LightPath Technologies Reports Financial Results for Fourth Quarter and Fiscal Year 2020
LightPath Technologies reported its fourth quarter and full fiscal year results for 2020, showing a 4% revenue growth to $9.1 million in Q4 and $35 million for the year. Gross margin improved significantly, reaching 39% in Q4 and 40% for the year, compared to 32% and 37% respectively in the prior year. Net income of $657,000 in Q4 contrasts sharply with a $1.8 million loss last year. The company's backlog grew 11% to $19.1 million, reflecting strong demand in optics. Despite challenges from COVID-19, the new CEO aims to enhance growth and operational efficiency.
- Revenue growth of 4% for Q4 and full year.
- Gross margin increased to 39% in Q4 and 40% for the year.
- Net income turned to $657,000 in Q4 from a loss of $1.8 million last year.
- Backlog increased by 11% to $19.1 million.
- COVID-19 impacted certain customer shipments, leading to potential delays.
- Decrease in sales of diamond-turned infrared products.
- Growth in Key Financial Indicators Despite Impact of COVID-19
- New CEO Provides Strategic Imperatives Intended to Further Accelerate Growth and Improve Competitive Position
ORLANDO, FL / ACCESSWIRE / September 10, 2020 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer, distributor and integrator of proprietary optical and infrared components and high-level assemblies, today announced its financial results for the fourth quarter and full fiscal year ended June 30, 2020.
Fiscal 2020 Fourth Quarter and Full Year Highlights:
- Revenue for the fourth quarter of fiscal 2020 was
$9.1 million , an increase of4% , as compared to$8.7 million in the fourth quarter of fiscal 2019. Revenue for the full year was$35.0 million for fiscal 2020, an increase of4% , as compared to$33.7 million in fiscal 2019. - 12-month backlog increased
11% to$19.1 million at June 30, 2020 compared to$17.1 million at June 30, 2019. - Gross margin as a percentage of revenue for the fourth quarter of fiscal 2020 was
39% , compared to32% in the fourth quarter of fiscal 2019. Gross margin* as a percentage of revenue for the full year was40% for fiscal 2020, compared to37% in fiscal 2019. - Operating expenses decreased to
$2.9 million for the fourth quarter of fiscal 2020, compared to$3.9 million in the same quarter of the prior fiscal year. Operating expenses for the full fiscal year decreased to$11.7 million for fiscal 2020, compared to$13.7 million in fiscal 2019. - Net income for the fourth quarter of fiscal 2020 was
$657,000 , compared to a net loss of$1.8 million in the fourth quarter of fiscal 2019. Net income for fiscal 2020 was$867,000 , compared to a net loss of$2.7 million in fiscal 2019. - EBITDA* for the fourth quarter of fiscal 2020 was
$1.7 million , compared to an EBITDA loss of$219,000 in the fourth quarter of fiscal 2019. EBITDA for the full fiscal year was$5.4 million for fiscal 2020, compared to$1.9 million in fiscal 2019. - Capital expenditures were approximately
$938,000 for the fourth quarter of fiscal 2020, compared to$326,000 for the fourth quarter of fiscal 2019, which included equipment purchased through finance leases. Capital expenditures for the full fiscal year were approximately$2.4 million for fiscal 2020, compared to$2.5 million for fiscal 2019, which included equipment purchased through finance leases. - Total debt, including finance leases, was reduced by approximately
$650,000 , or10% , in fiscal 2020, from June 30, 2019. - Cash and cash equivalents of approximately
$5.4 million as of June 30, 2020, as compared to$4.6 million at June 30, 2019.
* 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 fiscal 2020 fourth quarter and full year results reflect the continuing improvement and growth of our business, while at the same time navigating the dynamic and changing conditions caused by the effects of the coronavirus ("COVID-19") pandemic on both our customers and our own supply chain.
"Our improved quarter-over-quarter results included an increase in our gross margin percentage from
"As discussed previously, the growth in demand for lenses used in 5G telecom together with the newfound interest in lenses used in contactless temperature measurement had created a capacity constraint in our organization. We began addressing this through, among other things, the temporary use of overtime hours and accelerating investments in capital equipment. However, the benefits of our increased capacity were offset by the negative impact COVID-19 had on certain of our customers, which led those customers to request a temporary hold on their shipments. The timing and advance notice we receive for such requests can impact our scheduling and planning of the use of our resources, leading to lower conversion of production output to shipments, as well as an increase in our inventory levels.
"While navigating the impacts from COVID-19 on the economy and our supply chain, I worked with our leadership team to develop a new strategic direction for LightPath following my appointment as CEO in March 2020. This strategy is one that is based on our strengths and our core capabilities to address the largest and fastest growing trends in our industry for visible and infrared optical solutions. I look forward to sharing our plan in more detail on our earnings conference call today but the major tenets include:
- Capitalizing on optics as an enabling technology that is increasingly pervasive among various industries and markets;
- Prioritizing our key differentiators, including our deep design and manufacturing expertise, coupled with key optical technologies and low cost, vertically integrated global manufacturing;
- Continuous improvement through operational excellence;
- Engaging in a solutions-oriented approach for high value customers; and
- Investing in our people to enable execution of our strategy, as we elevate our design and engineering talent and continue to build a sales force that can focus and prioritize customer opportunities that align with our strategic goals.
"We have already begun to implement elements of this strategic direction. Shortly after I joined the Company, we identified certain opportunities for improvements in our operations. One such area includes our cash management, where through the implementation of better processes and controls, we have been able to increase our cash position to
Mr. Rubin continued, "On behalf of the Board of Directors of LightPath and our management team, I also want to express our appreciation for Jim Gaynor's 13 years of service to the Company. His dedication, commitment, and contributions have significantly added to the success of the Company. Our best wishes for him and his family on his retirement."
Financial Results for the Three Months Ended June 30, 2020, Compared to the Three Months Ended June 30, 2019
Revenue for the fourth quarter of fiscal 2020 was approximately
Revenue generated by IR products was approximately
Revenue generated by PMO products was approximately
Revenue generated by specialty products was approximately
Gross margin in the fourth quarter of fiscal 2020 was approximately
During the fourth quarter of fiscal 2020, total operating expenses were approximately
Interest expense, net, was approximately
During the fourth quarter of fiscal 2020, the Company recorded income tax expense of
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
Net income for the fourth quarter of fiscal 2020 was approximately
Weighted-average shares of common stock outstanding were 25,875,127 basic and 28,182,614 diluted in the fourth quarter of fiscal 2020, compared to 25,813,895 basic and diluted shares in the fourth quarter of fiscal 2019. The increase in the weighted-average shares of common stock outstanding was due to shares of Class A common stock issued under the Employee Stock Purchase Plan and upon the exercises of stock options and restricted stock units.
EBITDA* for the fourth quarter of fiscal 2020 was approximately
Financial Results for the Fiscal Year Ended June 30, 2020, Compared to the Fiscal Year Ended June 30, 2019
Revenue for fiscal 2020 was approximately
Revenue generated by infrared products was approximately
Revenue generated by PMO products was approximately
Revenue generated by specialty products was approximately
Gross margin for fiscal 2020 was approximately
During fiscal 2020, total operating expenses were approximately
Interest expense, net, was approximately
During the fiscal 2020, the Company recorded income tax expense of
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
Net income for fiscal 2020 was approximately
Weighted-average shares of common stock outstanding were 25,853,419 basic and 27,469,845 diluted in fiscal 2020, compared to 25,794,669 basic and diluted shares in fiscal 2019. The increase in the weighted-average shares of common stock outstanding was due to shares of Class A common stock issued under the Employee Stock Purchase Plan and upon the exercises of stock options and restricted stock units.
EBITDA* for fiscal 2020 was approximately
Cash and cash equivalents totaled approximately
The current ratio as of June 30, 2020 was 2.9 to 1, compared to 3.1 to 1 as of June 30, 2019. This decrease is primarily due to the addition of operating lease liabilities to the balance sheet following the adoption of the new lease accounting guidance during fiscal 2020, of which a portion is included in current liabilities as of June 30, 2020. The current ratio also reflects the temporary usage of our revolving credit line, which is included in the current portion of loans payable as of June 30, 2020. Total stockholders' equity as of June 30, 2020 was approximately
As of June 30, 2020, LightPath's 12-month backlog was
*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 10, 2020 at 4:30 p.m. ET to discuss its financial and operational performance for the fourth quarter and fiscal year ended June 30, 2020.
Date: Thursday, September 10, 2020
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/lpth200910.html
Participants should 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 24, 2020. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID #10147020.
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, manufactures, and distributes 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:
Sam Rubin, President & CEO
LightPath Technologies, Inc.
Tel: 407-382-4003
srubin@lightpath.com
Don Retreage, Jr. CFO
LightPath Technologies, Inc.
Tel: 407-382-4003
dretreage@lightpath.com
Jordan Darrow
Darrow Associates, Inc.
Tel: 512-551-9296
jdarrow@darrowir.com
(tables follow)
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(unaudited)
| June 30, | June 30, | |||||||
Assets | 2020 | 2019 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 5,387,388 | $ | 4,604,701 | ||||
Trade accounts receivable, net of allowance of | 6,188,726 | 6,210,831 | ||||||
Inventories, net | 8,984,482 | 7,684,527 | ||||||
Other receivables | 132,051 | 353,695 | ||||||
Prepaid expenses and other assets | 565,181 | 754,640 | ||||||
Total current assets | 21,257,828 | 19,608,394 | ||||||
Property and equipment, net | 11,799,061 | 11,731,084 | ||||||
Operating lease right-of-use assets | 1,220,430 | - | ||||||
Intangible assets, net | 6,707,964 | 7,837,306 | ||||||
Goodwill | 5,854,905 | 5,854,905 | ||||||
Deferred tax assets, net | 659,000 | 652,000 | ||||||
Other assets | 75,730 | 289,491 | ||||||
Total assets | $ | 47,574,918 | $ | 45,973,180 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,558,638 | $ | 2,227,768 | ||||
Accrued liabilities | 992,221 | 1,338,912 | ||||||
Accrued payroll and benefits | 1,827,740 | 1,730,658 | ||||||
Operating lease liabilities, current | 765,422 | - | ||||||
Deferred rent, current portion | - | 72,151 | ||||||
Loans payable, current portion | 981,350 | 581,350 | ||||||
Finance lease obligation, current portion | 278,040 | 404,424 | ||||||
Total current liabilities | 7,403,411 | 6,355,263 | ||||||
Finance lease obligation, less current portion | 279,435 | 640,284 | ||||||
Operating lease liabilities, noncurrent | 887,766 | - | ||||||
Deferred rent, noncurrent | - | 518,364 | ||||||
Loans payable, less current portion | 4,437,365 | 5,000,143 | ||||||
Total liabilities | 13,007,977 | 12,514,054 | ||||||
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; 25,891,885 and 25,813,895 | ||||||||
shares issued and outstanding | 258,919 | 258,139 | ||||||
Additional paid-in capital | 230,634,056 | 230,321,324 | ||||||
Accumulated other comprehensive income | 735,892 | 808,518 | ||||||
Accumulated deficit | (197,061,926 | ) | (197,928,855 | ) | ||||
Total stockholders' equity | 34,566,941 | 33,459,126 | ||||||
Total liabilities and stockholders' equity | $ | 47,574,918 | $ | 45,973,180 | ||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue, net | $ | 9,107,140 | $ | 8,745,278 | $ | 34,967,963 | $ | 33,749,088 | ||||||||
Cost of sales | 5,596,915 | 5,916,343 | 21,125,464 | 21,230,168 | ||||||||||||
Gross margin | 3,510,225 | 2,828,935 | 13,842,499 | 12,518,920 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 2,164,614 | 3,084,101 | 8,961,150 | 10,498,651 | ||||||||||||
New product development | 404,694 | 522,203 | 1,714,077 | 2,016,615 | ||||||||||||
Amortization of intangibles | 281,270 | 283,521 | 1,129,341 | 1,220,664 | ||||||||||||
Loss (gain) on disposal of property and equipment | 21,802 | 15,821 | (107,280 | ) | (77,047 | ) | ||||||||||
Total operating expenses | 2,872,380 | 3,905,646 | 11,697,288 | 13,658,883 | ||||||||||||
Operating income (loss) | 637,845 | (1,076,711 | ) | 2,145,211 | (1,139,963 | ) | ||||||||||
Other income (expense): | ||||||||||||||||
Interest expense, net | (66,184 | ) | (123,578 | ) | (339,446 | ) | (697,113 | ) | ||||||||
Other income (expense), net | 175,733 | (65,702 | ) | (174,838 | ) | (388,041 | ) | |||||||||
Total other income (expense), net | 109,549 | (189,280 | ) | (514,284 | ) | (1,085,154 | ) | |||||||||
Income (loss) before income taxes | 747,394 | (1,265,991 | ) | 1,630,927 | (2,225,117 | ) | ||||||||||
Income tax provision | 90,442 | 495,699 | 763,998 | 455,206 | ||||||||||||
Net income (loss) | $ | 656,952 | $ | (1,761,690 | ) | $ | 866,929 | $ | (2,680,323 | ) | ||||||
Foreign currency translation adjustment | (24,928 | ) | 55,843 | (72,626 | ) | 335,010 | ||||||||||
Comprehensive income (loss) | $ | 632,024 | $ | (1,705,847 | ) | $ | 794,303 | $ | (2,345,313 | ) | ||||||
Earnings (loss) per common share (basic) | $ | 0.03 | $ | (0.07 | ) | $ | 0.03 | $ | (0.10 | ) | ||||||
Number of shares used in per share calculation (basic) | 25,875,127 | 25,810,681 | 25,853,419 | 25,794,669 | ||||||||||||
Earnings (loss) per common share (diluted) | $ | 0.02 | $ | (0.07 | ) | $ | 0.03 | $ | (0.10 | ) | ||||||
Number of shares used in per share calculation (diluted) | 28,182,614 | 25,810,681 | 27,469,845 | 25,794,669 | ||||||||||||
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, 2018 | 25,764,544 | $ | 257,645 | $ | 229,874,823 | $ | 473,508 | $ | (195,248,532) | $ | 35,357,444 | |||||||||||||
Issuance of common stock for: | ||||||||||||||||||||||||
Employee Stock Purchase Plan | 20,871 | 209 | 38,229 | - | - | 38,438 | ||||||||||||||||||
Exercise of stock options, net | 28,480 | 285 | 13,482 | - | - | 13,767 | ||||||||||||||||||
Stock-based compensation on stock options & RSUs | - | - | 394,790 | - | - | 394,790 | ||||||||||||||||||
Foreign currency translation adjustment | - | - | - | 335,010 | - | 335,010 | ||||||||||||||||||
Net loss | - | - | - | - | (2,680,323 | ) | (2,680,323 | ) | ||||||||||||||||
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 | |||||||||||||
LIGHTPATH TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Year Ended June 30, | ||||||||
| 2020 | 2019 | |||||||
Cash flows from operating activities | ||||||||
Net income (loss) | $ | 866,929 | $ | (2,680,323 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 3,424,438 | 3,464,156 | ||||||
Interest from amortization of debt costs | 18,572 | 117,261 | ||||||
Gain on disposal of property and equipment | (107,280 | ) | (77,047 | ) | ||||
Stock-based compensation on stock options & RSUs, net | 250,737 | 394,790 | ||||||
Provision for doubtful accounts receivable | 18,826 | (6,658 | ) | |||||
Change in operating lease liabilities | (157,757 | ) | 370,701 | |||||
Inventory write-offs to allowance | 127,872 | 125,234 | ||||||
Deferred tax benefit | (7,000 | ) | (28,000 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Trade accounts receivable | 3,279 | (833,665 | ) | |||||
Other receivables | 221,644 | (306,348 | ) | |||||
Inventories | (1,427,827 | ) | (1,405,020 | ) | ||||
Prepaid expenses and other assets | 403,220 | 392,925 | ||||||
Accounts payable and accrued liabilities | 97,160 | 883,179 | ||||||
Net cash provided by operating activities | 3,732,813 | 411,185 | ||||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (2,442,779 | ) | (1,931,835 | ) | ||||
Proceeds from sale of equipment | 186,986 | 683,250 | ||||||
Net cash used in investing activities | (2,255,793 | ) | (1,248,585 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from exercise of stock options | 22,263 | 13,767 | ||||||
Proceeds from sale of common stock from Employee Stock Purchase Plan | 24,612 | 38,438 | ||||||
Loan costs | - | (92,860 | ) | |||||
Borrowings on loan payable | 400,000 | 5,813,500 | ||||||
Payments on loan payable | (581,350 | ) | (6,831,503 | ) | ||||
Repayment of finance lease obligations | (487,233 | ) | - | |||||
Payments on capital lease obligations | - | (342,871 | ) | |||||
Net cash used in financing activities | (621,708 | ) | (1,401,529 | ) | ||||
Effect of exchange rate on cash and cash equivalents and restricted cash | (72,625 | ) | 335,010 | |||||
Change in cash and cash equivalents and restricted cash | 782,687 | (1,903,919 | ) | |||||
Cash and cash equivalents and restricted cash, beginning of period | 4,604,701 | 6,508,620 | ||||||
Cash and cash equivalents and restricted cash, end of period | $ | 5,387,388 | $ | 4,604,701 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid in cash | $ | 330,910 | $ | 500,985 | ||||
Income taxes paid | $ | 526,225 | $ | 406,526 | ||||
Supplemental disclosure of non-cash investing & financing activities: | ||||||||
Purchase of equipment through capital lease arrangements | - | $ | 530,253 | |||||
Landlord credits for leasehold improvements | - | $ | 309,450 | |||||
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: | Year Ended: | ||||||||||||||||||||
| June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||
Net income (loss) | $ | 656,952 | $ | (1,761,690 | ) | $ | 866,929 | $ | (2,680,323 | ) | |||||||||||
Depreciation and amortization | 837,123 | 923,195 | 3,424,438 | 3,464,156 | |||||||||||||||||
Income tax provision | 90,442 | 495,699 | 763,998 | 455,206 | |||||||||||||||||
Interest expense | 66,184 | 123,578 | 339,446 | 697,113 | |||||||||||||||||
EBITDA | $ | 1,650,701 | $ | (219,218 | ) | $ | 5,394,811 | $ | 1,936,152 | ||||||||||||
% of revenue | 18 | % | -3 | % | 15 | % | 6 | % | |||||||||||||
SOURCE: LightPath Technologies, Inc.
View source version on accesswire.com:
https://www.accesswire.com/605459/LightPath-Technologies-Reports-Financial-Results-for-Fourth-Quarter-and-Fiscal-Year-2020
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