LightPath Achieves First Profitable Quarter

For the first time in the company’s history, LightPath Technologies Inc. has reported a positive net income of $42,000 for the second quarter of the fiscal 2010.

LightPath, a manufacturer of precision molded aspheric optics, glass products, fiber-optic collimators and isolators, has achieved the positive net income after a loss of $706,000 in the first quarter of fiscal 2010 and a loss of $1.7 million for the second quarter in fiscal 2009. According to the company, the increase from the second quarter was primarily attributed to higher sales volumes of precision molded optics offset by lower volumes of isolators.

The company also reported its backlog scheduled to ship within the next 12 months is $4 million, an increase of $908,000 from Sept. 30, 2009 and an increase of $1.7 million from June 30, 2009. Its gross margin remained at 43% for the second quarter, when compared to the first of the fiscal 2010. It increased from 25 to 43% as compared to the second quarter in fiscal 2009. Additionally, its unit shipment volume in precision molded optics has also increased by 158% in the second fiscal quarter compared to the same period last year.

Growth sales going forward are expected to be derived primarily from the precision molded optics product line, particularly the low cost lenses being sold in Asia.

“Our efforts to penetrate high volume lower cost commercial markets in Asia show tremendous promise for this fiscal year and we are excited by the acceptance of the new lenses we have recently introduced,” said Jim Gaynor, president and CEO of LightPath. “Going forward we will continue to focus on these market opportunities and on implementing new distribution channels to expand our presence in the Asian precision optic lens market.”

For more information, visit: www.lightpath.com