LightPath Sets Sights on Asia after 3Q Loss
ORLANDO, Fla., May 12, 2014 — LightPath Technologies Inc. ended its third fiscal quarter with a net loss of $133,000. The net loss of $133,000 contrasted with earnings of $217,000 for the third quarter of fiscal 2013.
The company attributed the loss to unfavorable currency exchange rates and a change in the fair value of liability-classified warrants issued in connection with a private placement of securities in June 2012.
Revenue for the third quarter of fiscal 2014 was $3.01 million, up 6 percent from $2.85 million in the third quarter of fiscal 2013.
The company has signaled that it intends to expand its sales and marketing initiatives in the Asia-Pacific region. It recently opened a third manufacturing facility, in Zhenjiang, China.
Additionally, Pudong Science & Technology has agreed to buy 19.9 percent of LightPath’s outstanding shares of common stock. The deal remains subject to government approvals.
For more information, visit: www.lightpath.com