ORLANDO, Fla., July 25, 2013 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) (the "Company", "LightPath" or "we"), a global manufacturer, distributor and integrator of proprietary optical components and assemblies, announced today its preliminary financial results for the fourth quarter ended June 30, 2013.
The Company reported preliminary revenue of $3.13 million for the fourth quarter of fiscal 2013, an increase of 10% over the fiscal third quarter of 2013 and an increase of 1%, as compared to the fourth quarter of last year.
Cash on hand as of June 30, 2013 was approximately $1.57 million, an increase of 12% as compared to approximately $1.40 million on March 31, 2013.Backlog scheduled to ship within the next 12 months was $4.14 million as of June 30, 2013. Jim Gaynor, President and Chief Executive Officer of LightPath, stated, "LightPath is growing its business in new markets at a rapid pace as indicated by our 61% increase in unit volume in the fourth quarter of fiscal 2013 compared to the fourth quarter last year and a 30% unit volume increase in the fourth quarter of fiscal 2013 compared to the third quarter of fiscal 2013. As previously disclosed, we have been successfully penetrating high volume lower price applications and are experiencing a corresponding change in our operating performance. While our revenue has grown, our unit volume and gross margins have grown dramatically. Our average sales price on precision molded optics was approximately 21% lower in the fourth quarter of fiscal 2013 as compared to the fourth quarter of fiscal 2012, which was offset by the 61% increase in unit volume and 41% decrease in our cost of products sold." Mr. Gaynor continued, "Our focus remains to grow our revenue and increase our operating cash flow. The execution of strategies aligned with our focus has resulted in our cash balance increasing by 12% in the most recent quarter. As we look forward, we believe we have positioned the Company for continued, long term growth for both of these metrics. We believe we will be supported by the optical market which is at the beginning of a multi-year growth cycle driven by four major themes: expansion of cloud computing, video distribution moving to digital technology, expansion of wireless broadband and machine-to-machine communications. LightPath has the products to participate in the opportunities and applications being created by these growth themes."