ORLANDO, Fla., Sept. 22, 2015 — Optical components producer LightPath Technologies Inc. predicts continued sales growth after executing a new global strategy in fiscal 2015.
Revenue for the fiscal year, which ended June 30, totaled approximately $13.66 million, up 15 percent from approximately $11.83 million in fiscal 2014. The company attributed the increase to sales growth in collimators and IR products.
Based on recent quote activity and market trends, the company expects continued sales growth in its specialty and precision molded optics product lines, particularly in Asia, as well as IR product lines.
Net loss for fiscal 2015 was approximately $715,000, or 5 cents per diluted share, compared with a net loss of $313,000, or 2 cents per diluted share, the year before. More than half of the fiscal 2015 loss was attributed to a change in the fair value of warrant liability issued in connection with a June 2012 private placement. The warrants expire in 2017.
"Our hard work over the last several years to implement a low-cost infrastructure and custom design capacity, coupled with certain strategic actions taken during the first half of fiscal 2015 to drive long-term revenue, have resulted in an impressive performance for both the fourth quarter and full fiscal year," said LightPath President and CEO Jim Gaynor. "More importantly, these efforts have positioned LightPath to take advantage of future market opportunities, particularly with molded infrared lenses and value-added specialty products."
Gaynor said the company's global diversification strategy has already resulted in increased shipments. Meanwhile LightPath took steps to increase profitability through operational changes and moving a substantial portion of its manufacturing in China from Shanghai to Zhenjiang.
LightPath Technologies provides optical components and assemblies for the industrial, defense, telecommunications, test and measurement, and medical industries.