LightPath Technologies Reports Financial Results for Fiscal 2021 Third Quarter
LightPath Technologies (LPTH) reported a record revenue of $10.7 million for Q3 FY2021, marking a 23% increase year-over-year. The first nine months brought in $30.1 million, up 17% from the previous year. Despite revenue growth, the company faced a net loss of $223,000 in Q3 and $272,000 for the first nine months, a decline from the net income of $816,000 and $210,000 respectively in the prior year. Gross margin contracted to 36% in Q3 due to inefficiencies in new product lines, reflecting operational challenges as the company adjusts to increased production demands.
- Record quarterly revenue of $10.7 million, 23% increase year-over-year.
- First nine months revenue of $30.1 million, 17% increase year-over-year.
- IR product sales increased 50%, contributing to revenue growth.
- Net loss of $223,000 in Q3 FY2021 compared to $816,000 net income in Q3 FY2020.
- Gross margin decreased to 36% from 46% due to production inefficiencies.
- Operating expenses increased by 27% in Q3, primarily from SG&A costs.
Revenues Set New Quarterly Record by Exceeding
ORLANDO, FL / ACCESSWIRE / May 6, 2021 / 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 announced financial results for its fiscal 2021 third quarter ended March 31, 2021.
Fiscal 2021 Third Quarter and Nine Months Financial Results Highlights:
- Revenue for the third quarter of fiscal 2021 of
$10.7 million , an increase of23% from the prior year period. - First nine months of fiscal 2021 revenue of
$30.1 million , an increase of17% from the prior year period. - Total backlog at end of the third quarter of fiscal 2021 of
$19.5 million , compared to$22.8 million at the end of the third quarter of fiscal 2020. - Gross margin as a percentage of revenue was
36% in the third quarter of fiscal 2021, which reflects yield inefficiencies on many new lenses moving into production volume, as compared to46% in the third quarter of fiscal 2020. - First nine months of fiscal 2021 gross margin of
38% , compared to40% in the prior year period. - Net loss for the third quarter of fiscal 2021 was
$223,000 , compared to net income of$816,000 in the third quarter of fiscal 2020. - Net loss for first nine months of fiscal 2021 was
$272,000 , compared to net income of$210,000 in the prior year period. - EBITDA* for the third quarter of fiscal 2021 was
$1.1 million , compared to$1.9 million in the third quarter of fiscal 2020. - EBITDA for first nine months of fiscal 2021 was
$3.5 million , compared to$3.7 million in the first nine months of fiscal 2020. - Capital expenditures were approximately
$2.7 million for the first nine months of fiscal 2021, compared to$1.5 million for the first nine months of fiscal 2020. - Total debt, including finance leases, was reduced by
8% or approximately$482,000 in the first nine months of fiscal 2021. - Cash and cash equivalents of
$5.9 million as of March 31, 2021 increased over10% as compared to$5.4 million as of June 30, 2020.
* This press release includes references to non-GAAP financial measures. Please see the heading "Use of Non-GAAP Financial Measures" below for a more complete explanation.
Management Comments
Sam Rubin, President and Chief Executive Officer of LightPath, stated, "Our long-term growth plans are beginning to deliver their intended results with revenues in the fiscal 2021 third quarter reaching the highest level for any quarter in our history. This marks the second consecutive quarter in which we set a new record for quarterly revenues. This long-term strategy should be viewed in the context of a series of steps implemented in shorter durations with each resulting in changes to the Company's culture, approach to the market, and financial and operational performance.
"My initial focus after being appointed CEO of LightPath early last year, was to assess the Company's strengths, weaknesses and capabilities - all while dealing with a global pandemic. Soon after my appointment, we developed and began implementing our new strategy with an orientation towards driving growth through providing engineered solutions. This new direction for the Company led to the strong revenue growth we reported today. Among our other achievements, from the beginning of the fiscal year through the end of the third quarter, our cash increased by
"The growth in sales is fueling the Company and further driving the need for additional changes and improvements. In turn, this has led to the next step of our transformation which requires the strengthening and expanding of our leadership team. During and following the end of the fiscal third quarter, we announced a series of management appointments, including our new Chief Financial Officer, new Vice President of Operations, and new General Manager of our China subsidiaries, with corresponding one-time expenses for the associated changeover as we put our new team in place. Now, the focus is turning towards the operations, efficiencies and overall performance. Similar to the efforts that led to our initial top line growth in this fiscal year, which took a couple of quarters to be realized, our shareholders should expect a period of adjustments with the new leadership team until we begin more fully experiencing the intended results of operational optimization.
"As we report another record performance for quarterly revenues and further improvement in our balance sheet, we are energized with a strengthened management team to lead us through our next phase of growth. This anticipated growth is on an organic basis that feeds from the many secular trends requiring high volume photonics solutions and will leverage our strategy for closer collaboration as a valued partner to our customers. In addition, we intend to pursue select acquisitions to augment our product lines and manufacturing capabilities."
Financial Results
Revenue
Three months ended March 31, 2021, compared to three months ended March 31, 2020
Revenue for the third quarter of fiscal 2021 was approximately
Revenue generated by IR products was approximately
Revenue generated by PMO products was approximately
Revenue generated by specialty products was approximately
Nine months ended March 31, 2021, compared to nine months ended March 31, 2020
Revenue for the first nine months of fiscal 2021 was approximately
Revenue generated by IR products was approximately
Revenue generated by PMO products was approximately
Revenue generated by specialty products was approximately
Cost of Sales and Gross Margin
Three months ended March 31, 2021, compared to three months ended March 31, 2020
Gross margin in the third quarter of fiscal 2021 was approximately
Nine months ended March 31, 2021, compared to nine months ended March 31, 2020
Gross margin in the first nine months of fiscal 2021 was approximately
Operating Expenses
Three months ended March 31, 2021, compared to three months ended March 31, 2020
During the third quarter of fiscal 2021, total operating expenses were approximately
Nine months ended March 31, 2021, compared to nine months ended March 31, 2020
During the first nine months of fiscal 2021, total operating expenses were approximately
Other Income (Expense)
Interest expense was approximately
LightPath recognized net foreign currency transaction losses due to changes in the value of the Chinese Yuan and Euro against the U.S. Dollar in the amount of approximately
Income Taxes
During the third quarter of fiscal 2021, income tax expense was approximately
During the first nine months of fiscal 2021, income tax expense was approximately
LightPath has net operating loss ("NOL") carry-forward benefits of approximately
Net Income (Loss)
Net loss for the third quarter of fiscal 2021 was approximately
Net loss for the first nine months of fiscal 2021 was approximately
Weighted-average common shares outstanding were 26,366,651, basic and diluted, in the third quarter of fiscal 2021, compared to 25,858,155 and 27,569,844, basic and diluted, respectively in the third quarter of fiscal 2020. Weighted-average common shares outstanding were 26,153,839, basic and diluted, in the first nine months of fiscal 2021, compared to 25,840,881 and 27,349,303, basic and diluted, respectively, in the first nine months of fiscal 2020. The increase in the weighted-average basic common shares was due to the issuance of shares of Class A common stock (i) under the Employee Stock Purchase Plan, (ii) upon the exercises of stock options, and (iii) underlying vested RSUs.
EBITDA
EBITDA for the third quarter of fiscal 2021 was approximately
EBITDA for the nine months ended March 31, 2021 was approximately
EBITDA is a non-GAAP financial measure. A disclaimer and reconciliation are provided below.
Liquidity and Capital Resources
Cash and cash equivalents totaled approximately
The current ratio as of March 31, 2021 was 2.8 to 1, compared to 2.9 to 1 as of June 30, 2020. Total stockholders' equity as of March 31, 2021 was approximately
Sales Backlog
Historically, LightPath has disclosed sales backlog on a 12-month basis, which examined orders required by customers for delivery within a one-year period. To better align with the Company's strategic focus on longer-term customer orders and relationships, beginning in fiscal 2021 disclosure is being provided for total backlog and includes all firm orders that are reasonably believed to remain in the backlog and convert into revenues. As of March 31, 2021, LightPath's total backlog was
Historically, it is in the second quarter of each fiscal year that the Company receives the renewal of a large annual contract for IR products, which is typically shipped against beginning in the fiscal third quarter. The timing of other contract renewals may not be as consistent, and may substantially increase backlog levels at the time the orders are received, and backlog will subsequently be drawn down as shipments are made against these orders.
The Company continues to experience a growing demand for IR products used in the industrial, defense, and first responder sectors. Demand for IR products continues to be fueled by interest in lenses made with the Company's new BD6 material. The Company expects to maintain moderate growth in its visible PMO product group by continuing to diversify and offer new applications under a competitive pricing structure; however, the Company believes that the terminations of certain of management employees of its Chinese subsidiaries, LPOIZ and LPOI, and the transition to new management personnel could adversely impact the domestic sales in China over the next one to two quarters, which would affect potential growth in the Company's PMO lens business for that period.
*Use of Non-GAAP Financial Measures
To provide investors with additional information regarding financial results, this press release includes references to EBITDA and gross margin, both of which are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP, see the tables provided in this press release.
A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP. The Company's management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze underlying business operations and understand performance. In addition, management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP.
The Company calculates EBITDA by adjusting net income to exclude net interest expense, income tax expense or benefit, depreciation, and amortization.
The Company calculates gross margin by deducting the cost of sales from operating revenue. Cost of sales includes manufacturing direct and indirect labor, materials, services, fixed costs for rent, utilities and depreciation, and variable overhead. Gross margin should not be considered an alternative to operating income or net income, which is determined in accordance with GAAP. The Company believes that gross margin, although a non-GAAP financial measure, is useful and meaningful to investors as a basis for making investment decisions. It provides investors with information that demonstrates cost structure and provides funds for total costs and expenses. The Company uses gross margin in measuring the performance of its business and has historically analyzed and reported gross margin information publicly. Other companies may calculate gross margin in a different manner.
Investor Conference Call and Webcast Details
LightPath will host an audio conference call and webcast on Thursday, May 6, 2021 at 4:30 p.m. ET to discuss its financial and operational performance for its fiscal 2021 third quarter ended March 31, 2021.
Date: Thursday, May 6, 2021
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/lpth210506.html
Participants are recommended to 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 May 20, 2021. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID #10155633.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) 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, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black DiamondTM ("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.
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, and include, for example, statements related to the expected effects on the Company's business from the COVID-19 pandemic. 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, the duration and scope of the COVID-19 pandemic and impact on the demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including mandatory business closures and restrictions on onsite commercial interactions; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those 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, 2020. 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:
Jordan Darrow
Darrow Associates, Inc.
Tel: 512-551-9296
jdarrow@darrowir.com
(tables follow)
| LIGHTPATH TECHNOLOGIES, INC. | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||
| (unaudited) | |||||||||||
| March 31, | June 30, | ||||||||||
Assets | 2021 | 2020 | |||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 5,940,699 | $ | 5,387,388 | |||||||
Trade accounts receivable, net of allowance of | 6,158,709 | 6,188,726 | |||||||||
Inventories, net | 8,883,283 | 8,984,482 | |||||||||
Other receivables | 318,820 | 132,051 | |||||||||
Prepaid expenses and other assets | 487,937 | 565,181 | |||||||||
Total current assets | 21,789,448 | 21,257,828 | |||||||||
Property and equipment, net | 13,304,537 | 11,799,061 | |||||||||
Operating lease right-of-use assets | 1,208,692 | 1,220,430 | |||||||||
Intangible assets, net | 5,864,152 | 6,707,964 | |||||||||
Goodwill | 5,854,905 | 5,854,905 | |||||||||
Deferred tax assets, net | 659,000 | 659,000 | |||||||||
Other assets | 27,737 | 75,730 | |||||||||
Total assets | $ | 48,708,471 | $ | 47,574,918 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 2,196,823 | $ | 2,558,638 | |||||||
Accrued liabilities | 1,389,101 | 992,221 | |||||||||
Accrued payroll and benefits | 2,132,585 | 1,827,740 | |||||||||
Operating lease liabilities, current | 849,169 | 765,422 | |||||||||
Loans payable, current portion | 934,185 | 981,350 | |||||||||
Finance lease obligation, current portion | 242,417 | 278,040 | |||||||||
Total current liabilities | 7,744,280 | 7,403,411 | |||||||||
Finance lease obligation, less current portion | 108,412 | 279,435 | |||||||||
Operating lease liabilities, noncurrent | 656,535 | 887,766 | |||||||||
Loans payable, less current portion | 4,209,008 | 4,437,365 | |||||||||
Total liabilities | 12,718,235 | 13,007,977 | |||||||||
Stockholders' equity: | |||||||||||
Preferred stock: Series D, $.01 par value, voting; | |||||||||||
500,000 shares authorized; none issued and outstanding | - | - | |||||||||
Common stock: Class A, $.01 par value, voting; | |||||||||||
44,500,000 shares authorized; 26,565,926 and 25,891,885 | |||||||||||
shares issued and outstanding | 265,659 | 258,919 | |||||||||
Additional paid-in capital | 231,243,062 | 230,634,056 | |||||||||
Accumulated other comprehensive income | 1,815,482 | 735,892 | |||||||||
Accumulated deficit | (197,333,967 | ) | (197,061,926 | ) | |||||||
Total stockholders' equity | 35,990,236 | 34,566,941 | |||||||||
Total liabilities and stockholders' equity | $ | 48,708,471 | $ | 47,574,918 | |||||||
| LIGHTPATH TECHNOLOGIES, INC. | |||||||||||||||||||
| Condensed Consolidated Statements of Comprehensive Income (Loss) | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| March 31, | March 31, | ||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Revenue, net | $ | 10,701,362 | $ | 8,708,981 | $ | 30,132,505 | $ | 25860823 | |||||||||||
Cost of sales | 6,797,605 | 4,696,805 | 18,748,220 | 15,528,549 | |||||||||||||||
Gross margin | 3,903,757 | 4,012,176 | 11,384,285 | 10,332,274 | |||||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general and administrative | 2,805,829 | 2,255,625 | 8,009,484 | 6,796,536 | |||||||||||||||
New product development | 640,528 | 412,326 | 1,620,927 | 1,309,383 | |||||||||||||||
Amortization of intangibles | 281,270 | 281,271 | 843,812 | 848,071 | |||||||||||||||
Loss (gain) on disposal of property and equipment | 9,473 | 142 | 8,951 | (129,082 | ) | ||||||||||||||
Total operating expenses | 3,737,100 | 2,949,364 | 10,483,174 | 8,824,908 | |||||||||||||||
Operating income | 166,657 | 1,062,812 | 901,111 | 1,507,366 | |||||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense, net | (52,795 | ) | (85,464 | ) | (166,491 | ) | (273,262 | ) | |||||||||||
Other income (expense), net | (28,592 | ) | 42,038 | (23,075 | ) | (350,571 | ) | ||||||||||||
Total other income (expense), net | (81,387 | ) | (43,426 | ) | (189,566 | ) | (623,833 | ) | |||||||||||
Income before income taxes | 85,270 | 1,019,386 | 711,545 | 883,533 | |||||||||||||||
Income tax provision | 307,834 | 203,369 | 983,586 | 673,556 | |||||||||||||||
Net income (loss) | $ | (222,564 | ) | $ | 816,017 | $ | (272,041 | ) | $ | 209,977 | |||||||||
Foreign currency translation adjustment | (373,114 | ) | (244,520 | ) | 1,079,590 | (47,698 | ) | ||||||||||||
Comprehensive income (loss) | $ | (595,678 | ) | $ | 571,497 | $ | 807,549 | $ | 162,279 | ||||||||||
Earnings (loss) per common share (basic) | $ | (0.01 | ) | $ | 0.03 | $ | (0.01 | ) | $ | 0.01 | |||||||||
Number of shares used in per share calculation (basic) | 26,366,651 | 25,858,155 | 26,153,839 | 25,840,881 | |||||||||||||||
Earnings (loss) per common share (diluted) | $ | (0.01 | ) | $ | 0.03 | $ | (0.01 | ) | $ | 0.01 | |||||||||
Number of shares used in per share calculation (diluted) | 26,366,651 | 27,569,844 | 26,153,839 | 27,349,303 | |||||||||||||||
| LIGHTPATH TECHNOLOGIES, INC. | |||||||||||||||||||||||||||
| Condensed Consolidated Statements of Changes in Stockholders' Equity | |||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||
| Accumulated | |||||||||||||||||||||||||||
| Class A | Additional | Other | Total | ||||||||||||||||||||||||
| Common Stock | Paid-in | Comphrehensive | Accumulated | Stockholders' | |||||||||||||||||||||||
| Shares | Amount | Capital | Income | Deficit | Equity | ||||||||||||||||||||||
Balances at June 30, 2020 | 25,891,885 | $ | 258,919 | $ | 230,634,056 | $ | 735,892 | $ | (197,061,926) | $ | 34,566,941 | ||||||||||||||||
Issuance of common stock for: | |||||||||||||||||||||||||||
Employee Stock Purchase Plan | 3,306 | 33 | 10,976 | - | 11,009 | ||||||||||||||||||||||
Exercise of stock options, net | 207,640 | 2,076 | 124,024 | - | 126,100 | ||||||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 136,849 | - | - | 136,849 | |||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | 729,308 | - | 729,308 | |||||||||||||||||||||
Net income | - | - | - | - | 97,068 | 97,068 | |||||||||||||||||||||
Balances at September 30, 2020 | 26,102,831 | $ | 261,028 | $ | 230,905,905 | $ | 1,465,200 | $ | (196,964,858) | $ | 35,667,275 | ||||||||||||||||
Issuance of common stock for: | |||||||||||||||||||||||||||
Exercise of stock options & RSUs, net | 24,530 | 246 | 2,488 | - | - | 2,734 | |||||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 106,167 | - | - | 106,167 | |||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | 723,396 | - | 723,396 | |||||||||||||||||||||
Net loss | - | - | - | - | (146,545 | ) | (146,545 | ) | |||||||||||||||||||
Balances at December 31, 2020 | 26,127,361 | $ | 261,274 | $ | 231,014,560 | $ | 2,188,596 | $ | (197,111,403) | $ | 36,353,027 | ||||||||||||||||
Issuance of common stock for: | |||||||||||||||||||||||||||
Employee Stock Purchase Plan | 4,839 | 48 | 18,920 | - | - | 18,968 | |||||||||||||||||||||
Exercise of stock options & RSUs, net | 433,726 | 4,337 | 9,521 | - | - | 13,858 | |||||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 200,061 | - | - | 200,061 | |||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | (373,114 | ) | - | (373,114 | ) | |||||||||||||||||||
Net loss | - | - | - | - | (222,564 | ) | (222,564 | ) | |||||||||||||||||||
Balances at March 31, 2021 | 26,565,926 | $ | 265,659 | $ | 231,243,062 | $ | 1,815,482 | $ | (197,333,967) | $ | 35,990,236 | ||||||||||||||||
Balances at June 30, 2019 | 25,813,895 | $ | 258,139 | $ | 230,321,324 | $ | 808,518 | $ | (197,928,855) | $ | 33,459,126 | ||||||||||||||||
Issuance of common stock for: | |||||||||||||||||||||||||||
Employee Stock Purchase Plan | 13,370 | 134 | 12,033 | - | - | 12,167 | |||||||||||||||||||||
Exercise of RSUs, net | 4,394 | 44 | (44 | ) | - | - | - | ||||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 98,459 | - | - | 98,459 | |||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | 53,766 | - | 53,766 | |||||||||||||||||||||
Net loss | - | - | - | - | (1,375,157 | ) | (1,375,157 | ) | |||||||||||||||||||
Balances at September 30, 2019 | 25,831,659 | $ | 258,317 | $ | 230,431,772 | $ | 862,284 | $ | (199,304,012) | $ | 32,248,361 | ||||||||||||||||
Issuance of common stock for: | |||||||||||||||||||||||||||
Exercise of RSUs, net | 8,703 | 87 | (87 | ) | - | - | - | ||||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 95,441 | - | - | 95,441 | |||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | 143,056 | - | 143,056 | |||||||||||||||||||||
Net income | - | - | - | - | 769,117 | 769,117 | |||||||||||||||||||||
Balances at December 31, 2019 | 25,840,362 | $ | 258,404 | $ | 230,527,126 | $ | 1,005,340 | $ | (198,534,895) | $ | 33,255,975 | ||||||||||||||||
Issuance of common stock for: | |||||||||||||||||||||||||||
Employee Stock Purchase Plan | 17,167 | 171 | 12,274 | - | - | 12,445 | |||||||||||||||||||||
Exercise of Stock Options & RSUs, net | 5,000 | 50 | 6,100 | - | - | 6,150 | |||||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 68,130 | - | - | 68,130 | |||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | (244,520 | ) | - | (244,520 | ) | |||||||||||||||||||
Net income | - | - | - | - | 816,017 | 816,017 | |||||||||||||||||||||
Balances at March 31, 2020 | 25,862,529 | $ | 258,625 | $ | 230,613,630 | $ | 760,820 | $ | (197,718,878) | $ | 33,914,197 | ||||||||||||||||
| LIGHTPATH TECHNOLOGIES, INC. | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (unaudited) | |||||||||||
| Nine Months Ended March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
Cash flows from operating activities | |||||||||||
Net (loss) income | $ | (272,041 | ) | $ | 209,977 | ||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 2,608,472 | 2,587,315 | |||||||||
Interest from amortization of debt costs | 13,929 | 13,929 | |||||||||
Gain on disposal of property and equipment | 8,951 | (129,082 | ) | ||||||||
Stock-based compensation on stock options & RSUs, net | 443,077 | 252,436 | |||||||||
Provision for doubtful accounts receivable | (1,632 | ) | 9,769 | ||||||||
Change in operating lease liabilities | (135,746 | ) | (107,747 | ) | |||||||
Inventory write-offs to allowance | 144,741 | 37,883 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade accounts receivable | 31,649 | (108,222 | ) | ||||||||
Other receivables | (186,769 | ) | 353,695 | ||||||||
Inventories | (43,542 | ) | (590,415 | ) | |||||||
Prepaid expenses and other assets | 125,237 | 198,058 | |||||||||
Accounts payable and accrued liabilities | 339,909 | (857,813 | ) | ||||||||
Net cash provided by operating activities | 3,076,235 | 1,869,783 | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of property and equipment | (2,721,567 | ) | (1,505,021 | ) | |||||||
Proceeds from sale of equipment | - | 186,986 | |||||||||
Net cash used in investing activities | (2,721,567 | ) | (1,318,035 | ) | |||||||
Cash flows from financing activities | |||||||||||
Proceeds from exercise of stock options | 142,693 | - | |||||||||
Proceeds from sale of common stock from Employee Stock Purchase Plan | 29,976 | 24,612 | |||||||||
Borrowings on loan payable | 275,377 | - | |||||||||
Payments on loan payable | (554,102 | ) | (436,013 | ) | |||||||
Repayment of finance lease obligations | (206,644 | ) | (315,638 | ) | |||||||
Net cash used in financing activities | (312,700 | ) | (727,039 | ) | |||||||
Effect of exchange rate on cash and cash equivalents and restricted cash | 511,343 | (47,697 | ) | ||||||||
Change in cash and cash equivalents and restricted cash | 553,311 | (222,988 | ) | ||||||||
Cash and cash equivalents, beginning of period | 5,387,388 | 4,604,701 | |||||||||
Cash and cash equivalents, end of period | $ | 5,940,699 | $ | 4,381,713 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid in cash | $ | 151,537 | $ | 262,607 | |||||||
Income taxes paid | $ | 787,289 | $ | 441,982 | |||||||
To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we provide additional non-GAAP financial measures. Our management believes these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may or could, have a disproportionally positive or negative impact on results in any particular period. Our management also believes that these non-GAAP financial measures enhance the ability of investors to analyze our underlying business operations and understand our performance. In addition, our management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning. Any analysis on non-GAAP financial measures should be used in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP is presented in the tables below.
| LIGHTPATH TECHNOLOGIES, INC. | ||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures and Regulation G Disclosure | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||
Net income (loss) | $ | (222,564 | ) | $ | 816,017 | $ | (272,041 | ) | $ | 209,977 | ||||||||
Depreciation and amortization | 917,308 | 827,095 | 2,608,472 | 2,587,315 | ||||||||||||||
Income tax provision | 307,834 | 203,369 | 983,586 | 673,556 | ||||||||||||||
Interest expense | 52,795 | 85,464 | 166,491 | 273,262 | ||||||||||||||
EBITDA | $ | 1,055,373 | $ | 1,931,945 | $ | 3,486,508 | $ | 3,744,110 | ||||||||||
% of revenue | 10 | % | 22 | % | 12 | % | 14 | % | ||||||||||
SOURCE: LightPath Technologies, Inc.
View source version on accesswire.com:
https://www.accesswire.com/645007/LightPath-Technologies-Reports-Financial-Results-for-Fiscal-2021-Third-Quarter
FAQ
What were LightPath Technologies' revenues for Q3 FY2021?
How did LightPath's net income change in Q3 FY2021?
What is the gross margin percentage for LightPath in Q3 FY2021?
How has the demand for infrared products impacted LightPath's revenue?
What were LightPath's total revenues for the first nine months of FY2021?
