LightPath Loss Narrows in Q4
ORLANDO, Fla., Sept. 29, 2009 -- Optics manufacturer LightPath Technologies Inc. announced last week that its net loss for the fourth quarter of 2009 was $317,568, less than half of what the company posted for the third quarter and down significantly from the $1.7 million loss in the second quarter and the $1.1 million it posted during the fourth quarter a year ago.
Orlando-based LightPath makes precision molded aspheric optics, Gradium® glass, and fiber-optic collimators and isolators, laser components, and higher-level assemblies and packing solutions.
Revenue for the fourth quarter was $1.6 million, compared to $2.4 million for the same period one year ago -- a 33 percent decline. Revenue for the fiscal year ended June 30, 2009, totaled $7.5 million, compared to $8.8 million for 2008, a decrease of 15 percent. The company attributed the declines to lower sales across all of its product lines, and said sales growth going forward is expected to come from the precision molded optics line, particularly its low-cost lenses being sold in Asia.
Net loss for the fiscal year ended June 30, 2009, totaled $3.8 million or 62 cents per share, compared with a net loss of $5.5 million or $1.03 per share for FY2008.
"We believe the worst of the market declines are behind us and expect to see stronger bookings over the next several quarters," said LightPath CEO Jim Gaynor. "We have been working diligently to penetrate new markets for LightPath and have made significant progress with our efforts in the laser tool market, particularly in Asia. These efforts have produced significant orders that have now completed customer qualification and are in production."
As of June 30, the company's backlog of orders to be filled in less than one year was $2.3 million, compared to $3.4 million as of March 31.
"We currently have over 15 new lenses in development for new customer programs and to fill out our portfolio of lenses addressing our targeted markets. Our efforts to penetrate high volume lower cost commercial markets in Asia show tremendous promise for next fiscal year," Gaynor said.
For more information, visit: www.lightpath.com