LightPath Caps ‘Year of Investment’
ORLANDO, Fla., Sept. 3, 2014 — LightPath Technologies Inc. closed the books June 30 on fiscal 2014 with a net loss of $313,000 following what it called “a year of investment in our future.”
The loss compared with net income of $215,000 in fiscal 2013. Fourth-quarter net income was $102,000, compared to net loss of $244,000 in the fourth quarter of fiscal 2013.
Revenue for fiscal 2014 was $11.83 million, essentially unchanged from the previous year.
CEO Jim Gaynor said the company increased research and development spending by 29 percent and invested $2 million in expanding manufacturing and buying new equipment. The company said it nearly doubled production capacity, from 3.2 million lenses in fiscal 2013 to 6.2 million in fiscal 2014.
LightPath has completed prototype development and production of its new line of IR lenses. It has begun full commercial production at its Orlando facility and expects to begin shipping products this month.
Meanwhile, production has begun at a subsidiary facility located in Zhenjiang, China, producing approximately 100,000 aspheric optical lenses at greater than 96 percent yield.
LightPath manufactures molded aspheric optics, glass products, collimator assemblies and automated laser components for industrial, medical, defense, test and measurement and telecommunications applications.
For more information, visit www.lightpath.com