Business
LightPath Technologies Reports Financial Results for Fiscal 2020 Third Quarter
Backlog at $20 Million Sets Another Record; Improved Financial Performance Despite the Ongoing COVID-19 PandemicORLANDO, FL / ACCESSWIRE / May 7, 2020 /
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"Backlog at $20 Million Sets Another Record; Improved Financial Performance Despite the Ongoing COVID-19 PandemicORLANDO, FL / ACCESSWIRE / May 7, 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 third quarter ended March 31, 2020.Fiscal 2020 Third Quarter Highlights:Revenue for the third quarter of fiscal 2020 was $8.7 million, up 10%, as compared to $7.9 million in the third quarter of fiscal 2019.12-month backlog reached another record of $20.0 million at March 31, 2019, compared to $19.1 million at December 31, 2019 and $17.1 million at March 31, 2019.Gross margin as a percentage of revenue for the third quarter of fiscal 2020 was 46%, up from 39% in the same period of the prior fiscal year.Operating expenses decreased to $2.9 million for the third quarter of fiscal 2020, compared to $3.1 million in the same quarter of the prior fiscal year.Net income for the third quarter of fiscal 2020 was $816,000, compared to a net loss of $352,000 for the third quarter of fiscal 2019.EBITDA* for the third quarter of fiscal 2020 was $1.9 million, compared to $942,000 in the third quarter of fiscal 2019.Capital expenditures, including equipment financed through leases, were $1.5 million for the first nine months of fiscal 2020, compared to $2.1 million in the first nine months of fiscal 2019.Total debt, including finance leases, was reduced by nearly $737,000, or 11%, in the first nine months of fiscal 2020 from June 30, 2019.Cash balance at March 31, 2020 was $4.4 million, compared to $4.3 million at December 31, 2019 and $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 CommentsSam Rubin, President and Chief Executive Officer of LightPath, stated, \"Our fiscal 2020 third quarter results showed consistent improvement in many areas, as compared to the prior year period, and from most performance measurements as compared to the second quarter of this fiscal year. All things considered, we find the results to be satisfactory, given...