LightPath Technologies Reports Financial Results for Fiscal Year and Fourth Quarter 2021
LightPath Technologies (NASDAQ: LPTH) reported fiscal 2021 results, with total revenue of $38.5 million, marking a 10% increase year-over-year. For Q4, revenue fell to $8.3 million, a 9% decline. The company faced a $3.2 million net loss for the year, compared to a net income of $867,000 the previous year, largely due to increased operating costs and management changes in China. Despite challenges, total cash grew by 26% to $6.8 million and debt decreased by 17%. LightPath aims to lead in the global photonics value chain with new strategic initiatives and product developments.
- Revenue for fiscal 2021 increased by 10% to $38.5 million, highest annual revenue since 2018.
- Total cash and cash equivalents rose by 26% to $6.8 million, improving liquidity.
- Total debt decreased by 17% or approximately $1 million, enhancing financial stability.
- Achieved double-digit organic revenue growth, first time in five years.
- Net loss for fiscal 2021 was $3.2 million, a significant decline from net income of $867,000 the prior year.
- Q4 net loss reached $2.9 million compared to net income of $657,000 in Q4 2020.
- EBITDA decreased to a loss of $2.0 million in Q4 from earnings of $1.7 million in Q4 2020.
- Operating expenses increased by 67% in Q4 due to legal fees and management changes.
CEO Sam Rubin Unveils Mission for Leadership in Global Photonics Value Chain
ORLANDO, FL / ACCESSWIRE / September 9, 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 the fourth quarter and full fiscal year ended June 30, 2021.
Fiscal 2021 Full Year and Fourth Quarter Highlights:
- Revenue for the full fiscal year of
$38.5 million , an increase of10% from the prior year period. - Total backlog at June 30, 2021 of
$21.3 million , compared to$21.9 million at June 30, 2020. - Cash and cash equivalents of
$6.8 million as of June 30, 2021 increased over26% as compared to$5.4 million as of June 30, 2020. - Total debt, including finance leases, was reduced by
17% or approximately$1.0 million in fiscal 2021. - Capital expenditures were approximately
$3.2 million for fiscal 2021, compared to$2.4 million for fiscal 2020. - Net loss for fiscal 2021 was
$3.2 million , compared to net income of approximately$867,000 in the prior fiscal year, largely due to higher operating expenses associated with the China management changes, including related non-recurring costs. - EBITDA* for fiscal 2021 was
$1.5 million , compared to$5.4 million in fiscal 2020. - Revenue for the fourth quarter of fiscal 2021 of
$8.3 million , a decrease of9% from the prior year period. - Net loss for the fourth quarter of fiscal 2021 was
$2.9 million , compared to net income of approximately$657,000 in the fourth quarter of fiscal 2020, largely due to higher operating expenses associated with the China management changes, including related non-recurring costs. - EBITDA* for the fourth quarter of fiscal 2021 was a loss of
$2.0 million , compared to$1.7 million of earnings in the fourth quarter of fiscal 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, "Reporting on fiscal 2021 marks the completion of my first full fiscal year of leadership at LightPath and has provided the necessary time to uncover our strengths and weaknesses, as well as develop a plan for our future. Significant progress and milestones were achieved in the past year amid one of the most challenging business climates in our lifetime, as well as the uncovering and clean-up of malfeasance practices at our subsidiaries in China. I am grateful for the dedication of our global team that has enabled us to get to this point and I am highly appreciative of their work at such a challenging time, full of uncertainties due to the global pandemic.
"Upon reporting financial results for the past year, I am even more excited to address our plans for the future. Our mission is now clear and we have made great strides to forge our place as an emerging leader in the global photonics value chain, a large and fast-growing market that is estimated to be an enabling technology in as much as
"Capitalizing on optics as an enabling technology that is increasingly pervasive among various industries and markets, LightPath is leveraging its legacy of more than 30 years in the industry to address the largest and fastest growing trends for visible and infrared ("IR") optical solutions. The Company's global reach, investments in manufacturing facilities, core competencies in material sciences and substantial engineering capabilities position it to embrace the changes in the photonics value chain, to advance from simply providing components and materials commonly used today to addressing the photonic-enabled services of tomorrow.
"During fiscal 2021, we developed and began implementing our ambitious strategic plan. A key element for this was the buildout of our global executive leadership team and the bolstering of our Board of Directors. Although our cash balance at the end of the year increased as we reduced debt, our overhead expenses increased, including one-time recruiting costs, as we put our team in place. At the same time, as part of the diligence while reviewing all of our global operations, we uncovered malfeasance within our subsidiaries in China that also required significant one-time expenses and an overhaul of our management team for those operations. It has been and continues to be a disruptive and costly, yet necessary ordeal - made more complicated by COVID-19 travel restrictions - which played a large part in the temporary reduced revenue and net loss incurred in the second half of the year.
"Our top line growth plans, however, are beginning to deliver their intended results. For the year, we reached double digit annual organic revenue growth, which is something we not experienced in 5 years, and follows the two preceding years, which had revenue growth of
"We believe that LightPath is uniquely positioned to leverage the change happening in our industry to uniquely position itself, by changing from a components manufacturer to a solutions provider, and subsequently growing our business and generating long-term value to our stockholders. In fiscal 2021, we rolled out a number of new volume production programs. As is the case with any new product moving from design to high volume production with increasing commercial acceptance, we experienced yield issues associated with coating and finishing. This materially impacted our gross margins and required specialized engineering resources to rectify the problem. Now, with our processes back on track, we expect more normalized production that should be accretive to margins.
"Further, our product development has been focused on some very large and high growth applications. These development efforts include freeform molding technology that we believe will allow us to target the AR\VR market and miniaturization opportunities. IR imaging and sensory capabilities, including LIDAR, is another key area we are pursuing. Our renowned capabilities and investments in engineering are enabling us to work more closely with government agencies and their respective military and aerospace programs.
"Our sights are also set on inorganic growth. During fiscal 2022, we intend to actively pursue acquisitions as part of our strategy, to help augment our capabilities and market reach. While we work through certain growing pains, these are exciting times for LightPath and we look forward to setting new records and delivering on our global mission in fiscal 2022."
Financial Results
Revenue
Revenue for the fourth 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
Revenue for 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
Gross margin in the fourth quarter of fiscal 2021 was approximately
IR products, which typically have lower margins than PMO products, comprised
Gross margin for fiscal 2021 was approximately
Operating Expenses
During the fourth quarter of fiscal 2021, total operating expenses were approximately
Knowing that such transitions in international subsidiaries can lead to lengthy legal proceedings that can interrupt the subsidiary's ability to operate, compounded by the fact that the Company's officers could not travel to China to oversee the transitions because of the travel restrictions imposed by COVID-19, the Company chose to enter into severance agreements with certain of the employees at the time of transaction, pursuant to which the Company's subsidiaries agreed to pay such employees severance of approximately
During fiscal 2021, total operating expenses were approximately
Other Income (Expense)
Interest expense was approximately
LightPath recognized net foreign currency transaction gains due to changes in the value of the Chinese Yuan and Euro against the U.S. Dollar in the amount of approximately
Other expense, net, for the fourth quarter and full fiscal year of 2021 also includes expenses of
Income Taxes
During the fourth quarter of fiscal 2021, the Company recorded a net income tax benefit of approximately
During 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 fourth quarter of fiscal 2021 was approximately
Net loss for fiscal 2021 was approximately
Weighted-average common shares outstanding were 26,796,326, basic and diluted, in the fourth quarter of fiscal 2021, compared to 25,875,127 and 28,182,614, basic and diluted, respectively, in the fourth quarter of fiscal 2020. Weighted-average common shares outstanding were 26,314,025, basic and diluted, for fiscal 2021, compared to 25,853,419 and 27,469,845, basic and diluted, respectively, for 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 fourth quarter of fiscal 2021 was a loss of approximately
EBITDA for fiscal 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 June 30, 2021 was 2.5 to 1, compared to 2.9 to 1 as of June 30, 2020. Total stockholders' equity as of June 30, 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 June 30, 2021, LightPath's total backlog was
Historically, the Company has received the renewal of a large annual contract for IR products during the second quarter of each fiscal year, 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.
*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, September 9, 2021 at 5:00 p.m. ET to discuss its financial and operational performance for its fiscal 2021 fourth quarter ended June 30, 2021.
Date: Thursday, September 9, 2021
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/links/lpth210909.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 September 23, 2021. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID #10159443.
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 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 poducts; 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.
Contacts:
Jordan Darrow
Darrow Associates, Inc.
Tel: 512-551-9296
jdarrow@darrowir.com
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(unaudited)
| June 30, | June 30, | |||||||
Assets | 2021 | 2020 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 6,774,694 | $ | 5,387,388 | ||||
Trade accounts receivable, net of allowance of | 4,656,354 | 6,188,726 | ||||||
Inventories, net | 8,659,587 | 8,984,482 | ||||||
Other receivables | 137,103 | 132,051 | ||||||
Prepaid expenses and other assets | 475,364 | 565,181 | ||||||
Total current assets | 20,703,102 | 21,257,828 | ||||||
Property and equipment, net | 13,279,867 | 11,799,061 | ||||||
Operating lease right-of-use assets | 9,015,498 | 1,220,430 | ||||||
Intangible assets, net | 5,582,881 | 6,707,964 | ||||||
Goodwill | 5,854,905 | 5,854,905 | ||||||
Deferred tax assets, net | 147,000 | 659,000 | ||||||
Other assets | 27,737 | 75,730 | ||||||
Total assets | $ | 54,610,990 | $ | 47,574,918 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,924,333 | $ | 2,558,638 | ||||
Accrued liabilities | 1,067,265 | 992,221 | ||||||
Accrued payroll and benefits | 2,810,043 | 1,827,740 | ||||||
Operating lease liabilities, current | 799,507 | 765,422 | ||||||
Loans payable, current portion | 634,846 | 981,350 | ||||||
Finance lease obligation, current portion | 212,212 | 278,040 | ||||||
Total current liabilities | 8,448,206 | 7,403,411 | ||||||
Finance lease obligation, less current portion | 66,801 | 279,435 | ||||||
Operating lease liabilities, noncurrent | 8,461,133 | 887,766 | ||||||
Loans payable, less current portion | 4,057,365 | 4,437,365 | ||||||
Total liabilities | 21,033,505 | 13,007,977 | ||||||
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; 26,985,913 and 25,891,885 | ||||||||
shares issued and outstanding | 269,859 | 258,919 | ||||||
Additional paid-in capital | 231,438,651 | 230,634,056 | ||||||
Accumulated other comprehensive income | 2,116,152 | 735,892 | ||||||
Accumulated deficit | (200,247,177 | ) | (197,061,926 | ) | ||||
Total stockholders' equity | 33,577,485 | 34,566,941 | ||||||
Total liabilities and stockholders' equity | $ | 54,610,990 | $ | 47,574,918 | ||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue, net | $ | 8,332,316 | $ | 9,107,140 | $ | 38,464,821 | $ | 34,967,963 | ||||||||
Cost of sales | 6,268,831 | 5,596,915 | 25,017,051 | 21,125,464 | ||||||||||||
Gross margin | 2,063,485 | 3,510,225 | 13,447,770 | 13,842,499 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 3,980,113 | 2,164,614 | 11,989,597 | 8,961,150 | ||||||||||||
New product development | 545,024 | 404,694 | 2,165,951 | 1,714,077 | ||||||||||||
Amortization of intangibles | 281,271 | 281,270 | 1,125,083 | 1,129,341 | ||||||||||||
Loss (gain) on disposal of property and equipment | - | 21,802 | 8,951 | (107,280 | ) | |||||||||||
Total operating expenses | 4,806,408 | 2,872,380 | 15,289,582 | 11,697,288 | ||||||||||||
Operating income (loss) | (2,742,923 | ) | 637,845 | (1,841,812 | ) | 2,145,211 | ||||||||||
Other income (expense): | ||||||||||||||||
Interest expense, net | (48,863 | ) | (66,184 | ) | (215,354 | ) | (339,446 | ) | ||||||||
Other income (expense), net | (171,095 | ) | 175,733 | (194,170 | ) | (174,838 | ) | |||||||||
Total other income (expense), net | (219,958 | ) | 109,549 | (409,524 | ) | (514,284 | ) | |||||||||
Income before income taxes | (2,962,881 | ) | 747,394 | (2,251,336 | ) | 1,630,927 | ||||||||||
Income tax provision | (49,671 | ) | 90,442 | 933,915 | 763,998 | |||||||||||
Net income (loss) | $ | (2,913,210 | ) | $ | 656,952 | $ | (3,185,251 | ) | $ | 866,929 | ||||||
Foreign currency translation adjustment | 300,670 | (24,928 | ) | 1,380,260 | (72,626 | ) | ||||||||||
Comprehensive income (loss) | $ | (2,612,540 | ) | $ | 632,024 | $ | (1,804,991 | ) | $ | 794,303 | ||||||
Earnings (loss) per common share (basic) | $ | (0.11 | ) | $ | 0.03 | $ | (0.12 | ) | $ | 0.03 | ||||||
Number of shares used in per share calculation (basic) | 26,796,326 | 25,858,155 | 26,314,025 | 25,853,419 | ||||||||||||
Earnings (loss) per common share (diluted) | $ | (0.11 | ) | $ | 0.02 | $ | (0.12 | ) | $ | 0.03 | ||||||
Number of shares used in per share calculation (diluted) | 26,796,326 | 27,569,844 | 26,314,025 | 27,469,845 | ||||||||||||
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, 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 | 30,537 | 305 | 24,307 | - | - | 24,612 | ||||||||||||||||||
Exercise of Stock Options & RSUs, net | 42,453 | 425 | 21,838 | - | - | 22,263 | ||||||||||||||||||
Shares issued as compensation | 5,000 | 50 | 6,100 | - | - | 6,150 | ||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 260,487 | - | - | 260,487 | ||||||||||||||||||
Foreign currency translation adjustment | - | - | - | (72,626 | ) | - | (72,626 | ) | ||||||||||||||||
Net income | - | - | - | - | 866,929 | 866,929 | ||||||||||||||||||
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 | 8,145 | 81 | 29,897 | - | - | 29,978 | ||||||||||||||||||
Exercise of Stock Options & RSUs, net | 1,085,883 | 10,859 | 131,833 | - | - | 142,692 | ||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 642,865 | - | - | 642,865 | ||||||||||||||||||
Foreign currency translation adjustment | - | - | - | 1,380,260 | - | 1,380,260 | ||||||||||||||||||
Net loss | - | - | - | - | (3,185,251 | ) | (3,185,251 | ) | ||||||||||||||||
Balances at June 30, 2021 | 26,985,913 | $ | 269,859 | $ | 231,438,651 | $ | 2,116,152 | $ | (200,247,177 | ) | $ | 33,577,485 | ||||||||||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
| Year Ended June 30, | ||||||||
| 2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net (loss) income | $ | (3,185,251 | ) | $ | 866,929 | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 3,509,436 | 3,424,438 | ||||||
Interest from amortization of debt costs | 18,572 | 18,572 | ||||||
Loss (gain) on disposal of property and equipment | 8,951 | (107,280 | ) | |||||
Stock-based compensation on stock options & RSUs, net | 642,865 | 250,737 | ||||||
Provision for doubtful accounts receivable | (35,799 | ) | 18,826 | |||||
Change in operating lease liabilities | (187,616 | ) | (157,757 | ) | ||||
Inventory write-offs to allowance | 157,399 | 127,872 | ||||||
Deferred tax expense (benefit) | 512,000 | (7,000 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Trade accounts receivable | 1,568,171 | 3,279 | ||||||
Other receivables | (5,052 | ) | 221,644 | |||||
Inventories | 167,496 | (1,427,827 | ) | |||||
Prepaid expenses and other assets | 137,810 | 403,220 | ||||||
Accounts payable and accrued liabilities | 1,423,042 | 97,160 | ||||||
Net cash provided by operating activities | 4,732,024 | 3,732,813 | ||||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (3,158,784 | ) | (2,442,779 | ) | ||||
Proceeds from sale of equipment | - | 186,986 | ||||||
Net cash used in investing activities | (3,158,784 | ) | (2,255,793 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from exercise of stock options | 142,692 | 22,263 | ||||||
Proceeds from sale of common stock from Employee Stock Purchase Plan | 29,978 | 24,612 | ||||||
Borrowings on loans payable | 275,377 | 400,000 | ||||||
Payments on loans payable | (1,013,014 | ) | (581,350 | ) | ||||
Repayment of finance lease obligations | (278,462 | ) | (487,233 | ) | ||||
Net cash used in financing activities | (843,429 | ) | (621,708 | ) | ||||
Effect of exchange rate on cash and cash equivalents | 657,495 | (72,625 | ) | |||||
Change in cash and cash equivalents | 1,387,306 | 782,687 | ||||||
Cash and cash equivalents, beginning of period | 5,387,388 | 4,604,701 | ||||||
Cash and cash equivalents, end of period | $ | 6,774,694 | $ | 5,387,388 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid in cash | $ | 199,524 | $ | 330,910 | ||||
Income taxes paid | $ | 1,054,232 | $ | 526,225 | ||||
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 June 30, | Year Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income (loss) | $ | (2,913,210 | ) | $ | 656,952 | $ | (3,185,251 | ) | $ | 866,929 | ||||||
Depreciation and amortization | 900,964 | 837,123 | 3,509,436 | 3,424,438 | ||||||||||||
Income tax provision | (49,671 | ) | 90,442 | 933,915 | 763,998 | |||||||||||
Interest expense | 48,863 | 66,184 | 215,354 | 339,446 | ||||||||||||
EBITDA | $ | (2,013,054 | ) | $ | 1,650,701 | $ | 1,473,454 | $ | 5,394,811 | |||||||
% of revenue | -24 | % | 18 | % | 4 | % | 15 | % | ||||||||
SOURCE: LightPath Technologies, Inc.
View source version on accesswire.com:
https://www.accesswire.com/663334/LightPath-Technologies-Reports-Financial-Results-for-Fiscal-Year-and-Fourth-Quarter-2021
FAQ
What are the fiscal 2021 revenue results for LightPath Technologies (LPTH)?
How did LightPath's Q4 2021 performance compare to the previous year?
What significant financial changes occurred for LPTH in fiscal 2021?
What strategic focus is LightPath pursuing following its 2021 financial results?
