LightPath Technologies Provides Update Related to Hurricane Ian

Rhea-AI Summary

LightPath Technologies (NASDAQ:LPTH) has reported operational disruptions due to Hurricane Ian, resulting in facility closures for nearly three days in Orlando, Florida. This led to delays in shipments, with a projected revenue impact of $400,000 to $700,000 for the first quarter of fiscal 2023. CEO Sam Rubin assured that, despite these challenges, no additional material financial impacts are expected. LightPath continues to prioritize employee safety while monitoring storm-related effects on operations.

Positive

• CEO noted no expected additional material adverse financial impacts from Hurricane Ian.
• Company prioritizes employee safety during operational disruptions.

Negative

• Projected revenue loss of $400,000 to $700,000 due to shipment delays from Hurricane Ian.

ORLANDO, FL / ACCESSWIRE / October 6, 2022 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared components and high-level assemblies, today provided an update regarding the impact of Hurricane Ian. The Company's largest manufacturing facility and a significant employee base are located in and around the Orlando, Florida area.

"Due to the magnitude and path of Hurricane Ian, our Orlando facilities were closed for nearly three days last week, constituting the final three days of the fiscal quarter. The decision to close these facilities was to ensure our employees and their families were safe, and was done in accordance to the local government's guidelines," said Sam Rubin, Chief Executive Officer of LightPath Technologies. "The facility closure resulted in a delay of shipments which impacted revenue for the final week of the fiscal 2023 first quarter. An initial assessment is that fiscal first quarter revenues could be negatively impacted by $400,000 to $700,000 due to delayed shipping of orders."

Mr. Rubin continued: "Our thoughts are with those affected by this devastating event. LightPath will continue to monitor any storm-related impacts to its business but at this time we do not believe there will be any additional material adverse financial impact to the company's revenue or costs as a result of Hurricane Ian."

About LightPath Technologies
LightPath Technologies, Inc. is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. LightPath designs and manufactures proprietary optical and infrared components including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black Diamond^TM ("BD6") chalcogenide-based glass 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 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.

Investor Contact:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
LPTH@mzgroup.us
+561 489 5315

SOURCE: LightPath Technologies

View source version on accesswire.com:
https://www.accesswire.com/719402/LightPath-Technologies-Provides-Update-Related-to-Hurricane-Ian

FAQ

What was the estimated revenue impact of Hurricane Ian on LightPath Technologies?

LightPath Technologies estimates that Hurricane Ian will negatively impact revenues by $400,000 to $700,000 due to delayed shipments.

How long were LightPath's facilities closed due to Hurricane Ian?

LightPath's facilities were closed for nearly three days due to Hurricane Ian.

Will LightPath Technologies face further financial impacts from Hurricane Ian?

Currently, LightPath Technologies does not anticipate any additional material adverse financial impacts from Hurricane Ian.

What is the stock symbol for LightPath Technologies?

The stock symbol for LightPath Technologies is LPTH.