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Technology Stocks : Lightpath Technologies: LPTH New WDM player
LPTH 1.220-4.7%3:59 PM EDT

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To: danofthebes who wrote (1199)11/10/2000 9:51:44 AM
From: jkc  Read Replies (1) of 1218
Outstanding Q1 results. Note the backlog!

LightPath Technologies Announces First Quarter of Fiscal 2001 Financial Results

Revenue Growth Continues Due to Telecom Product Ramp

ALBUQUERQUE, N.M., Nov. 10 /PRNewswire/ -- LightPath Technologies, Inc. (Nasdaq: LPTH - news), manufacturer of families of high performance fiber-optic collimator, isolator and mechanical switch products, today announced financial results for the first quarter of the fiscal year ended June 30, 2001. Results for the three month reporting period ended September 30, 2000 include the operating results of Geltech, Inc. (Geltech) since September 20, 2000, the date the Company acquired Geltech.

For the quarter ended September 30, 2000, the Company reported total revenues of $3.06 million compared to total revenues of $269,105 for the first quarter of the previous fiscal year, a 1039% increase due to subsidiary sales and increased telecom product sales. Net loss for the quarter was $16.9 million, which includes approximately $14.3 million in non-cash charges for the write off of the acquired in-process research and development of Geltech, amortization of acquisition intangible assets and goodwill and stock based compensation expense. Net loss applicable to common shareholders in the first quarter of fiscal 2001 was $17 million or $(0.93) per applicable common share, compared to a net loss of $1 million and a net loss applicable to common shareholders of $1.02 million or $(0.20) per applicable common share, in the first fiscal quarter of the previous year. Excluding the non-cash charges, which attributed $(.78) to the net loss per share, the net loss per applicable common share would have been $(0.15) in the first quarter of fiscal 2001. The number of shares outstanding used in the per-share calculations for the three month period increased by 251% from the previous year's comparable period due to the conversions of the convertible debentures and preferred stock issued in private placements, the exercise of Class A and Class B warrants and other outstanding warrants and options and the issuance of shares in connection with the acquisitions of Horizon Photonics and Geltech. The Company ended the first quarter of fiscal 2001 with a $7 million increase in its investment in LightChip, $1.5 million of Geltech debt and approximately $46 million in cash.

The Company also announced that it had posted record product sales bookings for the fifth consecutive quarter. Sales bookings increased to $10.2 million for the first quarter of fiscal 2001 compared to $4 million at June 30, 2000. This increase was attributed to telecom product orders taken from the Company's largest customers, Corning Inc., Lucent Technologies, Inc., SDL, Inc. and New Focus, and the Company expects significant growth in its telecom product areas over the next twelve months.

Don Lawson, President and CEO, commented, ``I am pleased that our efforts this year to broaden our telecom optical component offerings and expand our manufacturing capacity has yielded significant increases in both product shipments and sales backlog in this first quarter of fiscal year 2001. Looking ahead to the next three quarters, I expect continued growth from our collimator, isolator, aspherical lens and switch products allowing us to achieve in excess of $33 million in revenue for the year. During the quarter, we were pleased that the Geltech acquisition closed on schedule. The combination of optical products and material technologies has further enhanced our strategy to keep pace with the proliferation of the optical network with a range of component products from our automated
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