ORLANDO, FL -- (Marketwired) -- 09/03/14 --
Fiscal Year 2014 and Fourth Quarter Highlights:
- Successfully started production in our wholly-owned subsidiary's facility located in Zhenjiang, People's Republic of China, producing approximately 100,000 lenses at greater than 96% yield during the fourth quarter.
- Ramped up production of our proprietary infrared lenses at our Orlando facility.
- Backlog increased approximately 5% to $4.3 million at June 30, 2014 as compared to June 30, 2013.
- Revenue for fiscal 2014 increased to approximately $11.83 million compared to approximately $11.78 million for fiscal 2013. Revenue for the fourth quarter of fiscal 2014 decreased slightly to approximately $3.11 million compared to approximately $3.13 million for the fourth quarter of fiscal 2013.
- Gross margin as a percent of revenue for fiscal 2014 increased to 46% as compared to 44% in the prior year.
- Net loss was approximately $313,000, or ($0.02) per share for fiscal 2014 compared to net income of approximately $215,000, or $0.02 per share in fiscal 2013. For the fourth quarter of fiscal 2014, net income was $102,000, or $0.01 per share compared to net loss of $244,000, or $0.02 per share for the fourth quarter of fiscal 2013.
- Cash on hand as of June 30, 2014 was $1.2 million as compared to $1.6 million on June 30, 2013.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "Fiscal year 2014 is best characterized as a year of investment in our future. We increased our research and development spending by 29% for fiscal 2014, as compared to fiscal 2013, and 37% for the fourth quarter of fiscal 2014, as compared to the fourth quarter last year. Our selling, general and administrative expenses increased 13% and 26% for fiscal 2014 and the fourth quarter of fiscal 2014, respectively, representing an investment in our sales and marketing efforts. We successfully commenced production at our wholly-owned subsidiary's new Zhenjiang, China factory, producing about 100,000 aspheric optical lenses in the first three months of operations at yields greater than 96%. For our new line of infrared lenses, we are converting from prototype development and production into full commercial production at our Orlando facility, with significant shipments to begin in September. In fiscal year 2014, we invested approximately $2.0 million in expanding our manufacturing capacity and purchasing new equipment. We invested in more efficient equipment with new press stations at our Shanghai, Zhenjiang and Orlando facilities, increased our anti-reflective coating capacity, increased our infrared glass preparation capacity, upgraded metrology equipment for our tooling operation and expanded high-end CNC machining equipment to lower our cost of housings and other mechanical parts used in our assemblies. All of these investments support the growth opportunities that we see in both the visible lens and infrared product businesses."
"We negotiated a new lease for our Orlando headquarters and manufacturing facility that expands our space to support the increased production levels and lowers our overall lease costs by 25%. Even with the costs associated with the start-up activities for the Zhenjiang facility, capacity increases and cost reduction investments, we were able to improve our gross margins to 46%, maintain our cash at an acceptable level and improve our competitive position in all of the markets we serve."