Disclosure Backlog (millions)
3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008
Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008
---------- ---------- ---------- ---------- ----------
Industrial $ 1.56 $ 1.49 $ 2.07 $ 2.22 $ 2.67
Telecom $ 0.52 $ 0.36 $ 0.41 $ 0.47 $ 0.38
---------- ---------- ---------- ---------- ----------
Total $ 2.08 $ 1.85 $ 2.48 $ 2.69 $ 3.05
========== ========== ========== ========== ==========
The backlog of our industrial business is growing as we implement our
strategic business plan. We are becoming less dependent on the more
volatile business segments such as telecom. We continue to diversify our
business through penetration of the higher volume, lower cost commercial
markets, infrared products and collimator products. Management believes
that the increased backlog we are experiencing will result in increased
revenue commencing in the fourth quarter of fiscal 2008.
Our estimated revenues for our fiscal third quarter of 2008 are based on
projected sales of approximately $2.11 million compared with $2.02 million
in the second quarter of fiscal 2008, an increase of 5%. Our industrial
business is up 12% from the second fiscal quarter as we build on our
diversification away from the telecommunications market.
Revenue (millions)
3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008
Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008
---------- ---------- ---------- ---------- ----------
Industrial $ 1.65 $ 1.52 $ 1.95 $ 1.62 $ 1.81
Telecom $ 1.25 $ 0.75 $ 0.36 $ 0.41 $ 0.30
---------- ---------- ---------- ---------- ----------
Total $ 2.90 $ 2.28 $ 2.31 $ 2.02 $ 2.11
========== ========== ========== ========== ==========
3/31/2007 3/31/2008
Q3 YTD Q3 YTD
---------- ----------
Industrial $ 5.32 $ 5.38
Telecom $ 5.75 $ 1.07
---------- ----------
Total $ 11.08 $ 6.44
========== ==========
Our preliminary projections of cash used by operations for the fiscal third
quarter of 2008 is $607,000, down approximately 44% from the fiscal second
quarter of 2008 and 51% from the fiscal first quarter of 2008.
Cash usage (thousands)
3/31/2007 6/30/2007 9/30/2007 12/31/2007
Q3 2007 Q4 2007 Q1 2008 Q2 2008
---------- ---------- ---------- ----------
Cash usage from operations $ 534 $ 418 $ 1,251 $ 1,092
Cash usage $ 552 $ 591 $ 1,402** $ 1,354
3/31/2008 3/31/2007 3/31/2008
Q3 2008 Q3 YTD Q3 YTD
---------- ---------- ----------
Cash usage from operations $ 607 $ 1,439 $ 2,950
Cash usage $ 1,094 $ 1,881 $ 3,850**
** excludes $2.9 million equity raise in July 2007
Jim Gaynor, President and Chief Executive Officer of LightPath, commented,
"I am pleased to see the positive effects from our continued expense
reduction and cost reduction work in lower cash usage per quarter. It is
also encouraging to see the increase in quarterly revenue from last quarter
combined with the backlog increase indicating that we are emerging from
this weak business period."
Mr. Gaynor also announced, "We have signed a letter of intent with a
ThorLabs, Inc., a major optics company, to sell certain patents, equipment
and inventory associated with the GRADIUM® product line for $1 million
cash. We will continue to have the right to sell the GRADIUM® products to
our customer base. ThorLabs will take over the manufacturing of the
GRADIUM® products and maintain an inventory to support our sales efforts.
The transaction is subject to completion of due diligence and the
negotiation of a purchase agreement, but is expected to close by the middle
of May 2008."
Mr. Gaynor further commented, "The sale of this non-strategic specialty
line is another action that will allow us to focus our resources on the
execution of our business strategy. Our strategy is to manufacture higher
volume, lower cost products targeting imaging applications, industrial
laser applications and infrared applications. To ensure that cash is on
hand when needed to provide near term flexibility, we are arranging short
term financing backed by our accounts receivable.
"With these first pieces of our business strategy in place we will be
focusing future efforts on the start up of the joint venture in China with
our partner CDGM and undertaking an aggressive investor relations program
to ensure that our shareholders understand the direction of LightPath and
are informed of the progress we are making."
Webcast Details:
LightPath plans to hold an audio webcast around mid May to discuss details
regarding the company's performance for the third quarter of fiscal 2008.
The company will announce the specific time for the webcast at a later
date. The session may be accessed at www.lightpath.com. A transcript
archive of the webcast will be available for viewing or download on our
website shortly after the call is concluded.
LightPath manufactures optical products including precision molded aspheric
optics, precision molded infrared optics, GRADIUM® glass products,
proprietary collimator assemblies, isolators utilizing proprietary
automation technology, higher-level assemblies and packing solutions.
LightPath has a strong patent portfolio that has been granted or licensed
to us in these fields. LightPath common stock trades on the Nasdaq Capital
Market under the symbol "LPTH." Investors are encouraged to go to
LightPath's website for additional financial information.
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. 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.
Contact Information: Contact: Dorothy Cipolla CFO LightPath Technologies, Inc. (407) 382-4003 Internet: www.lightpath.com