Attached files
file | filename |
---|---|
8-K - CURRENT REPORT - LIGHTPATH TECHNOLOGIES INC | lpth_8k.htm |
Exhibit 99.1
For
Immediate Release
LightPath Technologies Announces Preliminary Results for Fourth
Quarter and Fiscal 2018
ORLANDO, FL –
August 9, 2018 – LightPath
Technologies, Inc. (NASDAQ: LPTH) (“LightPath,”
the “Company,” or “we”), a leading
vertically integrated global
manufacturer, distributor and
integrator of
proprietary optical
and infrared components and high-level
assemblies, today announced preliminary financial results
for the fiscal fourth quarter ended June 30, 2018 and the
scheduling of a conference call and simultaneous webcast to take
place on September 13, 2018 to discuss the Company’s
financial and operational results for the fourth quarter and full
year.
Preliminary Financial Results for the Fourth Quarter and Fiscal
2018
Subject
to completion of the audit of the Company’s financial results
for the quarter and year ended June 30, 2018, LightPath expects to
report:
●
12-month backlog
between $12.6 million and $12.9 million at June 30, 2018, compared
to $9.3 million at June 30, 2017.
●
Total revenues
between $7.8 million and $8.1 million for the fourth quarter of
fiscal 2018, compared to $9 million for the fourth quarter of
fiscal 2017.
●
Bank debt of
approximately $6.6 million as of June 30, 2018, a debt decrease of
40% as compared to $11.0 million at June 30, 2017.
●
Capital
expenditures of approximately $2.5 million for the fiscal year
ended June 30, 2018, compared to $2.2 million in the prior
year.
●
Cash and cash
equivalents of approximately $6.5 million as of June 30, 2018, as
compared to $8.1 million at June 30, 2017, a decrease of $1.6
million related primarily to spending on capital expenditures and
debt reduction.
Jim
Gaynor, President and Chief Executive Officer of LightPath,
commented, “The highlight of our fourth quarter and fiscal
2018 preliminary results was strong order bookings, which gained
momentum throughout the year. Based on our preliminary results, we
expect an approximately 35% increase in 12-month backlog as of June
30, 2018, compared to the prior period. We also expect bookings to
continue at an equally, if not faster, pace into fiscal 2019. We
are disappointed with the anticipated fiscal 2018 fourth quarter
revenues, which are lower than we expected. We have had some
booking success given our focus on long-term contracts over
one-time project orders. However, we experienced some capacity
constraint issues with our infrared products lines, and shipments
were impacted by continued weakness in the telecommunications
sector. The capacity constraints resulted in the deferral of some
infrared shipments during the fourth quarter, which impacted our
revenues.”
1
Mr.
Gaynor continued, “In addition, our new orders are dominated
by infrared product contracts, which typically have a longer
process cycle time from order to delivery than our visible light
precision molded optics products. The substantial growth of our
infrared business has been at a faster pace than we anticipated and
was further accelerated by the high germanium (Ge) prices, which
generated even more interest from our customers to convert to our
chalcogenide (BD6 Ge free) glass material
system.”
“This rapid
growth in demand for our infrared products has uncovered a
scalability issue with this business given its longer process
cycle. We are taking steps to shorten our business process cycle so
that the time from investment to benefit is reduced. These steps
include improvements to our sales and marketing initiatives,
upgrades in order to better vertically integrate our global
manufacturing platforms, and the recently announced transition of
our New York operations to our other locations around the world.
The investments being made now align with the anticipated 40%
reduction of debt during fiscal 2018 as we take a balanced approach
toward improving our financial condition and paving the way for
long-term growth in all other aspects of our business. To this end,
we are increasing our production capacity and developing processes
for improved margins for years to come,” he
concluded.
The
Company will issue the final financial results for the fourth
quarter and year ended June 30, 2018 on September 13, 2018 after
the close of the stock market. Following the issuance of the
financial results press release, a conference call and simultaneous
webcast will be held.
Investor Conference Call and Webcast Details
LightPath will host
an audio conference call and webcast on Thursday, September 13 at
4:30 p.m. ET to discuss its financial and operational performance
for the fourth quarter and year ended June 30, 2018.
Date:
Thursday, September 13, 2018
Time:
4:30 PM (ET)
Dial-in
Number: 1-877-317-2514
International
Dial-in Number: 1-412-317-2514
Webcast: https://services.choruscall.com/links/lpth180913.html
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 September 27, 2018. To listen to the
replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088
(international), and enter conference ID # 10122979.
About
LightPath Technologies
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.
2
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.
Information
Regarding Preliminary Results
The
preliminary estimated financial information contained in this press
release reflects management’s estimates based solely upon
information available to it as of the date of this press release
and is not a comprehensive statement of our financial results for
the fourth quarter and year ended June 30, 2018. We have provided
ranges for the preliminary estimated financial results described
above primarily because our financial closing procedures for the
fourth quarter and year ended June 30, 2018 are not yet complete.
The information presented above should not be considered a
substitute for full audited financial statements for the fourth
quarter and year ended June 30, 2018, once they become available,
and should not be regarded as a representation by us or our
management as to the actual financial results for the four quarter
and year ended June 30, 2018. The ranges for the preliminary
estimated financial results described above constitute
forward-looking statements. The preliminary estimated financial
information presented above is subject to change, and our actual
financial results may differ from such preliminary estimates and
such differences could be material. Accordingly, you should not
place undue reliance upon these preliminary estimates.
Forward-Looking
Statements
This press release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “forecast,” “guidance,”
“plan,” “estimate,” “will,”
“would,” “project,” “maintain,”
“intend,” “expect,”
“anticipate,” “prospect,”
“strategy,” “future,” “likely,”
“may,” “should,” “believe,”
“continue,” “opportunity,”
“potential,” and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. These forward-looking statements are based on
information available at the time the statements are made and/or
management’s good faith belief as of that time with respect
to future events, and are subject to risks and uncertainties that
could cause actual results to differ materially from those
expressed in or suggested by the forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to, factors detailed by LightPath Technologies,
Inc. in its public filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended June 30, 2017. Should one or more of these risks,
uncertainties, or facts materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by the forward-looking
statements contained herein. Accordingly, you are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date they are made. Forward-looking statements
should not be read as a guarantee of future performance or results,
and will not necessarily be accurate indications of the times at,
or by, which such performance or results will be achieved. Except
as required under the federal securities laws and the rules and
regulations of the Securities and Exchange Commission, we do not
have any intention or obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contacts:
|
|
|
Jim Gaynor, President &
CEO
|
Don
Retreage, Jr. CFO
|
Jordan
Darrow
|
LightPath Technologies,
Inc.
|
LightPath
Technologies, Inc.
|
Darrow
Associates, Inc.
|
Tel: 407-382-4003
|
Tel: 407-382-4003 x329
|
Tel: 512-551-9296
|
jgaynor@lightpath.com
|
dretreage@lightpath.com
|
jdarrow@darrowir.com
|
|
|
|
3