Business
LightPath Technologies Announces Preliminary Results for Fourth Quarter and Fiscal Year 2020
ORLANDO, FL / ACCESSWIRE / August 6, 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 / August 6, 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 fourth quarter and fiscal year ended June 30, 2020. The Company also announced the scheduling of a conference call and simultaneous webcast to take place on September 10, 2020, to discuss its financial and operational results for the fourth quarter and full fiscal year.Preliminary Results for the Fourth Quarter and Fiscal Year Ended June 30, 2020Subject to completion of the audit of the Company's financial results for the fourth quarter and fiscal year ended June 30, 2020, the Company expects to report:12-month backlog between $18 million and $19 million at June 30, 2020, compared to $17.1 million at June 30, 2019.Total revenues between $8.7 million and $9.1 million for the fourth quarter of fiscal 2020, compared to $8.7 million for the fourth quarter of fiscal 2019. Total revenues for fiscal 2020 between $34.6 million and $35.0 million, compared to $33.7 million for fiscal 2019.Capital expenditures of approximately $900,000 for the fourth quarter of fiscal 2020, compared to $326,000 for the fourth quarter of fiscal 2019, including equipment purchased through finance leases. Capital expenditures of approximately $2.4 million for fiscal 2020, compared to $2.5 million for fiscal 2019, including equipment purchased through finance leases.Cash and cash equivalents of approximately $5.4 million as of June 30, 2020, as compared to $4.6 million at June 30, 2019.Commenting on recent operating activities and preliminary fourth quarter and fiscal 2020 financial results, Sam Rubin, Chief Executive Officer of LightPath, stated, \"We expect our fiscal 2020 financial results will reflect the continuation of momentum achieved earlier in the year. While this has been our expectation, under the circumstances of the first six months of calendar 2020, our global operating environment has been anything but predictable.\"The uncertainties resulting from the ongoing COVID-19 pandemic have created challenges to our customers, vendors, and our own operations over recent months. I would like to recognize LightPath's ass...