Developer of optical and infrared components and assemblies, LightPath Technologies, has announced a 45 per cent increase in revenue in its fourth quarter of fiscal 2015. According to the company’s financial report, the increase in revenue was driven in part by the 176 per cent rise in sales of infrared products compared to the fourth quarter of fiscal 2014.
The company’s financial results for three months ended 30 June 2015 showed that revenue for the fourth quarter totalled approximately $4.5 million; an increase of $1.4 million, or 45 per cent, compared to the same period of the prior year. The increase is attributable to a 113 per cent growth in sales of specialty products and a 176 per cent increase in sales of infrared products, it said in the financial statement.
Jim Gaynor, president and CEO of LightPath, commented: ‘Our order intake remained strong in the fourth quarter of fiscal 2015, up 63 per cent from the fourth quarter of fiscal 2014 and up 28 per cent from the previous quarter,’ he said. ‘Fiscal 2015 fourth quarter results also benefited from several project specific opportunities that totalled approximately $400,000 in revenue. These opportunities included a non-recurring engineering project, a one-time order from a defence contractor, and several customer pull-in orders.
‘While the confluence of these factors led to a very strong fourth quarter, we expect continued growth at a more normalised pace, which is both faster than the market and at a rate that exceeds the 15 per cent growth achieved in fiscal 2015.’
The gross margin as a percentage of revenue was 47 per cent, compared to 44 per cent in the fourth quarter of fiscal 2014. Total operating income was approximately $448,000, compared to an operating loss of approximately ($171,000) for the same period in fiscal 2014.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) represented a negative of $217,000 compared to a positive of $238,000 in the fourth quarter of fiscal 2014. According to LightPath, this difference between periods was caused primarily by the non-cash expense from the warrant liability in the 2015 period which offset higher operating income and lower interest expense as the company repaid debt. Adjusted EBITDA was a positive of $622,000 as compared with Adjusted EBITDA of a negative of $40,000 in the prior year period.
The financial results for fiscal year ended 30 June 2015 reveal that revenue for fiscal 2015 totalled approximately $13.66 million compared to $11.83 million for fiscal 2014, an increase of 15 per cent. This resulted mainly from an increase in specialty products due to higher volume of collimators as well as the growth in infrared products.
Unit shipment volume in precision moulded optics in fiscal 2015 decreased by 28 per cent as compared to fiscal 2014, but the average selling price increased by 38 per cent period-over-period due to a product mix shift with lower volumes in the industrial tool business offset by new applications in fibre laser delivery systems, medical applications and telecommunications.
The sales price mix of the precision moulded optics also changed in fiscal 2015. Revenue from sales of the company’s low volume precision moulded (LVPMO) lenses, which have selling prices of $10 or greater, increased by 11 per cent, while revenue from sales of high volume precision moulded (HVPMO) lenses, which have a sales price of less than $10, decreased by 22 per cent.
The decrease in revenue for the HVPMO lenses, the company said, was due to the demand for such lenses slowing in China during fiscal 2015. LightPath management expects continued growth in sales to be derived primarily from its specialty products and its precision moulded optics product lines, particularly its HVPMOs sold in Asia, and the company’s infrared product lines, based on recent quote activity and market trends.
As of 30 June 2015, the 12-month backlog was $6.5 million, compared to $4.3 million as of 30 June 2014, an increase of approximately 52 per cent, and higher than the backlog of $6.2 million as of 31 March 2015.
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