25, 2010. Full details are available in the
Company’s Annual Report on Form 10-K filed today with the SEC at www.sec.gov.
Net income for the fourth quarter of fiscal 2010 was approximately
$92,000 compared to a loss of approximately $318,000 for the fourth
quarter of fiscal 2009. Revenue for the fourth quarter of fiscal
2010 was $2.8 million compared to $1.6 million for the fourth
quarter of fiscal 2009. Backlog scheduled to ship within the next
12 months was $2.9 million as of June 30, 2010, an increase of
$600,000 from June 30, 2009. Gross margin was 51% for the fourth
quarter of fiscal 2010 as compared to 33% for the fourth quarter of
fiscal 2009. EBITDA for the fourth quarter of fiscal 2010 improved
to income of $488,000 compared to a loss of $21,000 in the fourth
quarter of fiscal 2009. Cash on hand as of June 30, 2010 was $1.5
million as compared to $580,000 on June 30, 2009. Unit shipment
volume in precision molded optics was up 292% in the fourth quarter
of fiscal 2010 compared to the same period last year.
Jim Gaynor, President and Chief Executive Officer of LightPath,
commented, “I am pleased to report LightPath has continued its
trend of positive net income in the fourth quarter of fiscal 2010.
During the fourth quarter, our revenues rose 75% over the
same quarter in the prior year, gross margin increased both from