LightPath Seeks to Regain Momentum After Slower First Quarter

Optical components manufacturer LightPath Technologies Inc. reported a decline in revenues in the first quarter of its fiscal 2015, citing ups and downs in the Asian market, where it recently expanded.

Revenues were $2.6 million, down 7 percent from $2.8 million for the first quarter of fiscal 2014. Net loss was $579,000, compared to net loss of $80,000 in the first quarter of fiscal 2014.

LightPath attributed the decline in revenues to a slowdown in the laser tool market in China and to the delay of a $230,000 order from a U.S. defense contractor.

The company recently opened a new manufacturing facility in Zhenjiang, China, and said it expects sales to pick up in that region.

For more information, visit www.lightpath.com.