LightPath Technologies, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2013
January 31, 2014 at 04:17 am IST
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LightPath Technologies, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2013. For the quarter, the company reported product sales, net of $2,907,869 against $2,916,781 for the same period last year. Operating loss was $186,358 against $25,120 for the same period last year. Net loss was $202,033 or $0.01 per diluted share against net income of $140,772 or $0.01 per diluted share for the same period last year. EBITDA was $3,754 against $355,930 for the same period last year. Adjusted EBITDA was $38,767 against $186,378 for the same period last year. Non-GAAP net loss, excluding the change in the fair value of the warrant liability, was $167,000 or $0.01 per share compared to non-GAAP net loss of $29,000 or $0.00 per share in the second quarter of fiscal 2013.
For the six months, the company reported product sales, net of $5,717,581 against $5,807,835 for the same period last year. Operating loss was $248,140 against $51,639 for the same period last year. Net loss was $282,378 or $0.02 per diluted share against net income of $241,993 or $0.02 per diluted share for the same period last year. Net cash used in operating activities was $218,020 against $90,321 for the same period last year. Purchase of property and equipment was $942,408 against $488,723 for the same period last year. EBITDA was $152,579 against $697,094 for the same period last year. Adjusted EBITDA was $206,544 against $431,758 for the same period last year. Non-GAAP net loss, excluding the change in the fair value of the warrant liability was $228,000 or $0.02 per share compared to non-GAAP net loss of $23,000 or $0.00 per share in the first half of fiscal 2013.
LightPath Technologies, Inc. is a vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. The Company designs and manufactures optical and infrared components, including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and Black DiamondTM (BD6) chalcogenide-based glass lenses. Its business is organized into three product groups: Precision molded optics (PMO), infrared products and specialty products. Its PMO product group consists of visible precision molded optics with varying applications. Its infrared product group is comprised of infrared optics, both molded and diamond-turned, and thermal imaging assemblies. Its specialty product group is comprised of value-added products, such as optical subsystems, assemblies, collimators, and non-recurring engineering (NRE) products.