Lightpath Technologies has announced a jump in revenues for the first quarter of its financial year.
Revenue for the first quarter of the business year 2012/2013 totalled approximately $2.89 million, compared to approximately $2.73 million for the first quarter last year – an increase of six per cent. This increase came many from higher sales of custom optics and an increase in industrial tool products, offset by slightly lower sales of its collimator and GRADIUM product lines.
The company says growth in sales for the next several quarters is expected to be derived primarily from the precision-moulded lens product line, with an initial recovery in low-cost lenses being sold in Asia and from new business with penetration into imaging applications. Infrared products currently being designed and introduced are expected to help accelerate the company’s growth min 2013 and 2014.
The gross margin percentage in the first quarter of fiscal 2013 was 41 per cent, compared to 40 per cent for the first quarter of fiscal 2012. Total manufacturing costs of $1.71 million increased by approximately $63,000 in the first quarter of fiscal 2013 compared to the same period of the prior fiscal years.
Direct costs overall, which include material, labour and services, were 22 per cent of revenue in the first quarter of fiscal 2013, as compared to 29 per cent of revenue in the first quarter of fiscal 2012.
During the first quarter of fiscal 2013, total costs and expenses decreased by approximately $88,000 compared to the same period of the prior year. Selling, general and administrative expenses were $982,000 for the first quarter of fiscal 2013. Total operating loss for the first quarter of fiscal 2013 improved to approximately $27,000 compared to $209,000 for the same period in fiscal 2012.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented: 'LightPath continues to execute on its business plan with improved bookings, revenue, gross margin, EBITDA and net income in the first quarter of fiscal 2013 compared to the first quarter last year. The company’s ability to serve diverse markets has resulted in steady growth in our precision-moulded optics business, with higher volumes of both custom lenses and lower-cost lenses.
'We see the initial signs of market recovery for our industrial tools, which posted revenue growth of 30 per cent in the quarter, as order volumes and customer count increased. Gross margin improved as a result of cost reductions such as glass conversion to lower cost materials and lower material prices.'