Business
LightPath Technologies Announces COVID-19 Actions and Preliminary Results for Third Quarter of Fiscal 2020
ORLANDO, FL / ACCESSWIRE / April 9, 2020 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / April 9, 2020 / LightPath Technologies, Inc. (NASDAQ:LPTH) (\"LightPath,\" the \"Company,\" or \"we\"), a leading vertically integrated global manufacturer, distributor and integrator of proprietary optical and infrared components and high-level assemblies, today announced preliminary financial results for the third quarter ended March 31, 2020 and the scheduling of a conference call and simultaneous webcast to take place on May 7, 2020 to discuss the Company's financial and operational results for the third quarter of fiscal 2020.Sam Rubin, Chief Executive Officer (\"CEO\") of LightPath, stated, \"As the newly appointed CEO I am pleased to begin an important part of my responsibilities by communicating with our stockholders on behalf of the Company. Since I arrived, I have had conversations with our executives, other employees, as well as a number of customers, and it has increased my confidence in my decision to join LightPath. Over the next few months I will be continuing my evaluation of the Company and will put together a strategic framework that will be communicated in the summer of 2020. There certainly are issues that need to be addressed and an abundance of opportunities to be embraced. I am now even more confident that the Company will be able to manage a very successful path forward.\"\"Of course, there are always uncertainties, and the situation with the COVID-19 pandemic has certainly placed a new set of issues upon us that needs to be addressed. First, I would like to provide an update regarding the current impact of COVID-19 on LightPath and our business. Currently, all of our manufacturing facilities in China, Latvia and the U.S. remain open, and continue operations. We are taking all appropriate actions to keep our three manufacturing facilities operational, and to meet the production requirements of our customers. While, to date, we have not had any employee impacted, we have taken all precautions to ensure that our employees remain safe, and that our business operations continue. Like many other companies, all of our non-manufacturing employees located in the U.S. and Latvia have been asked to work from home, pursuant to the recommendations of local authorities. However, as an essential business, we are permitted to continue manufacturing production at these facilities. Where possibl...