Business
LightPath Technologies Reports Financial Results for Fiscal 2021 First Quarter
Record First Quarter Revenue; Order Backlog Up From Prior Year; Manufacturing Capacity AddedORLANDO, FL / ACCESSWIRE / November 5, 2020 / LightPath
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"Record First Quarter Revenue; Order Backlog Up From Prior Year; Manufacturing Capacity AddedORLANDO, FL / ACCESSWIRE / November 5, 2020 / LightPath Technologies, Inc. (NASDAQ:LPTH) (\"LightPath,\" the \"Company,\" or \"we\"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared components and high-level assemblies, today announced its financial results for its fiscal 2021 first quarter ended September 30, 2020.Fiscal 2021 First Quarter Highlights:Revenue for the first quarter of fiscal 2021 was $9.5 million, an increase of 26%, as compared to $7.6 million in the first quarter of fiscal 2020.Total backlog increased 26% to $20.9 million at September 30, 2020, compared to $16.6 million at September 30, 2019.Gross margin as a percentage of revenue for the first quarter of fiscal 2021 was 40%, compared to 32% in the first quarter of fiscal 2020.Net income for the first quarter of fiscal 2021 was $97,000, compared to a net loss of $1.4 million in the first quarter of fiscal 2020.EBITDA* for the first quarter of fiscal 2021 was $1.4 million, compared to an EBITDA loss of $236,000 in the first quarter of fiscal 2020.Capital expenditures were approximately $1.2 million for the first quarter of fiscal 2021, compared to $257,000 for the first quarter of fiscal 2020.Total debt, including finance leases, was reduced by 5% or approximately $308,000 in the first quarter of fiscal 2021, from June 30, 2020.Cash and cash equivalents of $5.4 million at September 30, 2020 was consistent with the balance as of June 30, 2020.* 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, \"Strong performance in the first quarter of fiscal 2021 reflects our continued trajectory of growth. Our growth and strong performance can be seen both sequentially, compared to the fourth quarter of fiscal 2020, as well as compared to the first quarter of last fiscal year, in which we suffered from significant operational challenges that impacted results in that quarter. Despite the coronavirus (\"COVID-19\") pandemic, which has disrupted supply chains and caused economic upheaval beyond the toll on global health conditi...