LightPath (NASDAQ: LPTH) CEO Comments on Financial Results

LightPath Technologies, Inc. (NASDAQ: LPTH), a manufacturer and integrator of families of precision molded aspheric optics, GRADIUM® glass products, and high-performance fiber-optic collimators and isolators, recently announced financial results for the quarter.

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Mr. Jim Gaynor, Chief Executive Officer of LightPath, commented, "During the fourth quarter of fiscal 2009 we continued to address the financial challenges presented by the current market economy. Even though our revenue remained flat compared to the previous quarter and is down compared to the fourth quarter of fiscal 2008, our cost performance has continued to improve. We believe the worst of the market declines are behind us and expect to see stronger bookings over the next several quarters. We have been working diligently to penetrate new markets for LightPath and have made significant progress with our efforts in the laser tool market, particularly in Asia. These efforts have produced significant orders that have now completed customer qualification and are in production. "I am pleased to report that we have again increased our gross margins during the fourth quarter of fiscal 2009 and we have continued to reduce our operating costs. Our gross margin for the fourth quarter of fiscal 2009 improved to 33% from 24% compared to the fourth quarter of fiscal 2008, and to 27% for the fiscal year 2009 compared to 14% for the fiscal year 2008. This margin improvement has been accomplished in the face of lower sales and competitive price pressure. "During the fourth quarter of fiscal year 2009, over 95% of our precision molded optics were produced at our Shanghai facility. Direct labor productivity has improved 71% in the fourth quarter of fiscal 2009 compared to the average for fiscal 2008 in our Shanghai factory. This efficiency improvement combined with the high percentage of product now produced in this facility has significantly reduced our labor cost. Production yields for the fourth quarter of fiscal 2009 averaged 92% and for the entire fiscal year 2009 averaged 87%, compared to an average of 67% for the fiscal year 2008. We are also continuing to convert to high temperature lower cost glass materials and this conversion combined with the 20 percentage point improvement in yield has lowered our material costs. We have also implemented new programs to reduce our service costs aimed at tooling and our anti-reflective coating processes. As these programs come on line we expect to see continued improvement in our already low direct costs in future quarters.

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