LONDON, UK / ACCESSWIRE / October 2, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath"), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=LPTH, following the Company's release of its fourth quarter and fiscal 2017 financial results on September 14, 2017. The leading vertically integrated global manufacturer, distributor, and integrator of proprietary optical and infrared components and high-level assemblies outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For the fiscal 2017 fourth quarter ended June 30, 2017, LightPath's revenue surged 90% to $9.0 million compared to $4.7 million for Q4 FY16. The increase in revenue was attributable to an approximately 544% growth in revenues generated by infrared products, an approximately 40%, in sales of high volume precision molded optics ("HVPMO") lenses primarily attributed to the telecommunications and data communications industry, and an approximately 17% jump, in sales of low volume precision molded optics ("LVPMO") lenses. The Company's revenue topped analysts' estimates by $250,000.
For FY17, LightPath's revenue advanced 64% to $28.4 million compared to $17.3 million in FY16.
During Q4 FY17, LightPath's gross margin was $4.4 million, reflecting an increase of 77% compared to $2.5 million in Q4 FY16. The Company's gross margin as a percentage of revenue was 48% for the reported quarter compared to 52% for the prior year's same quarter. The change in gross margin as a percentage of revenue was primarily attributable to the inclusion of revenues generated by ISP, and the associated cost of sales.
For Q4 FY17, LightPath's total costs and expenses as a percentage of revenue continued to decline, improving to 36% compared to 41% in Q4 FY16.
LightPath's operating income was $1.1 million, an increase of 117%, for Q4 FY17 compared to operating income of $522,000 for Q4 FY16. The Company's reported quarter included a benefit of $5.4 million for an adjustment to the valuation allowance on its deferred tax assets.
For Q4 FY17, LightPath reported net income of $6.4 million, or $0.27 per basic and $0.24 per diluted common share, which included non-cash expense of approximately $10,000, or $0.00 per share, related to the change in the fair value of the warrant liability, compared to net income of approximately $331,000, or $0.02 per basic and diluted common share, which included non-cash income of approximately $27,000, or $0.00 per share, related to the change in the fair value of the warrant liability for Q4 FY16. The Company's earnings beat Wall Street's estimates of $0.22 per share.
For FY17, LightPath's net income was $7.7 million compared to $1.4 million in FY16. The Company's adjusted net income for the reported period was $8.2 million versus $1.5 million in the year-ago comparable period.
LightPath's EBITDA was approximately $2.3 million for Q4 FY17 compared to approximately $646,000 in Q4 FY16. The Company's adjusted EBITDA, which excluded the non-cash income or expense related to the change in fair value of the Company's warrant liability, was $2.3 million in the reported quarter, reflecting an increase of 243% compared to $673,000 in the prior year's same quarter.
Cash Matters
LightPath's cash and cash equivalents totaled approximately $8.1 million as of June 30, 2017, a 178% increase from June 30, 2016. The Company's cash flow provided by operations was approximately $5.0 million for FY17 compared to $1.5 million in FY16. During FY17, LightPath expended approximately $2.2 million for capital equipment compared to $1.1 million in the same period last year.
LightPath's current ratio as of June 30, 2017, and June 30, 2016, was 3.5 to 1. The Company's total stockholders' equity as of June 30, 2017, was approximately $29.8 million, a 172% increase compared to approximately $10.9 million as of June 30, 2016. The increase was primarily attributed to LightPath's Class A common stock public offering in December 2016, in which the Company received net proceeds of approximately $8.7 million, and accumulated net income.
LightPath's 12-month backlog was approximately $9.3 million at June 30, 2017, compared to $6.6 million at June 30, 2016.
Stock Performance
At the closing bell, on Friday, September 29, 2017, LightPath Technologies' stock marginally climbed 0.39%, ending the trading session at $2.56. A total volume of 159.30 thousand shares have exchanged hands. The Company's stock price soared 44.63% in the previous twelve months. Moreover, the stock skyrocketed 66.23% since the start of the year. The stock is trading at a PE ratio of 8.10 and currently has a market cap of $61.80 million.
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