Business
LightPath Technologies Reports Financial Results for Fiscal 2020 Second Quarter
Achieves Record Revenue and Backlog; Higher Sales and Reduced Operating Expenses Drive Margin GrowthORLANDO, FL / ACCESSWIRE / February 6, 2020 / LightPath
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"Achieves Record Revenue and Backlog; Higher Sales and Reduced Operating Expenses Drive Margin GrowthORLANDO, FL / ACCESSWIRE / February 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 financial results for its fiscal 2020 second quarter ended December 31, 2019.Fiscal 2020 Second Quarter Highlights:Revenue for the second quarter of fiscal 2020 was a record $9.6 million, compared to $8.5 million in the second quarter of fiscal 2019.12-month backlog reached a record of $19.1 million at December 31, 2019.Operating expenses decreased to $2.9 million for the second quarter of fiscal 2020, compared to $3.3 million in the same quarter of the prior year.Net income for the second quarter of fiscal 2020 was $769,000, compared to $16,000 for the second quarter of fiscal 2019.EBITDA* for the second quarter of fiscal 2020 was $2.0 million, compared to $968,000 in the second quarter of fiscal 2019.Capital expenditures, including equipment financed through leases, were $1.2 million for the first half of fiscal 2020, down from $1.6 million in the first half of fiscal 2019.Total debt, including finance leases, was reduced by nearly $500,000, or 7%, in the first half of fiscal 2020 from June 30, 2019.Cash balance at December 31, 2019 was $4.3 million, compared to $4.6 million at June 30, 2019.* This press release includes references to non-GAAP financial measures. Please see the heading \"Use of Non-GAAP Financial Measures\" below for a more complete explanation.Management CommentsJim Gaynor, President and Chief Executive Officer of LightPath, stated, \"We are very pleased with our fiscal 2020 second quarter results. Our performance reflects a rebound from the last several quarters during which time we implemented several transitional strategies. Second quarter fiscal 2020 revenue reached a record level for the Company for any quarter. In the previous quarter, we mentioned that some shipments had been delayed by a customer due to a supply issue with another component for the assemblies that our products go into. Approximately $500,000 of the previously delayed shipments were completed in the second quarter. Even after adjusting for...