LightPath Technologies Reports Revenue Decrease For Second Fiscal Quarter.ALBUQUERQUE Albuquerque (ăl`bəkûr'kē), city (1990 pop. 384,736), seat of Bernalillo co., W central N.Mex., on the upper Rio Grande; inc. 1890. , N.M.--(BUSINESS WIRE)--Feb. 7, 1997-- Revenues Increased for Six-Month Period Ended December December: see month. 31, 1996 LightPath Technologies, Inc. (Nasdaq: LPTHA/LPTHU) today reported that revenues for its second fiscal quarter ended Dec. 31, 1996 decreased to $28,164 from $54,466 in the comparable 1995 period. LightPath developer and producer of GRADIUM(TM) glass used in laser industry, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and other high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" optics applications, said net loss for the second fiscal quarter was $933,121, or 34 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with a loss of $358,685, or 47 cents per share, for the 1995 fiscal quarter. Second fiscal quarter revenues consisted of $1,806 in product development fees and $26,358 of sales of GRADIUM lenses, compared with $45,000 in product development fees and $9,446 of lens sales during the comparable 1995 period. In addition to the $26,358 of lens sales, LightPath during the second fiscal quarter received orders for another $60,000 of lenses, which the company expects to ship during the third fiscal quarter. "The increase in lens sales and orders is primarily due to increased investments in sales and marketing activity and introduction of LightPath's initial product catalogue in August 1996," said LightPath Chairman Leslie Leslie (Gaelic, derived from a surname meaning 'garden of hollies,'grey fortress, or'garden by the pool')[1] can refer to any of the following: Places in Scotland:
For the six months ended Dec. 31, 1996, revenues increased to $151,634, compared with $84,594 for the six months ended Dec. 31, 1995. Net loss for the six-month period was $1.7 million, or 62 cents per share, compared with a loss of $1.6 million, or $2.12 per share, for the six-month period ended Dec. 31, 1995. The increase in net loss for the second fiscal quarter from the comparable quarter last year was due to a decreased gross margin of $38,460, due in part to a low volume of inventory production; increases in selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. of $388,134, in part for the addition of personnel in sales, administration and operations; and an increase in research and development costs of $284,613 for staff and supplies to expand the GRADIUM product lines to a range of fields, including telecommunications. Those figures are offset by an increase of $136,771 in other income. LightPath raised approximately $8 million in a Feb. 22, 1996 initial public offering. GRADIUM glass, an optical quality glass with internal light-bending properties, reduces optical aberrations optical aberration n. The failure of light rays from a point source to form a perfect image after passing through an optical system. typical in lenses made of conventional glass. GRADIUM lenses streamline the functions performed by conventional lens systems. LightPath has 10 patents, and several more pending, on the process to make GRADIUM glass. LightPath units, comprised of common stock and warrants, trade under the Nasdaq stock symbol LPTHU. LightPath common stock trades under the Nasdaq stock symbol LPTHA. CONTACT: Frank Sommerfield Communications, Inc. 212/255-8386 LightPath Web site: http://www.light.net |
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