LPTH - 2.66 Earnings to be announced on 9/14. Stock inching up.
LightPath Technologies Announces Preliminary Results for Fiscal 2017 Fourth Quarter
ORLANDO, FL / ACCESSWIRE / August 10, 2017 / LightPath Technologies, Inc. ( 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 preliminary financial results for the fourth quarter ended June 30, 2017 and the scheduling of a conference call and simultaneous webcast on September 14, 2017 to discuss the Company's financial and operational results for the fourth quarter and year ended June 30, 2017.
Preliminary Financial Results for the Fourth Quarter of Fiscal 2017
Subject to completion of the audit of the Company's financial results for the quarter and year ended June 30, 2017, we expect to report:
Total revenues between $8.5 million and $9.0 million for the fourth quarter of fiscal 2017, as compared to $4.7 million for the fourth quarter of fiscal 2016, which would represent an increase of between 81% and 91%. 12-month backlog between $9.1 million and $9.5 million at June 30, 2017, as compared to $6.6 million at June 30, 2016, which would represent an increase of between 38% and 44%.Cash and cash equivalents of approximately $8.1 million as of June 30, 2017, as compared to $2.9 million from June 30, 2016, which would represent an increase of approximately 178%. Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "Based on these preliminary results, we expect to deliver strong performance for the fourth quarter of fiscal 2017 as we continue to execute our business plan. We are extremely pleased with the successful integration and performance to date of the business of ISP Optics Corporation, our new wholly-owned subsidiary. Equally important is our revenue and cash flow performance as we benefit from the operating leverage created by the increased scale of the Company. As a result of our operating efficiencies and sales growth, our financial condition was significantly bolstered with expected cash at the end of the fiscal year to be approximately $8.1 million. We are also pleased by expected improvements in our earnings and adjusted EBITDA margins and are committed to maintaining these improvements in future periods. This anticipated performance provides us with the flexibility to make the necessary investments that support continued and incremental growth of the Company."
The Company will issue the final financial results for the fourth quarter and year ended June 30, 2017 on September 14, 2017 after the close of the stock market. Following the issuance of the financial results press release, a conference call and simultaneous webcast will be held.
