LightPath Technologies Reports Financial Results for Fiscal 2022 Third Quarter
LightPath Technologies (LPTH) reported its fiscal 2022 Q3 results, with revenue at $8.3 million, down from $10.7 million year-over-year. A net loss of $495,000 was reported, compared to $223,000 in the same quarter last year. The decrease was impacted by COVID-19 disruptions in China and lower infrared product sales, which fell 42%. The company announced a strategic shift towards engineered solutions and has seen improvements in margins due to operational efficiencies. Notably, total backlog stood at $19.7 million as of March 31, 2022.
- Improved gross margin percentage at 37%, up from 36% YoY.
- Strategic focus shift from component to subsystem manufacturing.
- Successful integration of freeform optics in partnership with Attollo Engineering.
- Revenue decreased by 22% compared to last year's Q3.
- Net loss widened to $495,000 from $223,000 YoY.
- Total backlog decreased by 8% from $21.3 million.
Freeform Optics Technology and LIDAR Capabilities Set a Path for Growth
ORLANDO, FL / ACCESSWIRE / May 12, 2022 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a vertically integrated provider of engineered solutions for the global photonics industry, today announced financial results for its fiscal 2022 third quarter ended March 31, 2022.
Management Commentary
LightPath's President and Chief Executive Officer Sam Rubin stated, "Our fiscal third quarter results indicate yet another step in the right direction for the Company. Our results and recovery efforts in China continue to improve from last year's discovery of malfeasance, even in the face of new COVID-19 shut-downs in China. Our margin is showing improvement due to incremental operational efficiency gains and our focus on acquiring better quality revenue, as well as a favorable revenue mix. Our new strategic focus on engineered solutions is showing us the right path to future opportunities and improved financial results."
"Last year we discovered the malfeasance and other activities that occurred in our Chinese subsidiaries, and articulated our belief that it would take three to four quarters to recover from those events. Having completed the third quarter since we took action to address these events, we are pleased with our overall progress, particularly with respect to continued improvement in our margins, which are flowing to an improved bottom line, and continued improvement in our cash position. Our continued focus at improving our operational efficiencies, implementing cost reductions and sunsetting unprofitable products has resulted in overall improved financial performance, even without revenue growth. Revenue during the third quarter was impacted by the COVID-19 outbreak in China, as we had indicated in a mid-March press release."
"Our new strategic direction, which will take us from a component manufacturer to a sub-system and system manufacturer, is based on delivering superior optical systems through leveraging key optical technologies which we own. One such technology is freeform optics, which we introduced in late 2021. Freeform optics provide new degrees of freedom in designing optical systems, achieving better overall performance, with lower cost, weight and size. This key technology now allows us to work with customers to develop superior optical systems, be part of the design process, and produce superior value for the customer. An example of this is demonstrated by the recent announcement by Attollo Engineering on the integration of our freeform technology into their LIDAR systems that are integrated into autonomous drones. The freeform technology is also key in applications such as augmented and virtual reality hardware, which applications we are now working on closely with several customers."
Fiscal 2022 Third Quarter Highlights:
- Revenue for the third quarter of fiscal 2022 of
$8.3 million - Total backlog at March 31, 2022 of
$19.7 million - Net loss for the third quarter of fiscal 2022 was
$495,000 - EBITDA* for the third quarter of fiscal 2022 was
$647,000 - Won 2022 Prism Award for Manufacturing for Freeform Optics
- Announced partnership with Attollo Engineering for LightPath's freeform optical components
- Received military qualification for BD6 DLC lenses
2022 Fiscal Third Quarter Financial Results
Revenue for the third quarter of fiscal 2022 was approximately
| Product Group Revenue ($ in millions)** | Third Quarter of Fiscal 2022 | Third Quarter of Fiscal 2021 | % Change |
| Infrared ("IR") products | ( | ||
| Precision Molded Optics ("PMO") products | |||
| Specialty products |
** Numbers may not foot due to rounding
- Revenue from IR products was
$3.7 million compared to$6.5 million in the same period of the prior fiscal year. The decrease in revenue from sales of IR products is primarily due to a decrease in sales to customers in the industrial market for temperature sensing applications, where demand peaked during the same quarter last year. - Revenue from PMO products was
$4.0 million compared to$3.9 million in the same period of the prior fiscal year. The increase is driven by sales through catalog and distribution channels, as well as increases in sales to customers in the industrial and commercial markets. Sales of PMO products in China have improved sequentially each quarter of fiscal 2022. - Revenue from specialty products was
$547,000 compared to$334,000 in same period of the prior fiscal year. This increase is primarily due to non-recurring engineering ("NRE") projects for customers in the industrial and defense industries during the third quarter of fiscal 2022.
Gross margin in the third quarter of fiscal 2022 was
Operating expenses in the third quarter of fiscal 2022 were
Other income, net, for the third quarter of fiscal 2022 also includes a benefit of
Net loss for the third quarter of fiscal 2022 was
Income tax expense is primarily related to income taxes from our operations in China, including estimated Chinese withholding taxes associated with intercompany dividends declared by LightPath Optical Instrumentation (Zhenjiang) Co., Ltd. ("LPOIZ") and payable to LightPath as the parent company in the U.S. The decrease is primarily due to lower taxable income in that jurisdiction. LightPath has net operating loss ("NOL") carry-forward benefits of approximately
EBITDA for the third quarter of fiscal 2022 was
2022 Fiscal Year-To-Date Financial Results
For the first three quarters of fiscal 2022, revenue was
| Product Group Revenue ($ in millions)** | Year-to-Date 2022 | Year-to-Date 2021 | % Change |
| IR products | ( | ||
| PMO products | ( | ||
| Specialty products |
** Numbers may not foot due to rounding
- Revenue generated by IR products was
$13.7 million in the first three quarters of fiscal 2022, a decrease of$2.3 million , or14% , as compared to$16.0 million in the same period of the prior fiscal year. The decrease in revenue is primarily driven by sales to customers in the industrial market. - Revenue generated by PMO products was
$11.6 million for the first three quarters of fiscal 2022, a decrease of$1.3 million , or10% , as compared to$12.9 million in the same period of the prior fiscal year. The decreases in telecommunications and other domestic sales in China were partially offset by an increase in sales through catalog and distribution channels, as well as increases in sales to customers in the industrial and commercial industries. - Revenue generated by specialty products was
$1.4 million in the first three quarters of fiscal 2022, an increase of$158,000 , or13% , compared to$1.2 million in the same period of the prior fiscal year. This increase is primarily driven by an increase in NRE projects for customers in the commercial and defense industries.
Gross margin in the first three quarters of fiscal 2022 was
Operating expenses were
Net loss for the first three quarters of fiscal 2022 was
EBITDA* for the first three quarters of fiscal 2022 was approximately
Liquidity and Capital Resources
Cash provided by operating activities was
Sales Backlog
As of March 31, 2022, LightPath's total backlog was
Investor Conference Call and Webcast Details
LightPath will host an audio conference call and webcast on Thursday, May 12, 2022 at 5:00 p.m. ET to discuss its financial and operational performance for its fiscal 2022 third quarter ended March 31, 2022.
Date: Thursday, May 12, 2022
Time: 5:00 PM (ET)
Dial-in Number: 1-877-317-2514
International Dial-in Number: 1-412-317-2514
Webcast: https://services.choruscall.com/mediaframe/webcast.html?webcastid=JhtL4rN4
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 26, 2022. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID #3694282.
*Use of Non-GAAP Financial Measures
To provide investors with additional information regarding financial results, this press release includes references to EBITDA, which is a non-GAAP financial measure. For a reconciliation of this non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with GAAP, see the table 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 this non-GAAP financial measures, when considered together with the GAAP financial measure, 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 this non-GAAP financial measure enhances the ability of investors to analyze underlying business operations and understand performance. In addition, management may utilize this 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.
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, custom molded glass freeform lenses, 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 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 and Quarterly Reports on 10-Q. 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.
Contact:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
LPTH@mzgroup.us
+561 489 5315
(tables follow)
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(unaudited)
| March 31, | June 30, | |||||||
Assets | 2022 | 2021 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 5,240,946 | $ | 6,774,694 | ||||
Trade accounts receivable, net of allowance of | 4,976,891 | 4,656,354 | ||||||
Inventories, net | 7,617,849 | 8,659,587 | ||||||
Other receivables | 31,505 | 137,103 | ||||||
Prepaid expenses and other assets | 438,878 | 475,364 | ||||||
Total current assets | 18,306,069 | 20,703,102 | ||||||
Property and equipment, net | 12,628,654 | 13,279,867 | ||||||
Operating lease right-of-use assets | 10,598,425 | 9,015,498 | ||||||
Intangible assets, net | 4,739,069 | 5,582,881 | ||||||
Goodwill | 5,854,905 | 5,854,905 | ||||||
Deferred tax assets, net | 147,000 | 147,000 | ||||||
Other assets | 27,737 | 27,737 | ||||||
Total assets | $ | 52,301,859 | $ | 54,610,990 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,661,862 | $ | 2,924,333 | ||||
Accrued liabilities | 670,171 | 1,067,265 | ||||||
Accrued payroll and benefits | 1,986,328 | 2,810,043 | ||||||
Operating lease liabilities, current | 973,174 | 799,507 | ||||||
Loans payable, current portion | 902,601 | 634,846 | ||||||
Finance lease obligation, current portion | 91,277 | 212,212 | ||||||
Total current liabilities | 7,285,413 | 8,448,206 | ||||||
Finance lease obligation, less current portion | 15,392 | 66,801 | ||||||
Operating lease liabilities, noncurrent | 9,686,335 | 8,461,133 | ||||||
Loans payable, less current portion | 3,489,070 | 4,057,365 | ||||||
Total liabilities | 20,476,210 | 21,033,505 | ||||||
Commitments and Contingencies | ||||||||
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; 27,034,266 and 26,985,913 | ||||||||
shares issued and outstanding | 270,343 | 269,859 | ||||||
Additional paid-in capital | 232,031,350 | 231,438,651 | ||||||
Accumulated other comprehensive income | 1,953,524 | 2,116,152 | ||||||
Accumulated deficit | (202,429,568 | ) | (200,247,177 | ) | ||||
Total stockholders' equity | 31,825,649 | 33,577,485 | ||||||
Total liabilities and stockholders' equity | $ | 52,301,859 | $ | 54,610,990 | ||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue, net | $ | 8,305,412 | $ | 10,701,362 | $ | 26,651,929 | $ | 30,132,505 | ||||||||
Cost of sales | 5,271,161 | 6,797,605 | 17,645,897 | 18,748,220 | ||||||||||||
Gross margin | 3,034,251 | 3,903,757 | 9,006,032 | 11,384,285 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 2,619,269 | 2,805,829 | 8,435,313 | 8,009,484 | ||||||||||||
New product development | 590,405 | 640,528 | 1,569,376 | 1,620,927 | ||||||||||||
Amortization of intangibles | 281,270 | 281,270 | 843,812 | 843,812 | ||||||||||||
Loss on disposal of property and equipment | 337 | 9,473 | 337 | 8,951 | ||||||||||||
Total operating expenses | 3,491,281 | 3,737,100 | 10,848,838 | 10,483,174 | ||||||||||||
Operating income (loss) | (457,030 | ) | 166,657 | (1,842,806 | ) | 901,111 | ||||||||||
Other income (expense): | ||||||||||||||||
Interest expense, net | (54,984 | ) | (52,795 | ) | (151,064 | ) | (166,491 | ) | ||||||||
Other income (expense), net | 180,070 | (28,592 | ) | 139,807 | (23,075 | ) | ||||||||||
Total other income (expense), net | 125,086 | (81,387 | ) | (11,257 | ) | (189,566 | ) | |||||||||
Income (loss) before income taxes | (331,944 | ) | 85,270 | (1,854,063 | ) | 711,545 | ||||||||||
Income tax provision | 163,059 | 307,834 | 328,328 | 983,586 | ||||||||||||
Net loss | $ | (495,003 | ) | $ | (222,564 | ) | $ | (2,182,391 | $ | (272,041 | ) | |||||
Foreign currency translation adjustment | (18,738 | ) | (373,114 | ) | (162,628 | ) | 1,079,590 | |||||||||
Comprehensive income (loss) | $ | (513,741 | ) | $ | (595,678 | ) | $ | (2,345,019 | $ | 807,549 | ||||||
Loss per common share (basic) | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.01 | ) | ||||
Number of shares used in per share calculation (basic) | 27,033,578 | 26,366,651 | 27,011,943 | 26,153,839 | ||||||||||||
Loss per common share (diluted) | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.01 | ) | ||||
Number of shares used in per share calculation (diluted) | 27,033,578 | 26,366,651 | 27,011,943 | 26,153,839 | ||||||||||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(unaudited)
| Accumulated | ||||||||||||||||||||||||
| Class A | Additional | Other | Total | |||||||||||||||||||||
| Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders' | ||||||||||||||||||||
| Shares | Amount | Capital | Income | Deficit | Equity | |||||||||||||||||||
Balances at June 30, 2021 | 26,985,913 | $ | 269,859 | $ | 231,438,651 | $ | 2,116,152 | $ | (200,247,177 | ) | $ | 33,577,485 | ||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||
Employee Stock Purchase Plan | 8,621 | 86 | 21,640 | - | - | 21,726 | ||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 116,591 | - | - | 116,591 | ||||||||||||||||||
Foreign currency translation adjustment | - | - | - | (144,174 | ) | - | (144,174 | ) | ||||||||||||||||
Net loss | - | - | - | - | (632,097 | ) | (632,097 | ) | ||||||||||||||||
Balances at September 30, 2021 | 26,994,534 | $ | 269,945 | $ | 231,576,882 | $ | 1,971,978 | $ | (200,879,274 | ) | $ | 32,939,531 | ||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||
Settlement of RSUs, net | 27,341 | 274 | (274 | ) | - | - | - | |||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 184,538 | - | - | 184,538 | ||||||||||||||||||
Foreign currency translation adjustment | - | - | - | 284 | - | 284 | ||||||||||||||||||
Net loss | - | - | - | - | (1,055,291 | ) | (1,055,291 | ) | ||||||||||||||||
Balances at December 31, 2021 | 27,021,875 | $ | 270,219 | $ | 231,761,146 | $ | 1,972,262 | $ | (201,934,565 | ) | $ | 32,069,062 | ||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||
Employee Stock Purchase Plan | 12,391 | 124 | 29,861 | - | - | 29,985 | ||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 240,343 | - | - | 240,343 | ||||||||||||||||||
Foreign currency translation adjustment | - | - | - | (18,738 | ) | - | (18,738 | ) | ||||||||||||||||
Net loss | - | - | - | - | (495,003 | ) | (495,003 | ) | ||||||||||||||||
Balances at March 31, 2022 | 27,034,266 | $ | 270,343 | $ | 232,031,350 | $ | 1,953,524 | $ | (202,429,568 | ) | $ | 31,825,649 | ||||||||||||
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 & RSUs, 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 & RSU's, 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 | ||||||||||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
| Nine Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (2,182,391 | ) | $ | (272,041 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 2,763,620 | 2,608,472 | ||||||
Interest from amortization of debt costs | 33,414 | 13,929 | ||||||
Loss on disposal of property and equipment | 337 | 8,951 | ||||||
Stock-based compensation on stock options & RSUs, net | 541,471 | 443,077 | ||||||
Provision for doubtful accounts receivable | 20,200 | (1,632 | ) | |||||
Change in operating lease assets and liabilities | (184,058 | ) | (135,746 | ) | ||||
Inventory write-offs to allowance | 188,011 | 144,741 | ||||||
Changes in operating assets and liabilities: | ||||||||
Trade accounts receivable | (340,737 | ) | 31,649 | |||||
Other receivables | 105,598 | (186,769 | ) | |||||
Inventories | 853,727 | (43,542 | ) | |||||
Prepaid expenses and other assets | 36,486 | 125,237 | ||||||
Accounts payable and accrued liabilities | (1,483,280 | ) | 339,909 | |||||
Net cash provided by operating activities | 352,398 | 3,076,235 | ||||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (1,492,668 | ) | (2,721,567 | ) | ||||
Net cash used in investing activities | (1,492,668 | ) | (2,721,567 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from exercise of stock options | - | 142,693 | ||||||
Proceeds from sale of common stock from Employee Stock Purchase Plan | 51,711 | 29,976 | ||||||
Loan costs | (61,223 | ) | - | |||||
Borrowings on loans payable | 266,850 | 275,377 | ||||||
Payments on loans payable | (509,754 | ) | (554,102 | ) | ||||
Repayment of finance lease obligations | (172,344 | ) | (206,644 | ) | ||||
Net cash used in financing activities | (424,760 | ) | (312,700 | ) | ||||
Effect of exchange rate on cash and cash equivalents | 31,282 | 511,343 | ||||||
Change in cash and cash equivalents | (1,533,748 | ) | 553,311 | |||||
Cash and cash equivalents, beginning of period | 6,774,694 | 5,387,388 | ||||||
Cash and cash equivalents, end of period | $ | 5,240,946 | $ | 5,940,699 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid in cash | $ | 118,094 | $ | 151,537 | ||||
Income taxes paid | $ | 243,162 | $ | 787,289 | ||||
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)
| Quarter Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net loss | $ | (495,003 | ) | $ | (222,564 | ) | $ | (2,182,391 | ) | $ | (272,041 | ) | ||||
Depreciation and amortization | 924,219 | 917,308 | 2,763,620 | 2,608,472 | ||||||||||||
Income tax provision | 163,059 | 307,834 | 328,328 | 983,586 | ||||||||||||
Interest expense | 54,984 | 52,795 | 151,064 | 166,491 | ||||||||||||
EBITDA | $ | 647,259 | $ | 1,055,373 | $ | 1,060,621 | $ | 3,486,508 | ||||||||
% of revenue | 8 | % | 10 | % | 4 | % | 12 | % | ||||||||
SOURCE: LightPath Technologies, Inc.
View source version on accesswire.com:
https://www.accesswire.com/701123/LightPath-Technologies-Reports-Financial-Results-for-Fiscal-2022-Third-Quarter
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