LightPath: Q1 Revenue Up 21%
ORLANDO, Fla., Oct. 31, 2011 — LightPath Technologies Inc., a supplier of patented optical components and assemblies, has reported preliminary revenue of $2.7 million for the first quarter of fiscal 2012, an increase of 21%, as compared with $2.2 million for the same period last year.
The company announced the news in its preliminary financial results for the first quarter ended Sept. 30, 2011.
Backlog scheduled to ship within the next 12 months was $4.2 million as of Sept. 30, an increase of $1.02 million as compared with backlog on Sept. 30, 2010, and a $330,000 increase as compared with June 30, 2011, according to the company.
“The first quarter of fiscal 2012 was our third consecutive quarter of bookings greater than $3 million and also the third consecutive quarter of bookings higher than the previous quarter,” said Jim Gaynor, president and CEO of LightPath.
"Economic conditions affecting some of the markets we serve had an effect on our quarterly revenue. In particular, such conditions have affected the telecom market and caused our telecom customers to delay new orders. Also, the Chinese government has continued its tight monetary policy in an effort to slow expansion of the economy and reduce inflation. As a result, construction in China has slowed, which negatively impacted our industrial tool market in China. These issues resulted in a reduction of anticipated quarterly revenue from our telecom and industrial tools customers.
“By taking advantage of our diversified markets and customer base, we were able to offset this revenue loss with increases in revenues from our defense and industrial customers, particularly with our collimator and custom optics lines.”
LightPath’s offerings include precision molded aspheric optics, Gradium glass products, collimator assemblies, laser components using automation, higher-level assemblies and packing solutions. The products have applications in various markets, including industrial, medical, defense, test and measurement and telecommunications.
For more information, visit: www.lightpath.com