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News Article | May 18, 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 it has accepted the invitation to join the Center of Freeform Optics located at the University of Rochester in Rochester, NY. The Center for Freeform Optics (CeFO) is a joint Industry-Government-University cooperative research center funded primarily through Industry and Government Labs members. The mission of the Center for Freeform Optics (CeFO) is to advance research and education in the science, engineering, and applications of systems based on freeform optics through a dedicated, continuing industrial partnership based on shared value, and promotion of technical advantage leading to a competitive economic advantage for CeFO members. Matt Davies, PhD Professor & Site Director for Center for Freeform Optics stated, "We are extremely excited about LightPath joining the Center for Freeform Optics (CeFO). This brings a new capability to CeFO, precision glass molding. LightPath's membership in the CeFO, to work on a new three-year collaborative project on the precision molding of glass freeform optics, was enthusiastically and unanimously supported by the sixteen member industrial advisory board of the center. The center leadership and the industrial advisory board see the low-cost precision molding of glass freeform optics, enabled by this project, as a path for bringing new freeform optical systems to the market and look forward to this new research and development partnership with LightPath." The development of precision molded freeform optics is a key addition to the field, bringing advantages such as significant cost reduction and increase in volume. Additionally, the wide variety of established moldable glasses, many of which are unsuitable for precision machining processes, provides an increase in design flexibility and potential applications due to the assortment of available physical and optical properties. "LightPath strives to be at the forefront of the freeform revolution, joining the Center of Freeform Optics and its development of freeform technology roadmaps will accelerate time to market of these new technologies while giving LightPath an opportunity to demonstrate innovative proficiencies," Jim Gaynor, LightPath's President & CEO, commented. 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.


Vancouver, Canada headquartered MAG Silver Corp.'s stock finished Wednesday's session 1.06% higher at $12.37. A total volume of 487,388 shares was traded, which was above their three months average volume of 454,300 shares. The Company's shares have advanced 12.15% since the start of this year. The stock is trading below its 50-day moving average by 5.06%. Moreover, shares of MAG Silver, which focuses on acquiring, exploring, and development of district scale projects located in the Mexican Silver Belt, have a Relative Strength Index (RSI) of 51.05. See our free and comprehensive research report on MAG at: Shares in Beijing, the People's Republic China headquartered HollySys Automation Technologies Ltd declined 4.60%, ending yesterday's session at $16.40 with a total trading volume of 374,097 shares. The stock has gained 7.54% in the past month. The Company's shares are trading 0.49% below their 50-day moving average. Moreover, shares of HollySys Automation Technologies, which provides automation and control technologies and products to customers in industrial, railway, subway, nuclear power, and mechanical and electronic industries in China, Southeast Asia, India, Europe, and Middle-East, have an RSI of 51.59. HOLI free research report PDF is just a click away at: On Wednesday, Orlando, Florida headquartered LightPath Technologies Inc.'s stock saw a drop of 3.42%, to close the day at $2.82. A total volume of 320,683 shares was traded. The Company's shares have advanced 11.90% in the last one month, 35.58% in the previous three months, and 83.12% on an YTD basis. The stock is trading 7.57% and 43.64% above its 50-day and 200-day moving averages, respectively. Additionally, shares of LightPath Technologies, which designs, develops, manufactures, and distributes optical components and assemblies, have an RSI of 51.43. On May 05th, 2017, research firm Dougherty & Company reiterated its 'Buy' rating on the Company's stock with an increase of the target price from $3 a share to $3.50 a share. Sign up for your complimentary report on LPTH at: Shares in Ann Arbor, Michigan-based Arotech Corp. ended the day 3.33% lower at $2.90. A total volume of 439,863 shares was traded, which was above their three months average volume of 402,510 shares. The stock is trading below its 50-day moving average by 9.57%. Furthermore, shares of Arotech, which provides defense and security products worldwide, have an RSI of 34.81. Register for free on Stock-Callers.com and download the latest research report on ARTX at: Stock Callers (SC) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. SC has two distinct and independent departments. 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News Article | May 18, 2017
Site: www.accesswire.com

ORLANDO, FL / ACCESSWIRE / May 18, 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 it has accepted the invitation to join the Center of Freeform Optics located at the University of Rochester in Rochester, NY. The Center for Freeform Optics (CeFO) is a joint Industry-Government-University cooperative research center funded primarily through Industry and Government Labs members. The mission of the Center for Freeform Optics (CeFO) is to advance research and education in the science, engineering, and applications of systems based on freeform optics through a dedicated, continuing industrial partnership based on shared value, and promotion of technical advantage leading to a competitive economic advantage for CeFO members. Matt Davies, PhD Professor & Site Director for Center for Freeform Optics stated, "We are extremely excited about LightPath joining the Center for Freeform Optics (CeFO). This brings a new capability to CeFO, precision glass molding. LightPath's membership in the CeFO, to work on a new three-year collaborative project on the precision molding of glass freeform optics, was enthusiastically and unanimously supported by the sixteen member industrial advisory board of the center. The center leadership and the industrial advisory board see the low-cost precision molding of glass freeform optics, enabled by this project, as a path for bringing new freeform optical systems to the market and look forward to this new research and development partnership with LightPath." The development of precision molded freeform optics is a key addition to the field, bringing advantages such as significant cost reduction and increase in volume. Additionally, the wide variety of established moldable glasses, many of which are unsuitable for precision machining processes, provides an increase in design flexibility and potential applications due to the assortment of available physical and optical properties. "LightPath strives to be at the forefront of the freeform revolution, joining the Center of Freeform Optics and its development of freeform technology roadmaps will accelerate time to market of these new technologies while giving LightPath an opportunity to demonstrate innovative proficiencies," Jim Gaynor, LightPath's President & CEO, commented. 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 | May 4, 2017
Site: marketersmedia.com

NEW YORK, NY / ACCESSWIRE / May 4, 2017 / LightPath Technologies, Inc. (NASDAQ: LPTH) will be discussing their earnings results in their Q3 Earnings Call to be held May 4, 2017 at 4:30 PM Eastern Time. To listen to the event live – visit https://www.investornetwork.com/company/22103. The replay will be available online at https://www.investornetwork.com/company/22103. Investor Network (IN) is a new financial content community, serving millions of unique investors market information, earnings, commentary and news on the what's trending. Dedicated to both the professional and the average traders, IN offers timely, trusted and relevant financial information for virtually every investor. IN is an Issuer Direct brand, to learn more or for the latest financial news and market information, visit www.investornetwork.com. Follow us on Twitter @investornetwork. NEW YORK, NY / ACCESSWIRE / May 4, 2017 / LightPath Technologies, Inc. (NASDAQ: LPTH) will be discussing their earnings results in their Q3 Earnings Call to be held May 4, 2017 at 4:30 PM Eastern Time. To listen to the event live – visit https://www.investornetwork.com/company/22103. The replay will be available online at https://www.investornetwork.com/company/22103. Investor Network (IN) is a new financial content community, serving millions of unique investors market information, earnings, commentary and news on the what's trending. Dedicated to both the professional and the average traders, IN offers timely, trusted and relevant financial information for virtually every investor. IN is an Issuer Direct brand, to learn more or for the latest financial news and market information, visit www.investornetwork.com. Follow us on Twitter @investornetwork.


News Article | May 5, 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 the Company currently plans to hold its 2018 Annual Stockholders' Meeting on October 26, 2017 at 11 a.m. (ET) at the Hyatt Regency Orlando International Airport Hotel, located at 9300 Airport Boulevard, Orlando, Florida, 32827. The date of the Annual Meeting represents a change of more than 30 days from the anniversary of the Company's 2017 Annual Stockholders' Meeting, which was held on January 26, 2017. As a result, pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, the Company has set a new deadline for the submission of stockholder proposals submitted pursuant to Rule 14a-8 for inclusion in the Company's proxy statement for the Annual Meeting. The new deadline for the submission of such stockholder proposals is the close of business on May 19, 2017, which the Company believes is a reasonable time for the review, consideration, and if appropriate, inclusion of any such proposals before the Company begins to print and send its proxy materials to stockholders for the Annual Meeting. In accordance with the Company's Amended and Restated Bylaws (the "Bylaws"), stockholders who wish to present a proposal at the Annual Meeting, or nominate a director for election at the Annual Meeting, must provide written notice on or before May 15, 2017. Any such proposal or notice should be delivered to: Corporate Secretary, at LightPath Technologies, Inc., 2603 Challenger Tech Court, Suite 100, Orlando, Florida, USA, 32826 and must also comply with the procedures (including all information specified) in the Company's Bylaws and the rules and regulations of the Securities and Exchange Commission under Rule 14a-8. 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 | May 5, 2017
Site: www.accesswire.com

ORLANDO, FL / ACCESSWIRE / May 5, 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 the Company currently plans to hold its 2018 Annual Stockholders' Meeting on October 26, 2017 at 11 a.m. (ET) at the Hyatt Regency Orlando International Airport Hotel, located at 9300 Airport Boulevard, Orlando, Florida, 32827. The date of the Annual Meeting represents a change of more than 30 days from the anniversary of the Company's 2017 Annual Stockholders' Meeting, which was held on January 26, 2017. As a result, pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, the Company has set a new deadline for the submission of stockholder proposals submitted pursuant to Rule 14a-8 for inclusion in the Company's proxy statement for the Annual Meeting. The new deadline for the submission of such stockholder proposals is the close of business on May 19, 2017, which the Company believes is a reasonable time for the review, consideration, and if appropriate, inclusion of any such proposals before the Company begins to print and send its proxy materials to stockholders for the Annual Meeting. In accordance with the Company's Amended and Restated Bylaws (the "Bylaws"), stockholders who wish to present a proposal at the Annual Meeting, or nominate a director for election at the Annual Meeting, must provide written notice on or before May 15, 2017. Any such proposal or notice should be delivered to: Corporate Secretary, at LightPath Technologies, Inc., 2603 Challenger Tech Court, Suite 100, Orlando, Florida, USA, 32826 and must also comply with the procedures (including all information specified) in the Company's Bylaws and the rules and regulations of the Securities and Exchange Commission under Rule 14a-8. 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 106% While Continuing to Focus on Global Market Penetration ORLANDO, FL / ACCESSWIRE / May 4, 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 third quarter ended March 31, 2017. *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, "We believe that the acquisition of ISP Optics Corporation ("ISP"), which was completed last quarter, better positions us for accelerated revenue and profitability growth. The results of this third quarter demonstrate that growth. The comparisons are without ISP in the third quarter of fiscal 2016. Revenues generated by LightPath's core business increased by 20% and revenues generated by ISP grew by 22% during the third quarter of 2017, compared to the same quarter of 2016. Excluding the change in fair value of our warrant liability, amortization of intangibles as a result of the ISP acquisition, and the costs incurred in connection with the ISP acquisition, the true underlying performance has been overall better than our expectations. Our financial results for the third quarter of fiscal 2017 reflect successful implementation of our growth strategies, with revenues at $8.5 million, an increase of 106%, gross margin strong at 50%, operating income increasing by 500% to $1.3 million, and adjusted EBITDA margin at $2.0 million, an improvement of 333%." "Even though we have experienced rapid growth in some of our business lines and strengthened our competitive position, partially as a result of the ISP acquisition, we continue to remain vigilant in maintaining a strong financial condition. A key performance measure in this regard is our cash balance, which improved to $6.8 million at the end of the fiscal 2017 third quarter, an increase of 135% from June 30, 2016." "Despite the intake of new orders remaining strong during the third quarter of fiscal 2017, our 12-month backlog at March 31, 2017 decreased as compared to December 31, 2016. On occasion we take in large orders that are scheduled for shipment over a 12 or even 18 month period. This can result in our 12-month backlog decreasing as we fulfill and ship against these orders until that business is renewed the following year. This was particularly the case this quarter as we began fulfilling large orders placed during the second quarter of fiscal 2017. Certain of ISP's customers prefer to place a large order once a year, versus placing smaller orders throughout a 12-month period. The change in our backlog was as expected given the large order for ISP in the second quarter that we are now shipping against and will continue to ship through the next several quarters. Overall, our consolidated business continued to ramp in the third quarter of fiscal 2017, with particular strength from the telecommunications, industrial tools and thermal end markets. The Company's consolidated 12-month backlog remains healthy at approximately $11.1 million at March 31, 2017, an improvement from $6.6 million at June 30, 2016." "We believe that the 106% revenue growth, which is partially attributable to ISP, reflects our ability to diversify our product lines and end markets, which we believe is one of our competitive strengths. The catalysts that have been driving our markets remain in place. In fact, the telecommunications market which has been very strong continues to see an increasing demand for more bandwidth to support not only the upgrade of the metro core networks, the data center interconnect growth, and requirements for emerging countries but now also the increasing trend to send videos and pictures in place of texting. The latter business catalyst provides us with opportunities to supply products for the transmission of content on fiber networks and through data centers and also the components incorporated by consumer electronic original equipment manufacturers in smart devices and other items that are part of the process to create video and picture content." "We continue to invest in research and development as well as in global sales and marketing initiatives in a concerted effort to drive future growth. Subsequent to the end of the third quarter of 2017, we were awarded a large scale order for precision glass optics used in optical encoder systems from a UK-based world leader in metrology products. We believe this order validates our continued investment in research and development and our efforts to partner with large market participants, all in an effort to expand our global reach." "With the acquisition of ISP, we made significant progress in setting the stage for continued growth in the infrared market which is a market growing both larger and faster than the market for our molded optical lens. In addition to investments in research and development, we have hired new marketing and business development personnel and added distributors around the world. We have also begun to improve our processes to further enhance our volume production and turnaround time in light of our recent growth." "Across the board we are experiencing strong demand for our products and believe we have the technology and the personnel to capitalize on these opportunities. With impressive fiscal 2017 third quarter financial results, we are very encouraged by our future prospects. I encourage you to join our investor conference call on Thursday, May 4th at 4:30 p.m. ET where we will discuss in more detail, specific LightPath and ISP accomplishments." Financial Results for Three Months Ended March 31, 2017 Compared to the Three Months Ended March 31, 2016 Revenue for the third quarter of fiscal 2017 was approximately $8.5 million, an increase of approximately $4.4 million, or 106%, as compared to the same period of the prior fiscal year. The increase from the third quarter of the prior fiscal year is attributable to an approximately $3.5 million increase, or 893%, in revenues generated by infrared products, primarily attributable to ISP, and an approximately $1.2 million increase, or 132%, in sales of high volume precision molded optics ("HVPMO") lenses, partially offset by an approximately $323,000 decrease, or 38%, in revenues from specialty products and an approximately $30,000 decrease, or 17%, 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 $272,000 of revenues generated in the third quarter of fiscal 2016 for a final order of custom fiber collimator assemblies. This specific product technology was transferred to the customer pursuant to a license agreement entered into in fiscal 2015. Thus, the customer is no longer placing orders for fiber collimator assemblies with us. Gross margin in the third quarter of fiscal 2017 was $4.2 million, an increase of 90% as compared to $2.2 million in the prior year period. Gross margin as a percentage of revenue was 50% for the third quarter of fiscal 2017, compared to 54% for the third 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, for the full quarter. Total cost of sales was approximately $4.3 million for the third 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 third quarter of fiscal 2017, total costs and expenses were approximately $2.9 million, an increase of approximately $932,000 compared to the same period of the prior fiscal year. The increase was primarily due to an approximately $406,000 increase in wages, an approximately $305,000 increase in the amortization of intangibles due to the ISP acquisition, an approximately $143,000 increase in research and development expenses, an approximately $131,000 increase in professional fees, an approximately $71,000 increase in travel expenses and an approximately $45,000 increase in expenses related to the acquisition of ISP. The Company also increased its research and development expenses by 87% to $308,000 in the third quarter of fiscal 2017, compared to $165,000 in the previous year, as part of its growth strategy. In the third quarter of fiscal 2017, the Company recognized non-cash expense of approximately $748,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement. In the third quarter of fiscal 2016, the Company recognized non-cash income of approximately $662,000 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 approximately $266,000 in the third quarter of fiscal 2017, an increase of $139,000 compared to the third 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 the third quarter of fiscal 2017 was primarily attributable to 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 operations in that country 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 Latvia 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, which are both excluded when completing taxable income, the effective tax rate was 24%. Net income for the third quarter of fiscal 2017 was $101,000, or $0.00 per basic and diluted common share, which includes non-cash expense of approximately $748,000, or $0.04 per basic and diluted common share, for the change in the fair value of the warrant liability, compared with net income of approximately $776,000, or $0.05 per basic and $0.04 per diluted common share, which includes non-cash income of approximately $662,000, or $0.04 per basic and $0.03 per 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 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 in the third quarter of fiscal 2017 as compared to the prior year period. Approximately 73% of the increase in SG&A expenses 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 645% to approximately $849,000 in the third quarter of fiscal 2017, as compared to $114,000 in the same period of fiscal 2016. The Company had foreign currency exchange income in the third quarter of fiscal 2017 due to changes in the value of the Chinese Yuan and Euro in the amount of approximately $18,000, which had no impact on basic and diluted earnings per share, compared to foreign currency exchange income of $26,000, with no impact on earnings per share in the same period of the prior fiscal year. Weighted-average basic and diluted common shares outstanding increased to 23,818,136 and 25,628,703, respectively, in the third quarter of fiscal 2017 from 15,530,574 and 17,404,152, respectively, in the third 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 third quarter of fiscal 2017 was approximately $1.3 million compared to approximately $1.1 million in the third 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 $45,000 were associated with the acquisition of ISP, and the recognition of non-cash expense associated with the change 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 third quarter of fiscal 2017, an increase of 333% as compared with approximately $469,000 for the same period of the prior fiscal year. Financial Results for Nine Months Ended March 31, 2017 Compared to the Nine Months Ended March 31, 2016 Revenue for the first nine months of fiscal 2017 was approximately $19.4 million, an increase of approximately $6.8 million, or 54%, as compared to the same period of the prior fiscal year. The increase from the first nine months of the prior fiscal year is attributable to an approximately $4.2 million increase, or 375%, in revenues generated primarily by sales of ISP's infrared lenses, an approximately $3.2 million increase, or 121%, in revenues generated by sales of HVPMO lenses, and an approximately $888,000 increase, or 17%, in revenues generated by sales of LVPMO lenses, partially offset by an approximately $1.2 million decrease, or 40%, in revenues from specialty products and an approximately $166,000 decrease or 32% 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 the first nine months of fiscal 2016 due to a final order of custom fiber collimator assemblies. This specific product technology was transferred to the customer pursuant to a license agreement entered into in fiscal 2015. Thus, the customer is no longer placing orders for fiber collimator assemblies with us. Gross margin as a percentage of revenue in the first nine months of fiscal 2017 was 53%, compared to 55% in the first nine months of fiscal 2016. Gross profit in the first nine months of fiscal 2017 was $10.4 million, compared to $6.8 million in the prior year period, an increase of 51%. Total cost of sales was approximately $9.0 million for the first nine months of fiscal 2017, an increase of approximately $3.3 million compared to the same period of the prior fiscal year. The 58% increase in cost of sales was entirely due to the increased volume largely due to the acquisition of ISP. During the first nine months of fiscal 2017, total costs and expenses were approximately $7.3 million, an increase of approximately $2.0 million compared to the same period of the prior fiscal year. The increase was primarily due to: (i) a $653,000 increase in expenses related to the acquisition of ISP, (ii) a $305,000 increase in amortization of intangible due to the ISP acquisition, (iii) a $680,000 increase in wages, iv) a $194,000 increase in professional fees, and v) a $107,000 increase in travel expenses. In the first nine months of fiscal 2017, the Company recognized non-cash expense of approximately $458,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement. In the first nine months of fiscal 2016, the Company recognized non-cash expense of approximately $25,000 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 $772,000 in the first nine months of fiscal 2017, an increase of $641,000 from the first nine months 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 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 the Company's Chinese subsidiaries and to a lesser extent income taxes attributable to the ISP Latvia. 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. 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 Latvia 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, which are both excluded when computing taxable income, the effective tax rate was 25%. Net income for the first nine months of fiscal 2017 was $1.3 million, or $0.07 per basic and diluted common share, which includes non-cash expense of approximately $458,000, or $0.03 per basic and diluted common share, for the change in the fair value of the warrant liability, compared with net income of approximately $1.1 million, or $0.07 per basic and $0.06 diluted common share, which includes non-cash expense of approximately $25,000, or no impact 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 nine months of fiscal 2017 as compared to the prior year period, including higher SG&A expenses, new product development costs, and an approximately $653,000 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, and other non-cash expenses, was approximately $1.8 million in the first nine months of fiscal 2017, as compared to $1.1 million in the same period of fiscal 2016. The Company had foreign currency exchange expense in the first nine months of fiscal 2017 due to changes in the value of the Chinese Yuan and Euro in the amount of approximately $254,000, which had a $0.01 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 earnings per share in the same period of the prior fiscal year. Weighted-average basic and diluted common shares outstanding increased to 18,621,072 and 20,145,976, respectively, in the first nine months of fiscal 2017 from 15,339,337 and 16,843,880, respectively, in the first nine months 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 exercises of stock options and warrants. EBITDA for the first nine months of fiscal 2017 was approximately $3.6 million compared to approximately $1.9 million in the first nine months of 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 $653,000 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 $4.0 million in the first nine months of fiscal 2017 as compared with approximately $1.9 million for the same period of the prior fiscal year. Cash and cash equivalents totaled approximately $6.8 million as of March 31, 2017, a 135% increase from June 30, 2016. Cash flow provided by operations was approximately $2.9 million for the first nine months of fiscal 2017, compared with $1.2 million in the prior year period. During the first nine months of fiscal 2017, the Company expended approximately $1.4 million for capital equipment while growing its cash balance, as compared to $756,000 in the same period last year. The current ratio as of March 31, 2017 and June 30, 2016 was 3.5 to 1. Total stockholders' equity as of March 31, 2017 was approximately $22.9 million, a 109% 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 March 31, 2017, the Company's 12-month backlog was $11.1 million, compared to $6.6 million as of June 30, 2016, an increase of approximately 59%, 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 (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. 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 (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 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 (loss) 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, May 4 at 4:30 p.m. ET to discuss its financial and operational performance for the fiscal 2017 third quarter ended March 31, 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 May 18, 2017. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10105734. 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. 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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