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News Article | August 10, 2017
Site: www.accesswire.com

ORLANDO, FL / ACCESSWIRE / August 10, 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 preliminary financial results for the fourth quarter ended June 30, 2017 and the scheduling of a conference call and simultaneous webcast on September 14, 2017 to discuss the Company's financial and operational results for the fourth quarter and year ended June 30, 2017. Preliminary Financial Results for the Fourth Quarter of Fiscal 2017 Subject to completion of the audit of the Company's financial results for the quarter and year ended June 30, 2017, we expect to report: Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "Based on these preliminary results, we expect to deliver strong performance for the fourth quarter of fiscal 2017 as we continue to execute our business plan. We are extremely pleased with the successful integration and performance to date of the business of ISP Optics Corporation, our new wholly-owned subsidiary. Equally important is our revenue and cash flow performance as we benefit from the operating leverage created by the increased scale of the Company. As a result of our operating efficiencies and sales growth, our financial condition was significantly bolstered with expected cash at the end of the fiscal year to be approximately $8.1 million. We are also pleased by expected improvements in our earnings and adjusted EBITDA margins and are committed to maintaining these improvements in future periods. This anticipated performance provides us with the flexibility to make the necessary investments that support continued and incremental growth of the Company." The Company will issue the final financial results for the fourth quarter and year ended June 30, 2017 on September 14, 2017 after the close of the stock market. Following the issuance of the financial results press release, a conference call and simultaneous webcast will be held. LightPath will host an audio conference call and webcast on Thursday, September 14 at 4:30 p.m. ET to discuss its financial and operational performance for the fourth quarter and year ended June 30, 2017. 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 October 14, 2017. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10111266. LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes proprietary 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. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in New York, Latvia, and China. LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical, and diffractive coated infrared lenses. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting, and advanced coating technologies. For more information on LightPath and its businesses, please visit www.lightpath.com. The preliminary estimated financial information contained in this press release reflects management's estimates based solely upon information available to it as of the date of this press release and is not a comprehensive statement of our financial results for the fourth quarter ended June 30, 2017. We have provided ranges for the preliminary estimated financial results described above primarily because our financial closing procedures for the fourth quarter and year ended June 30, 2017 are not yet complete. The information presented above should not be considered a substitute for full audited financial statements for the fourth quarter and year ended June 30, 2017, once they become available and should not be regarded as a representation by us or our management as to the actual financial results for the four quarter ended June 30, 2017. The ranges for the preliminary estimated financial results described above constitute forward-looking statements. The preliminary estimated financial information presented above is subject to change, and our actual financial results may differ from such preliminary estimates and such differences could be material. Accordingly, you should not place undue reliance upon these preliminary estimates. This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the 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. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. 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 | August 10, 2017
Site: marketersmedia.com

ORLANDO, FL / ACCESSWIRE / August 10, 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 preliminary financial results for the fourth quarter ended June 30, 2017 and the scheduling of a conference call and simultaneous webcast on September 14, 2017 to discuss the Company's financial and operational results for the fourth quarter and year ended June 30, 2017. Preliminary Financial Results for the Fourth Quarter of Fiscal 2017 Subject to completion of the audit of the Company's financial results for the quarter and year ended June 30, 2017, we expect to report: Total revenues between $8.5 million and $9.0 million for the fourth quarter of fiscal 2017, as compared to $4.7 million for the fourth quarter of fiscal 2016, which would represent an increase of between 81% and 91%. 12-month backlog between $9.1 million and $9.5 million at June 30, 2017, as compared to $6.6 million at June 30, 2016, which would represent an increase of between 38% and 44%. Cash and cash equivalents of approximately $8.1 million as of June 30, 2017, as compared to $2.9 million from June 30, 2016, which would represent an increase of approximately 178%. Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "Based on these preliminary results, we expect to deliver strong performance for the fourth quarter of fiscal 2017 as we continue to execute our business plan. We are extremely pleased with the successful integration and performance to date of the business of ISP Optics Corporation, our new wholly-owned subsidiary. Equally important is our revenue and cash flow performance as we benefit from the operating leverage created by the increased scale of the Company. As a result of our operating efficiencies and sales growth, our financial condition was significantly bolstered with expected cash at the end of the fiscal year to be approximately $8.1 million. We are also pleased by expected improvements in our earnings and adjusted EBITDA margins and are committed to maintaining these improvements in future periods. This anticipated performance provides us with the flexibility to make the necessary investments that support continued and incremental growth of the Company." The Company will issue the final financial results for the fourth quarter and year ended June 30, 2017 on September 14, 2017 after the close of the stock market. Following the issuance of the financial results press release, a conference call and simultaneous webcast will be held. LightPath will host an audio conference call and webcast on Thursday, September 14 at 4:30 p.m. ET to discuss its financial and operational performance for the fourth quarter and year ended June 30, 2017. 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 October 14, 2017. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10111266. LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes proprietary 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. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in New York, Latvia, and China. LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical, and diffractive coated infrared lenses. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting, and advanced coating technologies. For more information on LightPath and its businesses, please visit www.lightpath.com. The preliminary estimated financial information contained in this press release reflects management's estimates based solely upon information available to it as of the date of this press release and is not a comprehensive statement of our financial results for the fourth quarter ended June 30, 2017. We have provided ranges for the preliminary estimated financial results described above primarily because our financial closing procedures for the fourth quarter and year ended June 30, 2017 are not yet complete. The information presented above should not be considered a substitute for full audited financial statements for the fourth quarter and year ended June 30, 2017, once they become available and should not be regarded as a representation by us or our management as to the actual financial results for the four quarter ended June 30, 2017. The ranges for the preliminary estimated financial results described above constitute forward-looking statements. The preliminary estimated financial information presented above is subject to change, and our actual financial results may differ from such preliminary estimates and such differences could be material. Accordingly, you should not place undue reliance upon these preliminary estimates. This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the 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. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. 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. ORLANDO, FL / ACCESSWIRE / August 10, 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 preliminary financial results for the fourth quarter ended June 30, 2017 and the scheduling of a conference call and simultaneous webcast on September 14, 2017 to discuss the Company's financial and operational results for the fourth quarter and year ended June 30, 2017. Preliminary Financial Results for the Fourth Quarter of Fiscal 2017 Subject to completion of the audit of the Company's financial results for the quarter and year ended June 30, 2017, we expect to report: Total revenues between $8.5 million and $9.0 million for the fourth quarter of fiscal 2017, as compared to $4.7 million for the fourth quarter of fiscal 2016, which would represent an increase of between 81% and 91%. 12-month backlog between $9.1 million and $9.5 million at June 30, 2017, as compared to $6.6 million at June 30, 2016, which would represent an increase of between 38% and 44%. Cash and cash equivalents of approximately $8.1 million as of June 30, 2017, as compared to $2.9 million from June 30, 2016, which would represent an increase of approximately 178%. Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "Based on these preliminary results, we expect to deliver strong performance for the fourth quarter of fiscal 2017 as we continue to execute our business plan. We are extremely pleased with the successful integration and performance to date of the business of ISP Optics Corporation, our new wholly-owned subsidiary. Equally important is our revenue and cash flow performance as we benefit from the operating leverage created by the increased scale of the Company. As a result of our operating efficiencies and sales growth, our financial condition was significantly bolstered with expected cash at the end of the fiscal year to be approximately $8.1 million. We are also pleased by expected improvements in our earnings and adjusted EBITDA margins and are committed to maintaining these improvements in future periods. This anticipated performance provides us with the flexibility to make the necessary investments that support continued and incremental growth of the Company." The Company will issue the final financial results for the fourth quarter and year ended June 30, 2017 on September 14, 2017 after the close of the stock market. Following the issuance of the financial results press release, a conference call and simultaneous webcast will be held. LightPath will host an audio conference call and webcast on Thursday, September 14 at 4:30 p.m. ET to discuss its financial and operational performance for the fourth quarter and year ended June 30, 2017. 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 October 14, 2017. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10111266. LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes proprietary 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. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in New York, Latvia, and China. LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical, and diffractive coated infrared lenses. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting, and advanced coating technologies. For more information on LightPath and its businesses, please visit www.lightpath.com. The preliminary estimated financial information contained in this press release reflects management's estimates based solely upon information available to it as of the date of this press release and is not a comprehensive statement of our financial results for the fourth quarter ended June 30, 2017. We have provided ranges for the preliminary estimated financial results described above primarily because our financial closing procedures for the fourth quarter and year ended June 30, 2017 are not yet complete. The information presented above should not be considered a substitute for full audited financial statements for the fourth quarter and year ended June 30, 2017, once they become available and should not be regarded as a representation by us or our management as to the actual financial results for the four quarter ended June 30, 2017. The ranges for the preliminary estimated financial results described above constitute forward-looking statements. The preliminary estimated financial information presented above is subject to change, and our actual financial results may differ from such preliminary estimates and such differences could be material. Accordingly, you should not place undue reliance upon these preliminary estimates. This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the 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. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. 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 | June 2, 2017
Site: www.accesswire.com

ORLANDO, FL / ACCESSWIRE / June 2, 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, announced today that it will be exhibiting at the Laser World of Photonics Exposition in Munich, Germany, from June 26 through June 29, 2017. LightPath invites conference attendees to join company representatives in Hall B2, Booth #134 and to view some of its leading edge products, including: Jim Gaynor, LightPath's President & CEO, stated, "We are looking forward to visiting with OEMs, partners, and prospects at this important international optics show. This event has consistently been one of the more well attended industry platforms joining global suppliers and customers together to meet their needs. We are particularly looking forward to the opportunity to have our experts discuss the benefits and value of LightPath's precision molded lenses and our high volume manufacturing capabilities." Laser World of Photonics, International trade fair for the photonics industry every two years, key players and decision-makers come to Munich to meet at the industry's most important marketplace, LASER World of PHOTONICS. The fair gives participants from more than 70 countries a complete overview of all topics that pertain to photonics on 55,000 square meters of exhibition space. LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes proprietary 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. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in Irvington, New York, Riga, Latvia and Zhenjiang, and Shanghai, China. Thru its wholly-owned subsidiary, ISP Optics Corporation, LightPath manufactures and offers a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. LightPath's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses. LightPath's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies. For more information on LightPath and its businesses, please 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.


News Article | June 2, 2017
Site: marketersmedia.com

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, announced today that it will be exhibiting at the Laser World of Photonics Exposition in Munich, Germany, from June 26 through June 29, 2017. LightPath invites conference attendees to join company representatives in Hall B2, Booth #134 and to view some of its leading edge products, including: Jim Gaynor, LightPath's President & CEO, stated, "We are looking forward to visiting with OEMs, partners, and prospects at this important international optics show. This event has consistently been one of the more well attended industry platforms joining global suppliers and customers together to meet their needs. We are particularly looking forward to the opportunity to have our experts discuss the benefits and value of LightPath's precision molded lenses and our high volume manufacturing capabilities." Laser World of Photonics, International trade fair for the photonics industry every two years, key players and decision-makers come to Munich to meet at the industry's most important marketplace, LASER World of PHOTONICS. The fair gives participants from more than 70 countries a complete overview of all topics that pertain to photonics on 55,000 square meters of exhibition space. LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes proprietary 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. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in Irvington, New York, Riga, Latvia and Zhenjiang, and Shanghai, China. Thru its wholly-owned subsidiary, ISP Optics Corporation, LightPath manufactures and offers a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. LightPath's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses. LightPath's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies. For more information on LightPath and its businesses, please 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.


News Article | June 26, 2017
Site: www.accesswire.com

ORLANDO, FL / ACCESSWIRE / June 26, 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 it has been added to the Russell Microcap® Index, effective as of the close of the market on Friday, June 23, 2017, following Russell's annual reconstitution of its comprehensive set of U.S. and global equity indexes. Membership in the Russell Microcap Index is based on market capitalization and means automatic inclusion in the appropriate growth and value style indexes. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $8.5 trillion in assets are benchmarked against the Russell US Indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. The Russell Microcap Index represents 2,000 small cap and microcap stocks and captures the smallest 1,000 companies in the Russell 2000, in addition to 1,000 smaller U.S.-based listed stocks. Membership in the Russell Microcap® Index, which remains in place for one year, provides automatic inclusion in the appropriate growth and value style indexes. "This is an important milestone for LightPath Technologies," said Chief Executive Officer Jim Gaynor. "The addition to the Russell Microcap Index reflects the increase in our market value and will help to enhance awareness in the investment community of the progress we are making as a leading provider of advanced optical and infrared technologies." For more information on the Russell Microcap® Index and the Russell US Indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website. LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes proprietary 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. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in New York, Latvia, and China. LightPath's wholly-owned subsidiary ISP Optics Corporation manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies. For more information on LightPath and its businesses, please 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.


News Article | June 26, 2017
Site: marketersmedia.com

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 it has been added to the Russell Microcap® Index, effective as of the close of the market on Friday, June 23, 2017, following Russell's annual reconstitution of its comprehensive set of U.S. and global equity indexes. Membership in the Russell Microcap Index is based on market capitalization and means automatic inclusion in the appropriate growth and value style indexes. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $8.5 trillion in assets are benchmarked against the Russell US Indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. The Russell Microcap Index represents 2,000 small cap and microcap stocks and captures the smallest 1,000 companies in the Russell 2000, in addition to 1,000 smaller U.S.-based listed stocks. Membership in the Russell Microcap® Index, which remains in place for one year, provides automatic inclusion in the appropriate growth and value style indexes. "This is an important milestone for LightPath Technologies," said Chief Executive Officer Jim Gaynor. "The addition to the Russell Microcap Index reflects the increase in our market value and will help to enhance awareness in the investment community of the progress we are making as a leading provider of advanced optical and infrared technologies." For more information on the Russell Microcap® Index and the Russell US Indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website. LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes proprietary 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. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in New York, Latvia, and China. LightPath's wholly-owned subsidiary ISP Optics Corporation manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies. For more information on LightPath and its businesses, please 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.


Revenue Increases 90% While Continuing to Focus on Global Market Penetration ORLANDO, FL / ACCESSWIRE / September 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 fourth quarter and twelve months ended June 30, 2017. The results are in line with the preliminary results issued on August 10, 2017. *This press release includes references to earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, 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, "LightPath completed fiscal 2017 with very strong fourth quarter financial results. We delivered significant growth in key performance metrics, including revenue, earnings per share, adjusted EBITDA, and cash flow." "Management's imperatives to improve profitability and cash flow through top line growth and operating leverage resulted in meaningful increases in adjusted EBITDA margin. This margin, which excludes the non-cash warrant liability impact, improved to 26% in the fourth quarter of fiscal 2017, compared to 14% in the fourth quarter of fiscal 2016. For the year, our adjusted EBITDA margin was 22%, a 51% improvement over fiscal 2016. At the end of fiscal 2017, our cash balance was $8.1 million, an increase of 178% from the end of the prior fiscal year. Our goal is to grow responsibly through the diversification of our business lines - whether through organic growth or acquisitions - and effectively manage our costs to drive long-term value for our stockholders. As we reflect on the past year, we are encouraged by the outlook for fiscal 2018." Mr. Gaynor continued, "We experienced strong demand for our industrial tool, telecommunications/data communications, and defense products in the fourth quarter of fiscal 2017. Total bookings were 21% higher in the fourth quarter of fiscal 2017 compared to the third quarter of fiscal 2017, and 66% higher than the fourth quarter of last year. Amid this growth, our overall backlog decreased from the end of the third quarter, as we continued to ship products against some large annual contracts and improved manufacturing efficiencies and yields. As these annual contracts renew, we expect our backlog will increase commensurately, which will be further bolstered by new orders generated from our accelerated sales and marketing initiatives." "Our underlying business remains robust for fiscal 2018 despite some short-term weakness with specific customers in the telecommunications industry due to inventory builds in China and the United States. Based on our sales pipeline, the drivers of the secular growth for telecommunications products, which represented 13% of our consolidated revenues in fiscal 2017, remain intact as we look out through the end of the fiscal year. We are pursuing an increasing number of projects from current and new customers pertaining to data center expansion, Internet-of-Things applications, emerging world growth, metro core upgrades, and video/data transmission. We continue to work with OEMs, including many of our largest customers, on next generation products. In other areas of our operations, the integration of the ISP business continues to proceed as planned. With the completion of the second full quarter following the acquisition of ISP, we are seeing the benefit of larger scale and improved operating leverage. We have also increased our product development efforts, both independently and jointly with our customers, in the areas of sensing technology, spectrographic instruments, and advanced driver assistance systems. While we will have more to say in the months ahead on these very interesting initiatives, we are working in these high growth areas both independently and jointly with our customers. To this end, during fiscal 2017, we generated $1.6 million in free cash flow, which is operating cash flow less cash payments for interest, income taxes, debt payments and capital expenditures, while also investing in our facilities and equipment to ensure we are well positioned to take full advantage of these growth opportunities." Financial Results for Three Months Ended June 30, 2017 Compared to the Three Months Ended June 30, 2016 Revenue for the fourth quarter of fiscal 2017 was approximately $9.0 million, an increase of approximately $4.3 million, or 90%, as compared to the same period of the prior fiscal year. The increase from the fourth quarter of the prior fiscal year is attributable to an approximately $3.5 million increase, or 544%, in revenues generated by infrared products, primarily attributable to (i) ISP, (ii) an approximately $550,000 increase, or 40%, in sales of high volume precision molded optics ("HVPMO") lenses primarily attributed to the telecommunications and data communications industry, including next generation products and industrial tools, and (iii) an approximately $318,000 increase, or 17%, in sales of low volume precision molded optics ("LVPMO") lenses primarily attributed to applications for position sensors, which increases were partially offset by an approximately $84,000 decrease, or 12%, in revenues from specialty products. The decrease in revenues generated by the specialty products group was primarily due to a slow-down in orders from one of our defense customers who experienced reduced demand for its products. Gross margin in the fourth quarter of fiscal 2017 was $4.4 million, an increase of 77% as compared to $2.5 million in the prior year period. Gross margin as a percentage of revenue was 48% for the fourth quarter of fiscal 2017, compared to 52% for the fourth quarter of fiscal 2016. The change in gross margin as a percentage of revenue is primarily attributable to the inclusion of revenues generated by ISP, and the associated cost of sales. Total cost of sales was approximately $4.6 million for the fourth quarter of fiscal 2017, an increase of approximately $2.4 million as compared to the same period of the prior fiscal year. This increase in total cost of sales is entirely due to the increase in volume of sales, primarily as a result of the acquisition of ISP. During the fourth quarter of fiscal 2017, total costs and expenses were approximately $3.2 million, an increase of approximately $1.3 million compared to the same period of the prior fiscal year. The increase was primarily due to: (i) a $1.2 million increase in expenses related to the acquisition and integration of ISP, including the amortization of intangibles, wages, professional fees, and travel expenses, and (ii) an approximately $88,000 increase in research and development expenses. In the fourth quarter of fiscal 2017, the Company recognized non-cash expense of approximately $10,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement. In the fourth quarter of fiscal 2016, the Company recognized non-cash expense of approximately $27,000 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 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 a benefit of approximately $5.2 million in the fourth quarter of fiscal 2017, a decrease of $5.2 million compared to the fourth quarter of fiscal 2016. The Company has 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. Previously these NOLs have had a full valuation allowance which is now being adjusted due to the deferred tax impacts related to deferred tax liabilities recognized in conjunction with the ISP acquisition. The decrease in income tax expense in the fourth quarter of fiscal 2017 was primarily attributable to an adjustment in the valuation allowance to the Company's deferred taxes offset by the income taxes associated with the Company's Chinese subsidiaries and to a lesser extent income taxes attributable to ISP's wholly-owned subsidiary, ISP Optics Latvia, SIA ("ISP Latvia"), a limited liability company founded under the Laws of the Republic of Latvia. The Company extinguished all NOL carryforwards in China relating to its Chinese operations during fiscal 2016. Accordingly, the Company now accrues income taxes in China. 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 Latvian is governed by the Law of Corporate Income Tax 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. Excluding the impact of the change in the fair value of the warrant liability, the impact of foreign translation, and the benefit for the adjustment of the valuation allowance of deferred taxes, all of which are excluded when computing taxable income, the effective tax rate was 24%. Net income for the fourth quarter of fiscal 2017 was $6.4 million, or $0.27 per basic and $0.24 per diluted common share, which includes non-cash expense of approximately $10,000, or $0.00 per basic and diluted common share, related to the change in the fair value of the warrant liability, compared with net income of approximately $331,000, or $0.02 per basic and diluted common share, which includes non-cash income of approximately $27,000, or $0.00 per basic and diluted common share, related to the change in the fair value of the warrant liability for the same period in fiscal 2016. Net income for the fourth quarter of fiscal 2017 was affected by increases in the following: (i) the change in the fair value of the warrant liability, (ii) amortization of intangibles, (iii) selling general and administrative ("SG&A") expenses, (iv) interest expense, (v) income taxes and (vi) new product development costs as compared to the prior year period. Approximately 66% of the increase in SG&A expenses during the fourth quarter of fiscal 2017 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 to approximately $6.2 million in the fourth quarter of fiscal 2017, as compared to $359,000 in the same period of fiscal 2016. A benefit of $5.4 million in income taxes was due to a decrease in the valuation allowance recorded against our deferred tax assets, driven by the deferred tax liabilities recognized in conjunction with the acquisition of ISP. The Company had foreign currency exchange income in the fourth quarter of fiscal 2017 due to changes in the value of the Chinese Yuan and Euro in the amount of approximately $333,000, which had a $0.01 impact on basic and diluted earnings per share, compared to foreign currency exchange expense of $149,000, which had a $0.01 impact on basic and diluted earnings per share, in the same period of the prior fiscal year. Weighted-average basic and diluted common shares outstanding increased to 24,156,139 and 26,222,382, respectively, in the fourth quarter of fiscal 2017 from 15,590,945 and 17,097,076, respectively, in the fourth quarter of fiscal 2016. The increase was primarily due to 8 million 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 fourth quarter of fiscal 2017 was approximately $2.3 million compared to approximately $646,000 in the fourth 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 expenses, of which approximately $208,000 were associated with the acquisition of ISP in the prior year period. 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 $2.3 million in the fourth quarter of fiscal 2017, an increase of 243%, as compared with approximately $673,000 for the same period of the prior fiscal year. Financial Results for Year Ended June 30, 2017 Compared to the Year Ended June 30, 2016 Revenue for fiscal 2017 was approximately $28.4 million, an increase of approximately $11.1 million, or 64%, as compared to the same period of the prior fiscal year. The increase from the prior fiscal year is attributable to an approximately $7.6 million increase, or 437%, in revenues generated primarily by sales of ISP's infrared lenses, an approximately $3.7 million increase, or 93%, in revenues generated by sales of HVPMO lenses, and an approximately $1.2 million increase, or 17%, in revenues generated by sales of LVPMO lenses, partially offset by an approximately $1.3 million decrease, or 35%, in revenues from specialty products and an approximately $162,000 decrease or 29% decrease in revenues from NRE projects. The decrease in revenues generated by the specialty products group was due to the absence of approximately $1.0 million of revenues generated in fiscal 2016 due to completion of the project for custom fiber collimator assemblies. This specific product technology was transferred to the customer pursuant to a license agreement entered into in fiscal 2015. Gross margin as a percentage of revenue in fiscal 2017 was 52%, compared to 54% in fiscal 2016. Gross profit in fiscal 2017 was $14.7 million, compared to $9.3 million in the prior year period, an increase of 58%. Total cost of sales was approximately $13.6 million for fiscal 2017, an increase of approximately $5.7 million compared to the same period of the prior fiscal year. The 71% increase in cost of sales was entirely due to the increased volume largely due to the acquisition of ISP. During fiscal 2017, total costs and expenses were approximately $10.6 million, an increase of approximately $3.3 million compared to the same period of the prior fiscal year. The increase was primarily due to: (i) a $2.9 million increase in expenses related to the acquisition and integration of ISP, including the amortization of intangibles, wages, professional fees, and travel expenses, (ii) $104,000 increase in expenses for trade shows, and (iii) a $253,000 increase for other expenses. In fiscal 2017, the Company recognized non-cash expense of approximately $468,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement. In fiscal 2016, the Company recognized non-cash expense of approximately $52,000 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 benefit was approximately $4.4 million in fiscal 2017, a decrease of $4.6 million from 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 NOL does not apply to taxable income from foreign subsidiaries. Previously these NOLs have had a full valuation allowance which is now being adjusted due to the deferred tax impacts related to deferred tax liabilities recognized in conjunction with the ISP acquisition. The decrease in income tax expense in fiscal 2017 was primarily attributable to a benefit for the adjustment to the valuation allowance of our deferred tax assets offset by income taxes associated with the Company's Chinese subsidiaries and to a lesser extent income taxes attributable to ISP Latvia. The Company extinguished all NOL carryforwards in China relating to its Chinese operations during fiscal 2016. Accordingly, the Company now accrues income taxes in China. 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 Latvian is governed by the Law of Corporate Income Tax 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. Excluding the impact of the change in the fair value of the warrant liability, the impact of foreign translation, prior period adjustments and the benefit for the adjustment of the valuation allowance of our deferred tax assets, which are all excluded when computing taxable income, the effective tax rate was 30%. Net income for fiscal 2017 was $7.7 million, or $0.39 per basic and $0.36 per diluted common share, which includes non-cash expense of approximately $468,000, 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 $1.4 million, or $0.09 per basic and $0.08 diluted common share, which includes non-cash expense of approximately $52,000, or $0.00 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 fiscal 2017 as compared to the prior year period, including higher SG&A expenses, new product development costs, and an approximately $445,000 increase in expenses 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, was approximately $8.2 million in fiscal 2017, as compared to $1.5 million in the same period of fiscal 2016. The Company had foreign currency exchange expense in fiscal 2017 due to changes in the value of the Chinese Yuan and Euro in the amount of approximately $78,000, or $0.00 impact on basic and diluted earnings per share. This compares to foreign currency exchange income of $370,000, which had a $0.02 impact on earnings per share in the prior fiscal year. Weighted-average basic and diluted common shares outstanding increased to 20,001,868 and 21,666,392, respectively, in fiscal 2017 from 15,401,893 and 16,875,383, respectively, in fiscal 2016. The increase was primarily due to 8 million 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 fiscal 2017 was approximately $5.9 million, compared to approximately $2.5 million in fiscal 2016. The difference in EBITDA between periods was principally caused by increased revenues and operating income, partially offset by the increased SG&A costs of which approximately $445,000 were 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 $6.3 million in fiscal 2017 as compared with approximately $2.6 million for the same period of the prior fiscal year. Cash and cash equivalents totaled approximately $8.1 million as of June 30, 2017, a 178% increase from June 30, 2016. Cash flow provided by operations was approximately $5.0 million for fiscal 2017, compared with $1.5 million in the prior year period. During fiscal 2017, the Company expended approximately $2.2 million for capital equipment, as compared to $1.1 million in the same period last year. The current ratio as of June 30, 2017 and June 30, 2016 was 3.5 to 1. Total stockholders' equity as of June 30, 2017 was approximately $29.8 million, a 172% increase compared to approximately $10.9 million as of June 30, 2016. The increase is largely due to our Class A common stock public offering in December 2016, in which we received net proceeds of approximately $8.7 million, and accumulated net income. As of June 30, 2017, the Company's 12-month backlog was $9.3 million, compared to $6.6 million as of June 30, 2016, an increase of approximately 41%, partially attributable to ISP. *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, 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. The Company'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 to exclude net interest expense, income tax expense or benefit, depreciation, and amortization. Similarly, the Company calculates adjusted EBITDA by adjusting net income 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, which expire at the end of 2017. 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 to exclude the change in the fair value of the warrants issued in connection with the private placement in June 2012. The Company 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 Thursday, September 14 at 4:30 p.m. ET to discuss its financial and operational performance for the fourth quarter and year ended June 30, 2017. 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 October 14, 2017. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10111266. LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes proprietary 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. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in New York, Latvia, and China. LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies. For more information on LightPath and its businesses, please 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, continued improvements in our financial results, 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. 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.


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 | 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
Site: marketersmedia.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. 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.

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