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News Article | December 21, 2016
Site: www.marketwired.com

LightPath Extends Footprint and Global Scale with Expanded Range of Visible and Infrared Solutions; Closes Public Offering of Common Stock and Full Exercise of Underwriters' Option to Purchase Additional Shares ORLANDO, FL--(Marketwired - Dec 21, 2016) - LightPath Technologies, Inc. ( : 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 that it has completed the acquisition of ISP Optics Corporation ("ISP") for a purchase price of $18 million, subject to post-closing adjustments, of which $12 million was paid in cash with the balance in the form of five-year subordinated notes issued to the sellers. LightPath also announced today that simultaneous with the closing of the acquisition it has completed the previously announced underwritten public offering of 8,000,000 shares of its Class A common stock, which includes the full exercise by the underwriters of their option to purchase 1,000,000 shares of Class A common stock to cover over-allotments, at a public offering price of $1.21 per share. Members of LightPath's Board of Directors and executive management team purchased shares in the offering. Net proceeds from the sale of the Class A common stock after deducting underwriting discounts and expenses were approximately $8.85 million. The Company used the net proceeds from the offering for a portion of the purchase price of the acquisition of ISP payable in cash as well as to pay transaction expenses and other costs in connection with the acquisition. The balance of the cash portion of the purchase price was funded by a $5 million acquisition loan from Avidbank, which also closed today, that is payable on an interest-only basis for six months and thereafter amortized over 54 months. Commenting on today's completed transactions, Jim Gaynor, President and Chief Executive Officer of LightPath, said, "We are excited to have consummated the acquisition of ISP Optics Corporation as planned and welcome ISP employees to the expanding global LightPath team. This transformative acquisition was made possible through a fully subscribed underwritten public offering of common stock. The offering successfully attracted to the Company numerous high quality institutional investors, in addition to personal investments from members of our executive management team and Board of Directors. The combination of LightPath and ISP positions us for continued growth with greater scale and scope to offer a comprehensive platform of visible and infrared solutions." Roth Capital Partners acted as sole book-running manager and Dougherty & Company acted as co-manager for the offering. Roth Capital Partners also served as an advisor to LightPath in connection with the ISP acquisition, rendering a fairness opinion to the Board of Directors. BakerHostetler acted as legal advisor to LightPath. ZAG-S&W acted as legal advisor to Roth Capital Partners. KippsDeSanto & Co. acted as financial advisor and Blank Rome LLP acted as legal advisor to ISP in connection with the transaction. The offering described above was made pursuant to a registration statement on Form S-1 previously filed with and subsequently declared effective by the Securities and Exchange Commission (the "SEC") on December 15, 2016. A copy of the final prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov and may also be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, California 92660, by telephone at (949) 720-7227, or by email at rothecm@roth.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. LightPath Technologies, Inc. ( : LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visit www.lightpath.com. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding the anticipated growth following the completion of the ISP acquisition. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of the Company's business and other risks detailed from time to time in its filings with the SEC, and represent its views only as of the date they are made and should not be relied upon as representing its views as of any subsequent date. The Company does not assume any obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.


News Article | November 3, 2016
Site: www.newsmaker.com.au

This report focuses on top manufacturers in global market, with production, price, revenue and market share for each manufacturer, covering  Kopp Glass  IRradiance Glass  LightPath Technologies  Amorphous Materials,Inc. (AMI)  Raytek  Advanced Glass Industries  SCHOTT  Umicore  AGC  PGW By types, the market can be split into  Type I  Type II  Type III By Application, the market can be split into  Astronomy  Consumer Optics  Industrial Equipment  Lithography  Medical & Biotech  Safety & Security  Automotive  Construction By Regions, this report covers (we can add the regions/countries as you want)  North America  China  Europe  Southeast Asia  Japan  India Global IR Glass Market Professional Survey Report 2016  1 Industry Overview of IR Glass  1.1 Definition and Specifications of IR Glass  1.1.1 Definition of IR Glass  1.1.2 Specifications of IR Glass  1.2 Classification of IR Glass  1.2.1 Type I  1.2.2 Type II  1.2.3 Type III  1.3 Applications of IR Glass  1.3.1 Astronomy  1.3.2 Consumer Optics  1.3.3 Industrial Equipment  1.3.4 Lithography  1.3.5 Medical & Biotech  1.3.6 Safety & Security  1.3.7 Automotive  1.3.8 Construction  1.4 Market Segment by Regions  1.4.1 North America  1.4.2 China  1.4.3 Europe  1.4.4 Southeast Asia  1.4.5 Japan  1.4.6 India 8 Major Manufacturers Analysis of IR Glass  8.1 Kopp Glass  8.1.1 Company Profile  8.1.2 Product Picture and Specifications  8.1.2.1 Type I  8.1.2.2 Type II  8.1.2.3 Type III  8.1.3 Kopp Glass 2015 IR Glass Sales, Ex-factory Price, Revenue, Gross Margin Analysis  8.1.4 Kopp Glass 2015 IR Glass Business Region Distribution Analysis  8.2 IRradiance Glass  8.2.1 Company Profile  8.2.2 Product Picture and Specifications  8.2.2.1 Type I  8.2.2.2 Type II  8.2.2.3 Type III  8.2.3 IRradiance Glass 2015 IR Glass Sales, Ex-factory Price, Revenue, Gross Margin Analysis  8.2.4 IRradiance Glass 2015 IR Glass Business Region Distribution Analysis  8.3 LightPath Technologies  8.3.1 Company Profile  8.3.2 Product Picture and Specifications  8.3.2.1 Type I  8.3.2.2 Type II  8.3.2.3 Type III  8.3.3 LightPath Technologies 2015 IR Glass Sales, Ex-factory Price, Revenue, Gross Margin Analysis  8.3.4 LightPath Technologies 2015 IR Glass Business Region Distribution Analysis  8.4 Amorphous Materials,Inc. (AMI)  8.4.1 Company Profile  8.4.2 Product Picture and Specifications  8.4.2.1 Type I  8.4.2.2 Type II  8.4.2.3 Type III  8.4.3 Amorphous Materials,Inc. (AMI) 2015 IR Glass Sales, Ex-factory Price, Revenue, Gross Margin Analysis  8.4.4 Amorphous Materials,Inc. (AMI) 2015 IR Glass Business Region Distribution Analysis  8.5 Raytek  8.5.1 Company Profile  8.5.2 Product Picture and Specifications  8.5.2.1 Type I  8.5.2.2 Type II  8.5.2.3 Type III  8.5.3 Raytek 2015 IR Glass Sales, Ex-factory Price, Revenue, Gross Margin Analysis  8.5.4 Raytek 2015 IR Glass Business Region Distribution Analysis  8.6 Advanced Glass Industries  8.6.1 Company Profile  8.6.2 Product Picture and Specifications  8.6.2.1 Type I  8.6.2.2 Type II  8.6.2.3 Type III  8.6.3 Advanced Glass Industries 2015 IR Glass Sales, Ex-factory Price, Revenue, Gross Margin Analysis  8.6.4 Advanced Glass Industries 2015 IR Glass Business Region Distribution Analysis  8.7 SCHOTT  8.7.1 Company Profile  8.7.2 Product Picture and Specifications  8.7.2.1 Type I  8.7.2.2 Type II  8.7.2.3 Type III  8.7.3 SCHOTT 2015 IR Glass Sales, Ex-factory Price, Revenue, Gross Margin Analysis  8.7.4 SCHOTT 2015 IR Glass Business Region Distribution Analysis  8.8 Umicore  8.8.1 Company Profile  8.8.2 Product Picture and Specifications  8.8.2.1 Type I  8.8.2.2 Type II  8.8.2.3 Type III  8.8.3 Umicore 2015 IR Glass Sales, Ex-factory Price, Revenue, Gross Margin Analysis  8.8.4 Umicore 2015 IR Glass Business Region Distribution Analysis  8.9 AGC  8.9.1 Company Profile  8.9.2 Product Picture and Specifications  8.9.2.1 Type I  8.9.2.2 Type II  8.9.2.3 Type III  8.9.3 AGC 2015 IR Glass Sales, Ex-factory Price, Revenue, Gross Margin Analysis  8.9.4 AGC 2015 IR Glass Business Region Distribution Analysis  8.10 PGW  8.10.1 Company Profile  8.10.2 Product Picture and Specifications  8.10.2.1 Type I  8.10.2.2 Type II  8.10.2.3 Type III  8.10.3 PGW 2015 IR Glass Sales, Ex-factory Price, Revenue, Gross Margin Analysis  8.10.4 PGW 2015 IR Glass Business Region Distribution Analysis


News Article | December 16, 2016
Site: www.marketwired.com

ORLANDO, FL--(Marketwired - Dec 16, 2016) - LightPath Technologies, Inc. ( : LPTH), a leading vertically integrated global manufacturer, distributor, and integrator of proprietary optical and infrared components and high-level assemblies, today announced the pricing of an underwritten public offering of 7,000,000 shares of its Class A common stock at a price of $1.21 per share. The Company also granted to the underwriters a 45-day option to acquire an additional 1,000,000 shares to cover over-allotments in connection with the offering, of which the option to acquire 300,000 shares has been exercised. After the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $8.15 million, assuming no exercise of the remaining over-allotment option. The offering is expected to close on December 21, 2016, subject to customary closing conditions. Roth Capital Partners is acting as sole book-running manager and Dougherty & Company is acting as co-manager for the offering. The Company expects to use the net proceeds from the offering to provide funds for a portion of the purchase price of the acquisition of ISP Optics Corporation ("ISP") payable in cash as well as to pay transaction expenses and other costs in connection with the acquisition. In the event that the Company has proceeds remaining after payment of the cash portion of the purchase price and associated transaction expenses and other costs, it intends to use the proceeds for general corporate purposes. The Company currently anticipates that the closing of the acquisition of ISP will occur simultaneously with the closing of the offering. The shares described above are being offered by the Company pursuant to a registration statement on Form S-1 previously filed with and subsequently declared effective by the Securities and Exchange Commission (the "SEC") on December 15, 2016. A copy of the final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov and may also be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, California 92660, by telephone at (949) 720-7227, or by email at rothecm@roth.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. LightPath Technologies, Inc. ( : LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visit www.lightpath.com. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the proposed public offering and the intended use of proceeds from the offering. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering or the acquisition of ISP may be completed or as to the actual size or terms of the offering. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of the Company's business and other risks detailed from time to time in its filings with the SEC, and represent its views only as of the date they are made and should not be relied upon as representing its views as of any subsequent date. The Company does not assume any obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.


Revenues Increase 39%; Efficiency Programs Continue to Yield Improvements in Operating Income and Net Income; ISP Optics Acquisition Integration and Synergistic Growth Strategies on Track ORLANDO, FL / ACCESSWIRE / February 14, 2017 / 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 the fiscal 2017 second quarter ended December 31, 2016. As a result of the acquisition of ISP Optics Corporation ("ISP") on December 21, 2016, the Company's financial results include 10 days of operations for ISP. *This press release includes references to earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, adjusted net income (loss), and gross margin, all of which are non-GAAP financial measures. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. Our management believes that certain non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. A reconciliation of GAAP to non-GAAP results is provided in this press release in the accompanying tables. A more complete explanation of these measures is also included below under the heading "Use of Non-GAAP Financial Measures." Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "On December 21, 2016, we closed on the acquisition of ISP, setting in motion a transformative event for LightPath. With the addition of ISP, we have positioned the Company for accelerated long-term growth in revenues and profitability with comprehensive capabilities at a time when our target markets are increasingly demanding infrared and optical components. Our financial results for the second quarter of fiscal 2017 only reflected the results of ISP for the ten-day period following the effective date of the acquisition; therefore we have not seen the full impact of its contributions. However, with only a ten-day impact from ISP, we reported significant growth in numerous operating performance metrics, including revenue and EBITDA. We achieved increases in quarterly revenue, operating income, net income, adjusted EBITDA, and 12-month backlog and cash balance. At the same time, we incurred acquisition expenses that partially diminished the impressive financial performance delivered in the period. Between our base business lines that have been progressing at a rapid pace, the acquisition of ISP, and the cross-selling opportunities anticipated as a result of the ISP acquisition, we believe LightPath is poised for an exciting future." "LightPath's base business was very strong for the second quarter of fiscal 2017, with continued strength from telecom, industrial tools and molded infrared business lines. Revenues increased 39% to the highest level of quarterly revenue in the Company's recent history - this mark would have been achieved without the contribution from the ISP acquisition. The revenue growth reflects our ability to diversify our product lines and end markets, which we believe is one of our competitive strengths. The ISP acquisition has heightened our prominence in the market and the successful execution of our global marketing initiatives has led to our backlog at the end of the second quarter reaching nearly $12.4 million, another high for the Company. In addition, operating income, net income and adjusted EBITDA all significantly increased from the prior year period. We see no abatement to the trends experienced during the past three years of increased volume production and revenues on almost every year-over-year period as well as sequential quarter comparison. It is a testament to the excellence of our team that we were able to deliver this performance while focusing on completing the ISP acquisition. The addition of ISP strengthens our position and will further add to our growth and provide the basis for cross selling and other synergistic benefits." "Going forward, we anticipate ISP to materially contribute to our financial results. We expect significantly higher revenues, net income and cash flow on a consolidated basis. We also anticipate our gross margins to temporarily decline a few percentage points from the current level, until we are able to successfully integrate our high volume manufacturing practices with ISP's business. Meanwhile, with the operational improvements in our business and access to a larger market with anticipated growth in revenues, we are excited by the prospects for increased operating income, net income and cash flow margins during the remainder of fiscal 2017 and longer term. In the immediate future, we expect that the Company's adjusted EBITDA will be sufficient to cover the costs associated with the ISP acquisition, including normalized amortization of principal and interest payments on the acquisition term loan and sellers note, while simultaneously allowing for continued investment in product development and capital expenditures and increased working capital to support our growth strategies, all of which does not take into account the anticipated improvements in financial performance as a result of the acquisition of ISP." "LightPath's long-term growth drivers include increasing demand in telecommunications, growth in industrial tools, government and military spending, and the commercialization of infrared products. From fully or partially autonomous cars to unmanned aerial systems to LIDAR (light imaging, detection and ranging) applications, our optical and infrared technologies are beneficiaries of some of the fastest growing trends impacting the industrial and consumer economies. These elements are critical catalysts for our business as we successfully execute our strategy to diversify our product lines and end markets." "We remain committed to investing in our products and processes that enable us to deliver high volumes of industry-leading quality lenses at comparatively low cost. Furthermore, ISP significantly accelerates our infrared capabilities. In turn, with a legacy of improving manufacturing yields, we are able to enhance our product portfolio while providing better value for our customers. LightPath has a proven track record of combining its proprietary technology and manufacturing efficiencies to open up new end market applications that stimulate volume demand increases. However large our addressable market is today as a highly diversified industrial technology component supplier, we believe we have become a far more formidable player that will benefit from the development of new demand creation to drive organic growth with the ability to strengthen our platform through opportunistic and accretive acquisitions." Financial Results for Three Months Ended December 31, 2016 Compared to the Three Months Ended December 31, 2015 Revenue for the second quarter of fiscal 2017 was approximately $5.9 million, an increase of approximately $1.6 million, or 39%, as compared to the same period of the prior fiscal year. The increase from the second quarter of the prior fiscal year is attributable to an 151% increase in revenues generated by sales of high volume precision molded optics ("HVPMO") lenses, a 161% increase in revenues generated by infrared lenses, and a 32% increase in revenues generated by sales of low volume precision molded optics ("LVPMO") lenses, partially offset by a 48% decrease in revenues from specialty products and a 66% decrease in revenues from non-recurring engineering ("NRE") projects. The decrease in revenues generated by the specialty products group was due to the absence of approximately $358,000 of revenues generated in the second quarter of fiscal 2016 due to fiber collimator assemblies sold to a customer pursuant to a license agreement, which was not generated this period. Gross margin in the second quarter of fiscal 2017 was $3.3 million, an increase of 40% as compared to $2.4 million in the prior year period. Gross margin as a percentage of revenue remained at 56%, compared to the second quarter of fiscal 2016. Total cost of sales was approximately $2.6 million for the second quarter of fiscal 2017, an increase of approximately $697,000 as compared to the same period of the prior fiscal year. The 37% increase in cost of sales favorably compares to the 39% increase in revenue to deliver the improved gross profit. During the second quarter of fiscal 2017, total costs and expenses were approximately $2.0 million, an increase of approximately $212,000 compared to the same period of the prior fiscal year. The increase was primarily due to a $125,000 increase in expenses related to the acquisition of ISP and a $200,000 increase in wages, partially offset by a reduction of $113,000 in other expenses resulting from the Company's continued emphasis on expense management. Consistent with its growth strategy and included in total costs and expenses, the Company increased its research and development expenses by 60% to $268,000 in the second quarter of fiscal 2017, compared to $168,000 in the previous year. In the second quarter of fiscal 2017, the Company recognized non-cash income of approximately $247,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement. In the second quarter of fiscal 2016, the Company recognized non-cash expense of approximately $1.1 million related to the change in the fair value of these warrants. The applicable accounting rules for the warrant liability requires the recognition of either non-cash expense or non-cash income, which has a significant correlation to the change in the market value of the Company's Class A common stock for the period being reported and the assumptions on when the warrants will be exercised. The likelihood of exercise increases as the expiration date of the warrant approaches. The warrants have a five-year life and will expire in December 2017. The fair value will be re-measured each reporting period until the warrants are exercised or expire. Income tax expense was approximately $241,000 in the second quarter of fiscal 2017, an increase of $239,000 compared to the second quarter of fiscal 2016. Although the Company has net operating loss ("NOL") carry forward benefits of $86 million against net income as reported on a consolidated basis in the United States, the NOL does not apply to taxable income from foreign subsidiaries. The increase in income tax expense in fiscal 2017 was primarily attributable to income taxes associated with LightPath's Chinese subsidiaries and to a much lesser extent, income taxes attributable to ISP's Latvian subsidiary. The Company extinguished all NOL carryforwards in China relating to its operations in that country during fiscal 2016. Accordingly, the Company now accrues income taxes in China during fiscal 2016. The Company's Chinese subsidiaries are governed by the Income Tax Law of the People's Republic of China, which is applicable to privately run and foreign invested enterprises, and which generally subjects such enterprises to a statutory rate of 25% on income reported in the statutory financial statements after appropriate tax adjustments. ISP's Latvian subsidiary is governed by the Income Tax Law of Latvia, which is applicable to privately run and foreign invested enterprises, and which generally subjects such enterprises to a statutory rate of 15% on income reported in the statutory financial statements after appropriate tax adjustments. Net income for the second quarter of fiscal 2017 was $1.1 million, or $0.07 per basic and $0.06 per diluted common share, which includes non-cash income of approximately $247,000, or $0.02 per basic and diluted common share, for the change in the fair value of the warrant liability, compared with net loss of approximately ($536,000), or ($0.04) per basic and diluted common share, which includes non-cash expense of approximately $1.1 million, or $0.07 per basic and diluted common share, for the change in the fair value of the warrant liability for the same period in fiscal 2016. Net income was affected by the increase in selling, general and administrative ("SG&A") and new product development costs in the second quarter of fiscal 2017 as compared to the prior year period. Approximately 55% of the increase in SG&A was related to the acquisition of ISP. Adjusted net income, which is adjusted for the effect of the non-cash change in the fair value of the warrant liability, increased by nearly 64% to approximately $851,000 in the second quarter of fiscal 2017, as compared to $520,000 in the same period of fiscal 2016. The Company had foreign currency exchange expense in the second quarter of fiscal 2017 due to changes in the value of the Chinese Yuan and Euro in the amount of approximately $237,000, which had a $0.01 impact on basic and diluted earnings per share. This compares to foreign currency exchange income of $26,000, with no impact on income per share in the same period of the prior fiscal year. Weighted-average basic and diluted common shares outstanding increased to 16,541,205 and 17,902,712, respectively, in the second quarter of fiscal 2017 from 15,250,146 and 15,250,146, respectively, in the second quarter of fiscal 2016. The increase was primarily due to shares of Class A common stock issued in connection with the acquisition of ISP, shares of Class A common stock issued under the 2014 Employee Stock Purchase Plan and shares of Class A common stock issued as a result of the exercises of stock options and warrants. EBITDA for the second quarter of fiscal 2017 was approximately $1.6 million compared to a loss of approximately ($316,000) in the second quarter of fiscal 2016. The difference in EBITDA between periods was principally caused by increased revenues and operating income, partially offset by increased SG&A of which approximately $125,000 in costs was associated with the acquisition of ISP, and changes relating to non-cash income in the fair value of the June 2012 warrant liability. Adjusted EBITDA, which eliminates the non-cash income or expense related to the change in fair value of the June 2012 warrant liability, was approximately $1.4 million in the second quarter of fiscal 2017, an increase of 85% as compared with approximately $739,000 for the same period of the prior fiscal year. Financial Results for Six Months Ended December 31, 2016 Compared to the Six Months Ended December 31, 2015 Revenue for the first half of fiscal 2017 was approximately $10.9 million, an increase of approximately $2.4 million, or 29%, as compared to the same period of the prior fiscal year. The increase from the first half of the prior fiscal year is attributable to an 115% increase in revenues generated by sales of HVPMO lenses, a 98% increase in revenues generated by infrared lenses, and a 24% increase in revenues generated by sales of LVPMO lenses, partially offset by a 41% decrease in revenues from specialty products and a 40% decrease in revenues from NRE projects. The decrease in revenues generated by the specialty products group was due to the absence of approximately $733,000 of revenues generated in the first half of fiscal 2016 due to fiber collimator assemblies sold to a customer pursuant to a license agreement, which was not generated this period. Gross margin as a percentage of revenue in the first half of fiscal 2017 was 56%, compared to 55% in the first half of fiscal 2016. Gross profit in the first half of fiscal 2017 was $6.1 million, compared to $4.6 million in the prior year period, an increase of 33%. Total cost of sales was approximately $4.7 million for the first half of fiscal 2017, an increase of approximately $925,000 compared to the same period of the prior fiscal year. The 24% increase in cost of sales favorably compares to the 29% increase in revenue to deliver the improved gross margin. During the first half of fiscal 2017, total costs and expenses were approximately $4.4 million, an increase of approximately $1.1 million compared to the same period of the prior fiscal year. The increase was primarily due to: (i) a $609,000 increase in expenses related to the acquisition of ISP, (ii) a $272,000 increase in wages, iii) a $96,000 increase in commissions due to higher sales, and iv) a $55,000 increase in materials for research and development projects. In the first half of fiscal 2017, the Company recognized non-cash income of approximately $290,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement. In the first half of fiscal 2016, the Company recognized non-cash expense of approximately $687,000 related to the change in the fair value of these warrants. The applicable accounting rules for the warrant liability requires the recognition of either non-cash expense or non-cash income, which has a significant correlation to the change in the market value of our Class A common stock for the period being reported and the assumptions on when the warrants will be exercised. The likelihood of exercise increases as the expiration date of the warrant approaches. The warrants have a five-year life and will expire in December 2017. The fair value will be re-measured each reporting period until the warrants are exercised or expire. Income tax expense was approximately $506,000 in the first half of fiscal 2017, an increase of $502,000 from the first half of fiscal 2016. Although the Company has NOL carry forward benefits of $86 million against net income as reported on a consolidated basis in the United States, the NOLs do not apply to taxable income from foreign subsidiaries. The increase in income tax expense in fiscal 2017 was primarily attributable to income taxes associated with LightPath's Chinese subsidiaries and, to a lesser extent ISP's Latvian subsidiary operations. The Company extinguished all NOL carryforwards in China during fiscal 2016. Accordingly, LightPath now accrues income taxes in China related to such operations. The Company's Chinese subsidiaries are governed by the Income Tax Law of the People's Republic of China, which is applicable to privately run and foreign invested enterprises, and which generally subjects such enterprises to a statutory rate of 25% on income reported in the statutory financial statements after appropriate tax adjustments. ISP's Latvian subsidiary is governed by the Income Tax Law of Latvia, which is applicable to privately run and foreign invested enterprises, and which generally subjects such enterprises to a statutory rate of 15% on income reported in the statutory financial statements after appropriate tax adjustments. Net income for the first half of fiscal 2017 was $1.2 million, or $0.08 per basic and $0.07 per diluted common share, which includes non-cash income of approximately $290,000, or $0.02 per basic and diluted common share, for the change in the fair value of the warrant liability, compared with net income of approximately $307,000, or $0.06 per basic and $0.05 per diluted common share, which includes non-cash expense of approximately $687,000, or $0.01 per basic and diluted common share, for the change in the fair value of the warrant liability for the same period in fiscal 2016. Net income was affected by the increase in operating expenses in the first half of fiscal 2017 as compared to the prior year period, including higher SG&A and product development costs, and approximately $609,000 as a result of expenses incurred related to the acquisition of ISP. Adjusted net income, which is adjusted for the effect of the non-cash change in the fair value of the warrant liability, and other non-cash expenses, was approximately $948,000 in the first half of fiscal 2017, as compared to $994,000 in the same period of fiscal 2016. The Company had foreign currency exchange expense in the first half of fiscal 2017 due to changes in the value of the Chinese Yuan and Euro in the amount of approximately $272,000, which had a $0.02 impact on basic and diluted earnings per share. This compares to foreign currency exchange expense of $176,000, which had a $0.01 impact on income per share in the same period of the prior fiscal year. Weighted-average basic and diluted common shares outstanding increased to 16,079,030 and 17,523,743, respectively, in the first half of fiscal 2017 from 15,244,747 and 16,594,759, respectively, in the first half of fiscal 2016. The increase was primarily due to shares of Class A common stock issued in connection with the acquisition of ISP, shares of Class A common stock issued under the 2014 Employee Stock Purchase Plan and shares of Class A common stock issued as a result of exercises of stock options and warrants. EBITDA for the first half of fiscal 2017 was approximately $2.3 million compared to approximately $723,000 in the first half of fiscal 2016. The difference in EBITDA between periods was principally caused by increased revenues and operating income, the increase in SG&A costs which included approximately $609,000 as a result of expenses incurred related to the acquisition of ISP, and changes relating to non-cash income in the fair value of the June 2012 warrant liability. Adjusted EBITDA, which eliminates the non-cash income or expense related to the change in fair value of the June 2012 warrant liability, was approximately $2.0 million in the first half of fiscal 2017 as compared with approximately $1.4 million for the same period of the prior fiscal year. Cash and cash equivalents totaled approximately $5.7 million as of December 31, 2016, a 95% increase from June 30, 2016. Cash flow provided by operations was approximately $1.1 million for the first six months of fiscal 2017, compared with $1.0 million in the prior year period. During the first half of fiscal 2017, the Company expended approximately $873,000 for capital equipment while growing its cash balance, as compared to $596,000 in the same period last year. The current ratio as of December 31, 2016 was 3.3 to 1, compared to 3.5 to 1 as of June 30, 2016. Total stockholders' equity as of December 31, 2016 was approximately $21.8 million, a 99% increase compared to approximately $10.9 million as of June 30, 2016, reflecting the Class A common stock public offering in December 2016 and accumulated net income. As of December 31, 2016, the Company's 12-month backlog was $12.4 million, compared to $6.6 million as of June 30, 2016, an increase of approximately 93%. This backlog increased $7.5 million due to the acquisition of ISP Optics. *Use of Non-GAAP Financial Measures To provide investors with additional information regarding our financial results, this press release includes references to EBITDA, adjusted EBITDA, adjusted net income (loss), and gross margin, all of which are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP, see the tables provided in this press release. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. LightPath's management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze underlying business operations and understand performance. In addition, management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. The Company calculates EBITDA by adjusting net income (loss) to exclude net interest expense, income tax expense or benefit, depreciation, and amortization. Similarly, the Company calculates adjusted EBITDA by adjusting net income (loss) to exclude net interest expense, income tax expense or benefit depreciation, amortization, and the change in the fair value of the warrants issued in connection with the private placement in June 2012. The fair value of the warrants issued in connection with the private placement in 2012 is re-measured each reporting period until the warrants are exercised or expire. Each reporting period, the change in the fair value of these warrants is either recognized as non-cash expense or non-cash income. The change in the fair value of the warrants has a significant correlation to the change in the market value of the Company's Class A common stock for the period being reported and is not impacted by actual operations during such period. Management believes that by excluding the change in the fair value of these warrants enhances the ability of investors to analyze and better understand the underlying business operations and performance. The Company calculates adjusted net income by adjusting net income (loss) to exclude the change in the fair value of the warrants issued in connection with the private placement in June 2012. LightPath calculates gross margin by deducting the cost of sales from operating revenue. Cost of sales includes manufacturing direct and indirect labor, materials, services, fixed costs for rent, utilities and depreciation, and variable overhead. Gross margin should not be considered an alternative to operating income or net income, which is determined in accordance with GAAP. The Company believes that gross margin, although a non-GAAP financial measure, is useful and meaningful to investors as a basis for making investment decisions. It provides investors with information that demonstrates cost structure and provides funds for total costs and expenses. The Company uses gross margin in measuring the performance of its business and has historically analyzed and reported gross margin information publicly. Other companies may calculate gross margin in a different manner. LightPath will host an audio conference call and webcast on Tuesday, February 14 at 4:30 p.m. ET to discuss its financial and operational performance for the fiscal 2017 second quarter ended December 31, 2016. Participants should dial-in or log-on approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately one hour after completion through February 28, 2017. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10100893. LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visit www.lightpath.com. This release includes statements that constitute "forward-looking statements" within the meaning of federal securities laws, which are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements. This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties. LightPath's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's public filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, the Company does not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we provide additional non-GAAP financial measures. Our management believes these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may or could, have a disproportionally positive or negative impact on results in any particular period. Our management also believes that these non-GAAP financial measures enhance the ability of investors to analyze our underlying business operations and understand our performance. In addition, our management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Any analysis on non-GAAP financial measures should be used in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the tables below.


News Article | November 14, 2016
Site: www.marketwired.com

ORLANDO, FL--(Marketwired - Nov 14, 2016) - LightPath Technologies, Inc. ( : 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 the fiscal 2017 first quarter ended September 30, 2016. *This press release includes references to earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, adjusted net income (loss), and gross margin, all of which are non-GAAP financial measures. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. Our management believes that certain non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. A reconciliation of GAAP to non-GAAP results is provided in this press release in the accompanying tables. A more complete explanation of these measures is also included below under the heading "Use of Non-GAAP Financial Measures. Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "Our strategy to organically grow certain of our product groups and our profitability enhancing initiatives announced in February 2015 have resulted in a strong financial performance and good cash flow generation in the first quarter of fiscal 2017. In addition, during the quarter we continued working towards completing the proposed acquisition of ISP Optics Corporation, which we believe will be transformative for LightPath. We believe this acquisition will significantly add to our global scale and scope and have financial benefits both in the long and short term." "We expect ISP to materially strengthen our global presence with leading diamond turning and polishing capabilities for custom optics which we do not presently possess and accelerate growth of our infrared product group through its more comprehensive infrared technologies. The acquisition will have the effect of combining two leading companies with complementary businesses that have the potential for meaningful sales, marketing and product development synergies." "Our employees have diligently focused on completing the ISP acquisition while not losing sight of the Company's fundamental objectives. Our revenue continues to increase above our ten-year historical range, which we believe is a testament to our demand creation model and the strengthening of our global brand for high value molded optics. Our revenue growth was very encouraging in the first quarter of fiscal 2017 since we did not have meaningful contributions from our specialty products group and non-recurring engineering projects. These product groups are substantial components of our consolidated annual revenues but are less recurring in nature, with respect to non-recurring engineering projects, or represent newer product platforms, in the case of our specialty products group, so their quarterly contributions to revenue may vary." Mr. Gaynor continued, "From a broader perspective, we believe we have benefited from long-term growth drivers including increased demand in telecommunications, growth in industrial tools due to the Chinese stimulus in construction and the commercialization of infrared products and the successful execution of our strategy to diversify our product lines and end markets. In turn, we believe we have increased our market share taking market share from other manufacturers. We remain committed to investing in our products and processes which enable us to deliver high volumes of industry-leading quality lenses at comparatively low cost." "Beyond our revenue growth and marketing progress, we continue to deliver improvements in profitability. Our gross margins have been trending higher and improved to 57% in the first quarter of fiscal 2017. Our improved gross margin allows us to manage our costs against a decline in the average selling prices of our products due to market pressures. We believe we are positioned well for continued growth both organically and through acquisitions." Financial Results for Three Months Ended September 30, 2016 Compared to the Three Months Ended September 30, 2015 Revenue for the first quarter of fiscal 2017 was approximately $5.0 million, an increase of approximately $810,000, or 19%, as compared to the same period of the prior fiscal year. The increase from the first quarter of the prior fiscal year is attributable to an 80% increase in revenues generated by sales of our high volume precision molded optics ("HVPMO") lenses, a 41% increase in revenues generated by our infrared lenses, and a 16% increase in revenues generated by sales of our low volume precision molded optics ("LVPMO") lenses and, partially offset by a 32% decrease in revenues from specialty products and a 5% decrease in revenues from non-recurring engineering ("NRE") projects. The decrease in revenues generated by our specialty product group was due to the absence of approximately $335,000 of revenues generated in the first quarter of the prior year due to fiber collimator assemblies sold to a customer pursuant to a license agreement, which we did not generate this year. Gross margin as a percentage of revenue in the first quarter of fiscal 2017 was 57%, compared to 54% in the first quarter of fiscal 2016. The improvement in gross margin is attributed to increased revenues from our HVPMO products with a higher average selling price, leverage borne out of higher sales volume against fixed manufacturing overhead expenses and better yields for infrared products. Gross profit in the first quarter of fiscal 2017 was $2.8 million, compared to $2.3 million in the prior year period, an increase of 22%. Total cost of sales was approximately $2.2 million for the first quarter of fiscal 2017, an increase of approximately $228,000, compared to the same period of the prior fiscal year. The 12% increase in cost of sales favorably compares to the 19% increase in revenue to deliver the improved gross margin. During the first quarter of fiscal 2017, total costs and expenses were approximately $2.4 million, an increase of approximately $856,000 compared to the same period of the prior fiscal year. The increase was primarily due to: (i) a $484,000 increase in expenses related to the acquisition of ISP, (ii) a $55,000 increase in travel expenses, (iii) a $49,000 increase in stock compensation expense related to the immediate vesting of restricted stock units upon a former director's resignation from the board, (iv) a $49,000 increase in legal and auditing fee expenses, (v) a $64,000 increase in R&D wages, (vi) a $65,000 increase in materials used for engineering projects to expand and enhance our existing products and (vii) an $89,000 increase in other expenses. Excluding the costs we expect to incur in the future related to the acquisition of ISP, we expect SG&A costs to decrease slightly during the remainder of fiscal 2017, and return to more normal levels. In the first quarter of fiscal 2017, we recognized non-cash income of approximately $44,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement. In the first quarter of fiscal 2016, we recognized non-cash income of approximately $368,000 related to the change in the fair value of these warrants. The applicable accounting rules for the warrant liability requires the recognition of either non-cash expense or non-cash income, which has a significant correlation to the change in the market value of our common stock for the period being reported and the assumptions on when the warrants will be exercised. The likelihood of exercise increases as the expiration date of the warrant approaches. The warrants have a five-year life and will expire in December 2017. The fair value will be re-measured each reporting period until the warrants are exercised or expire. Income tax expense was approximately $265,000 in the first quarter of fiscal 2017, an increase of $263,000 from the first quarter of fiscal 2016. Although we have net operating loss ("NOL") carry forward benefits of $86 million against net income as reported on a consolidated basis in the United States, the NOL does not apply to taxable income from foreign subsidiaries. The increase in income tax expense in fiscal 2017 was primarily attributable to income taxes associated with our Chinese operations. We utilized all NOL carryforwards in China during fiscal 2016. Accordingly, we are now accruing income taxes in China related to such operations. Our Chinese subsidiaries are governed by the Income Tax Law of the People's Republic of China, which is applicable to privately run and foreign invested enterprises, and which generally subjects such enterprises to a statutory rate of 25% on income reported in the statutory financial statements after appropriate tax adjustments. Net income for the first quarter of fiscal 2017 was $140,000, or $0.01 per basic and diluted common share, which includes non-cash income of approximately $44,000, or $0.01 per basic and diluted common share, for the change in the fair value of the warrant liability, compared with net income of approximately $843,000, or $0.06 per basic and $0.05 per diluted common share, which includes non-cash income of approximately $368,000, or $0.03 per basic and diluted common share, for the change in the fair value of the warrant liability for the same period in fiscal 2016. Our net income was negatively affected by the increase in our selling, general and administrative ("SG&A") costs in the first quarter of fiscal 2017, as compared to the prior year period, which increase included approximately $484,000 as a result of expenses incurred related to the proposed acquisition of ISP. Adjusted net income, which is adjusted for the effect of the non-cash change in the fair value of the warrant liability, decreased to approximately $97,000 in the first quarter of fiscal 2017, as compared to $475,000 in the same period of fiscal 2016. The Company had foreign currency exchange expense in the first quarter of fiscal 2017 due to changes in the value of the Chinese yuan in the amount of approximately $36,000, which had no impact on basic and diluted earnings per share. This compares to foreign currency exchange expense of $176,000, with a $0.01 impact on income per share in the same period of the prior fiscal year. Weighted-average basic and diluted common shares outstanding increased to 15,616,855 and 17,152,771, respectively, in the first quarter of fiscal 2017 from 15,239,366 and 16,542,934, respectively, in the first quarter of fiscal 2016. The increase was primarily due to shares of common stock issued under the 2014 Employee Stock Purchase Plan and exercises of stock options and warrants. EBITDA for the first quarter of fiscal 2017 was approximately $662,000 compared to approximately $1.0 million in the first quarter of fiscal 2016. The difference in EBITDA between periods was principally caused by higher non-cash income in the fair value of the June 2012 warrant liability. Adjusted EBITDA, which eliminates the non-cash income or expense related to the change in fair value of the June 2012 warrant liability, was approximately $618,000 in the first quarter of fiscal 2017 as compared with approximately $671,000 for the same period of the prior fiscal year EBITDA was negatively affected in fiscal 2017 due primarily to the recognition of higher non-cash income as a result of the fair value of the June 2012 warrant liability, and the increase in our SG&A costs, which included approximately $484,000 as a result of expenses incurred related to the proposed acquisition of ISP. Cash and cash equivalents totaled approximately $3.6 million as of September 30, 2016, a 23% increase from June 30, 2016. Cash flow provided by operations was approximately $922,000 for the first quarter of fiscal 2017, compared with $897,000 in the prior year. During the first quarter of fiscal 2017, we expended approximately $387,000 for capital equipment while growing our cash balance, as compared to $285,000 in the same period last year. The current ratio as of September 30, 2016 was 3.3 to 1, compared to 3.5 to 1 as of June 30, 2016. Total stockholders' equity as of September 30, 2016 was approximately $11.4 million, a 4% increase compared to approximately $10.9 million as of June 30, 2016. As of September 30, 2016, the Company's 12-month backlog was $5.8 million, compared to $6.6 million as of June 30, 2016, a decrease of approximately 12%. This lower backlog resulted from a delay in anticipated orders for some bookings forecasted in the first quarter of fiscal 2017 and an increase in shipments of orders received and shipped within the first quarter of fiscal 2017. *Use of Non-GAAP Financial Measures To provide investors with additional information regarding our financial results, this press release includes references to EBITDA, adjusted EBITDA, adjusted net income (loss), and gross margin, all of which are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP, see the tables provided in this press release. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. Our management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze our underlying business operations and understand our performance. In addition, management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. We calculate EBITDA by adjusting net income (loss) to exclude net interest expense, income tax expense or benefit, depreciation, and amortization. Similarly, we calculate adjusted EBITDA by adjusting net income (loss) to exclude net interest expense, income tax expense or benefit depreciation, amortization, the change in the fair value of the warrants issued in connection with the private placement in June 2012. The fair value of the warrants issued in connection with the private placement in 2012 is re-measured each reporting period until the warrants are exercised or expire. Each reporting period, the change in the fair value of these warrants is either recognized as non-cash expense or non-cash income. The change in the fair value of the warrants has a significant correlation to the change in the market value of our common stock for the period being reported and is not impacted by actual operations during such period. We believe that by excluding the change in the fair value of these warrants enhances the ability of investors to analyze and better understand the underlying business operations and performance. We calculate adjusted net income by adjusting net income (loss) to exclude the change in the fair value of the warrants issued in connection with the private placement in June 2012. We calculate gross margin by deducting the cost of sales from operating revenue. Cost of sales includes manufacturing direct and indirect labor, materials, services, fixed costs for rent, utilities and depreciation, and variable overhead. Gross margin should not be considered an alternative to operating income or net income, which is determined in accordance with GAAP. We believe that gross margin, although a non-GAAP financial measure, is useful and meaningful to investors as a basis for making investment decisions. It provides investors with information that demonstrates cost structure and provides funds for our total costs and expenses. We use gross margin in measuring the performance of its business and has historically analyzed and reported gross margin information publicly. Other companies may calculate gross margin in a different manner. LightPath will host an audio conference call and webcast on Monday, November 14 at 4:30 p.m. ET to discuss its financial and operational performance for the fiscal 2017 first quarter ended September 30, 2016. Participants should dial-in or log-on approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately one hour after completion through November 28, 2016. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10096549. LightPath Technologies, Inc. ( : LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visit www.lightpath.com. This release includes statements that constitute "forward-looking statements" within the meaning of federal securities laws, which are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All forward-looking statements speak only as of the date of this release. Although we believe that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements. This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties. Our business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by us in our public filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we provide additional non-GAAP financial measures. Our management believes these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may or could, have a disproportionally positive or negative impact on results in any particular period. Our management also believes that these non-GAAP financial measures enhance the ability of investors to analyze our underlying business operations and understand our performance. In addition, our management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Any analysis on non-GAAP financial measures should be used in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the tables below.


News Article | December 7, 2016
Site: www.marketwired.com

Stockholders Vote in Favor of Proposal Which Now Enables the Company to Move Forward with the Completion of the Acquisition of ISP Optics Corporation ORLANDO, FL--(Marketwired - Dec 7, 2016) - The Board of Directors of LightPath Technologies, Inc. ( : 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, announced that stockholders approved a proposal for the Company to issue common stock in connection with the planned acquisition of ISP Optics Corporation ("ISP") at a special stockholder meeting held yesterday for such purpose. LightPath previously announced the signing of a definitive agreement to acquire ISP for $18 million, of which at least $12 million will be payable in cash with the balance in the form of a note issued to the sellers. "We are gratified for the strong stockholder support for the acquisition of ISP indicated by the vote held yesterday as we look to complete the acquisition by month end," said Jim Gaynor, President and Chief Executive Officer of LightPath. Mr. Gaynor went on to say, "LightPath's management team and Board of Directors unanimously supported the acquisition and we expect ISP to be a transformative addition to our business. As reflected in our combined pro forma income statement included in the proxy statement for yesterday's meeting, the pro forma revenues and operating income of the combined company for fiscal 2016 are 171% and 148% higher than the revenues and operating income of LightPath on its own." Mr. Gaynor continued, "The successful passage of the proposal allows us to pursue the closing of the ISP acquisition which we believe will present us the opportunity to accelerate our global growth strategy and deliver advantages to our business partners around the world. We believe the acquisition of ISP positions the Company as a more significant player in the global market for optical and infrared technologies." "As we pursued our overall financing package of a seller note, third party debt, and proceeds from the issuance of common shares as approved by the Company's stockholders to fund the ISP purchase price, as well as to pay transaction expenses and integration costs in connection with the acquisition, we built in some flexibility to allow us to determine the optimum mix of debt and equity. The ISP shareholders have agreed to accept a note of up to $6 million and we are completing negotiations with our third party lender to provide an acquisition loan of up to $6 million. As a result, we anticipate that the equity portion of the financing will be 40% - 50% of the total amount needed to fund the purchase price, transaction expenses and integration costs," said Mr. Gaynor. Mr. Gaynor continued, "Given the larger scale of the company, the potential earnings power will be greater and we anticipate that cash flow from operations of the combined company will cover the debt service and principal amortization associated with the seller note and third party acquisition loan, and enable us to reinvest for future growth. We also expect the acquisition to be accretive in the first full year of operation. The combination brings together two financially strong companies with complementary businesses which have the potential for meaningful sales, marketing and product development synergies well into the future." This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein as potentially being offered in connection with the financing, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. LightPath Technologies, Inc. ( : LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visit www.lightpath.com. This release includes statements that constitute "forward-looking statements" within the meaning of federal securities laws, which are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All forward-looking statements speak only as of the date of this release. Although we believe that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements. This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties. Our business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by us in our public filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.


News Article | February 23, 2017
Site: www.accesswire.com

ORLANDO, FL / ACCESSWIRE / February 23, 2017 / 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 that its management is scheduled to participate in the 29th Annual ROTH Conference on March 13, 2017. Event: 29th Annual ROTH Conference Date: Monday, March 13, 2017 Location: The Ritz-Carlton, Laguna Niguel-Dana Point, CA Presentation Time: 9:00 a.m. Pacific Time The investor presentation used at the conferences will be posted in the investor relations section of the Company's website (www.lightpath.com) on the day of the event. LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visit www.lightpath.com. This release includes statements that constitute "forward-looking statements" within the meaning of federal securities laws, which are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements. This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties. LightPath's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's public filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, the Company does not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.


News Article | February 23, 2017
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ORLANDO, FL / ACCESSWIRE / February 23, 2017 / 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 that its management is scheduled to participate in the 29th Annual ROTH Conference on March 13, 2017. Event: 29th Annual ROTH Conference Date: Monday, March 13, 2017 Location: The Ritz-Carlton, Laguna Niguel-Dana Point, CA Presentation Time: 9:00 a.m. Pacific Time The investor presentation used at the conferences will be posted in the investor relations section of the Company's website (www.lightpath.com) on the day of the event. LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visit www.lightpath.com. This release includes statements that constitute "forward-looking statements" within the meaning of federal securities laws, which are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements. This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties. LightPath's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's public filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, the Company does not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. ORLANDO, FL / ACCESSWIRE / February 23, 2017 / 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 that its management is scheduled to participate in the 29th Annual ROTH Conference on March 13, 2017. Event: 29th Annual ROTH Conference Date: Monday, March 13, 2017 Location: The Ritz-Carlton, Laguna Niguel-Dana Point, CA Presentation Time: 9:00 a.m. Pacific Time The investor presentation used at the conferences will be posted in the investor relations section of the Company's website (www.lightpath.com) on the day of the event. LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visit www.lightpath.com. This release includes statements that constitute "forward-looking statements" within the meaning of federal securities laws, which are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements. This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties. LightPath's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's public filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, the Company does not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.


Symmons A.,LightPath Technologies
Proceedings of SPIE - The International Society for Optical Engineering | Year: 2013

There are over one hundred types of glass that are sold as moldable grades. These moldable glasses are manufactured by a limited number of suppliers; each manufacturer with their own grade and designation. Many of these grades can be found to have groupings across the manufacturers, indicating possible equivalency. Equivalency of materials is an important consideration for an optical system as it would eliminate dependency on a single source, and generate cost competition. In order to establish optical equivalency it is necessary to establish significant similarity between materials. This paper compares moldable glass grades from several equivalent glass types from different manufacturers both theoretically and experimentally. Experimental data is based on precision glass molding of the same lens using different but equivalent grades of glass and using standard lens criteria for comparison. Conclusions on whether specific glass types are truly equivalent are then established. © 2013 SPIE.


ORLANDO, FL--(Marketwired - Nov 8, 2016) - LightPath Technologies, Inc. ( : 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 the scheduling of its fiscal 2017 first quarter financial results press release issuance and the corresponding conference call and simultaneous webcast. The press release will be issued on November 14, 2016 after the close of the stock market. Participants are recommended to dial-in or log-on approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately one hour after completion through November 28, 2016. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID #10096549. About LightPath Technologies LightPath Technologies, Inc. ( : LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visit www.lightpath.com. This news release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our ability to expand our presence in certain markets, future sales growth, continuing reductions in cash usage and implementation of new distribution channels. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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