Lightpath Technologies Inc 8-K, filed May 6, 2021
Lightpath Technologies Inc (LPTH)
8-K
2021-05-06
For: 2021-05-06
View Original
Added on
April 10, 2026
About this 8-K
Lightpath Technologies Inc filed this 8-K on May 6, 2021.
Items reported
- Item 2.01: Completed an acquisition or sale of assets
- Item 9.01: Financial statements and exhibits
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
May 6, 2021
Date of Report (Date of earliest event reported)
LIGHTPATH TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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000-27548
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86-0708398
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(State or other jurisdiction of incorporation or
organization)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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2603 Challenger Tech Court, Suite 100
Orlando, Florida 32826
(Address of principal executive office, including zip
code)
(407) 382-4003
(Registrant’s telephone number, including area
code)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐ Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐ Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Class A
Common Stock, par value $0.01
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LPTH
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The
Nasdaq Stock Market, LLC
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (17 CFR
§230.405) or Rule 12b-2 of
the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this
chapter).
Emerging
growth company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards providing
pursuant to Section 13(a) of the Exchange Act. ☐
LightPath
Technologies, Inc.
Form
8-K
Item 2.02. Results of Operations and
Financial Condition
On May 6, 2021, LightPath Technologies, Inc. issued a press release
announcing the results for its fiscal 2021 third quarter ended
March 31, 2021. A copy of the Press Release is attached as Exhibit
99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d)
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Exhibit No.
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Description
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Press Release of LightPath Technologies, Inc., dated May 6, 2021
for the Fiscal 2021 Third Quarter ended March 31,
2021.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this Report to be signed in
its behalf by the undersigned, thereunto duly
authorized.
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LIGHTPATH
TECHNOLOGIES, INC.
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Dated:
May 6, 2021
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By:
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/s/
Donald O. Retreage, Jr.
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Donald O. Retreage, Jr., Chief Financial Officer
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Exhibit 99.1
For Immediate Release
LightPath Technologies Reports Financial Results for
Fiscal 2021 Third Quarter
Revenues Set New Quarterly Record by Exceeding $10 Million for
First Time in Company History
ORLANDO,
FL – May 6, 2021 – LightPath
Technologies, Inc. (NASDAQ: LPTH) (“LightPath,”
the “Company,” or “we”), a leading
vertically integrated global
manufacturer and integrator of
proprietary optical
and infrared components and high-level
assemblies, today announced financial results for its fiscal
2021 third quarter ended March 31, 2021.
Fiscal 2021 Third Quarter and Nine Months Financial Results
Highlights:
●
Revenue for the
third quarter of fiscal 2021 of $10.7 million, an increase of 23%
from the prior year period.
●
First nine months
of fiscal 2021 revenue of $30.1 million, an increase of 17% from
the prior year period.
●
Total backlog at
end of the third quarter of fiscal 2021 of $19.5 million, compared
to $22.8 million at the end of the third quarter of fiscal
2020.
●
Gross margin as a
percentage of revenue was 36% in the third quarter of fiscal 2021,
which reflects yield inefficiencies on many new lenses moving into
production volume, as compared to 46% in the third quarter of
fiscal 2020.
●
First nine months
of fiscal 2021 gross margin of 38%, compared to 40% in the prior
year period.
●
Net loss for the
third quarter of fiscal 2021 was $223,000, compared to net income
of $816,000 in the third quarter of fiscal 2020.
●
Net loss for first
nine months of fiscal 2021 was $272,000, compared to net income of
$210,000 in the prior year period.
●
EBITDA* for the
third quarter of fiscal 2021 was $1.1 million, compared to $1.9
million in the third quarter of fiscal 2020.
●
EBITDA for first
nine months of fiscal 2021 was $3.5 million, compared to $3.7
million in the first nine months of fiscal 2020.
●
Capital
expenditures were approximately $2.7 million for the first nine
months of fiscal 2021, compared to $1.5 million for the first nine
months of fiscal 2020.
●
Total debt,
including finance leases, was reduced by 8% or approximately
$482,000 in the first nine months of fiscal 2021.
●
Cash and cash
equivalents of $5.9 million as of March 31, 2021 increased over 10%
as compared to $5.4 million as of June 30, 2020.
* This
press release includes references to non-GAAP financial measures.
Please see the heading “Use of Non-GAAP Financial
Measures” below for a more complete explanation.
Management Comments
Sam
Rubin, President and Chief Executive Officer of LightPath, stated,
“Our long-term growth plans are beginning to deliver their
intended results with revenues in the fiscal 2021 third quarter
reaching the highest level for any quarter in our history. This
marks the second consecutive quarter in which we set a new record
for quarterly revenues. This long-term strategy should be viewed in
the context of a series of steps implemented in shorter durations
with each resulting in changes to the Company’s culture,
approach to the market, and financial and operational
performance.
“My
initial focus after being appointed CEO of LightPath early last
year, was to assess the Company’s strengths, weaknesses and
capabilities – all while dealing with a global pandemic. Soon
after my appointment, we developed and began implementing our new
strategy with an orientation towards driving growth through
providing engineered solutions. This new direction for the Company
led to the strong revenue growth we reported today. Among our other
achievements, from the beginning of the fiscal year through the end
of the third quarter, our cash increased by 10% even as we reduced
our debt by 8% and funded capital expenditures at nearly 80% more
than the prior year period. Our investments have been focused on
ways to better serve larger multinational customers and higher
volume production requirements. To this end, we increased global
production capacity and capabilities to accommodate our many new
design wins and contracts for larger volumes. This also is evident
by our customer base diversification and the increase in unit
volume that grew by 37% in the first nine months of the year to a
record of nearly 3.3 million lenses.
“The
growth in sales is fueling the Company and further driving the need
for additional changes and improvements. In turn, this has led to
the next step of our transformation which requires the
strengthening and expanding of our leadership team. During and
following the end of the fiscal third quarter, we announced a
series of management appointments, including our new Chief
Financial Officer, new Vice President of Operations, and new
General Manager of our China subsidiaries, with corresponding
one-time expenses for the associated changeover as we put our new
team in place. Now, the focus is turning towards the operations,
efficiencies and overall performance. Similar to the efforts that
led to our initial top line growth in this fiscal year, which took
a couple of quarters to be realized, our shareholders should expect
a period of adjustments with the new leadership team until we begin
more fully experiencing the intended results of operational
optimization.
1
“As
we report another record performance for quarterly revenues and
further improvement in our balance sheet, we are energized with a
strengthened management team to lead us through our next phase of
growth. This anticipated growth is on an organic basis that feeds
from the many secular trends requiring high volume photonics
solutions and will leverage our strategy for closer collaboration
as a valued partner to our customers. In addition, we intend to
pursue select acquisitions to augment our product lines and
manufacturing capabilities.”
Financial Results
Revenue
Three months ended March 31, 2021, compared to three months ended
March 31, 2020
Revenue
for the third quarter of fiscal 2021 was approximately $10.7
million, an increase of approximately $2.0 million, or 23%, as
compared to $8.7 million in the same period of the prior fiscal
year. Sales of infrared (“IR”) products comprised 60%
of the Company’s consolidated revenue in the third quarter of
fiscal 2021, as compared to 50% of consolidated revenue in the same
period of the prior fiscal year. Visible precision molded optics
(“PMO”) product sales represented 36% of consolidated
revenues in the third quarter of fiscal 2021, as compared to 44% in
the same period of the prior fiscal year. Specialty products
continue to be a small component of the Company’s business,
representing 3% of consolidated revenue in the third quarter of
fiscal 2021, as compared to 6% in the same period of the prior
fiscal year.
Revenue
generated by IR products was approximately $6.5 million in the
third quarter of fiscal 2021, an increase of 50%, as compared to
$4.3 million in the same period of the prior fiscal
year. The increase in
revenue is driven by sales of both molded and diamond-turned IR
products to customers in the industrial market as well as the
defense market. Demand for IR products, including proprietary BD6
material, has continued to increase.
Revenue
generated by PMO products was approximately $3.9 million for the
third quarter of both fiscal 2021 and fiscal 2020, increasing
approximately $53,000, or 1%. The modest increase in our PMO
revenue is primarily due to softening in sales to customers in the
telecommunications market, which we believe to be temporary, as
customers align their inventory levels to the next phase of their
5G rollout. Demand for PMO lenses for the 5G infrastructure
buildout remains steady, although the Company did experience a
slowdown in orders from certain customers for the
quarter.
Revenue
generated by specialty products was approximately $334,000 in the
third quarter of fiscal 2021, a decrease of approximately $227,000,
or 41%, compared to $561,000 in the same period of the prior fiscal
year. This decrease is primarily related to sales of legacy
specialty products during the third quarter of fiscal 2020 which
contracts did not repeat in the third quarter of fiscal
2021.
Nine months ended March 31, 2021, compared to nine months ended
March 31, 2020
Revenue
for the first nine months of fiscal 2021 was approximately $30.1
million, an increase of approximately $4.3 million, or 17%, as
compared to $25.9 million in the same period of the prior fiscal
year. Sales of IR products comprised 53% of the Company’s
consolidated revenue in the first nine months of fiscal 2021, as
compared to 51% of consolidated revenue in the same period of the
prior fiscal year. Visible PMO product sales represented 43% of
consolidated revenues in the first nine months of fiscal 2021, as
compared to 42% in the same period of the prior fiscal year.
Specialty products continue to be a small component of the
Company’s business, representing 4% of consolidated revenue
in the first nine months of fiscal 2021, as compared to 7% in the
same period of the prior fiscal year.
Revenue
generated by IR products was approximately $16.0 million in the
first nine months of fiscal 2021, an increase of approximately $2.7
million, or 21%, as compared to approximately $13.3 million in the
same period of the prior fiscal year. Revenue growth for IR
products is led by an increase in sales of molded IR products,
including lenses made with the Company’s new BD6 material,
particularly to customers in the industrial market. The increased
demand for molded IR products continues to be driven in large part
by fever detection products. Demand for industrial
applications, firefighting and other public safety applications
also continues to be strong.
Revenue
generated by PMO products was approximately $12.9 million for the
first nine months of fiscal 2021, as compared to $10.7 million in
the same period of the prior fiscal year, an increase of
approximately $2.2 million, or 20%. The increase in revenue is
primarily attributed to an increase in sales to customers in the
telecommunications market, as well as the commercial and defense
markets.
Revenue
generated by specialty products was approximately $1.2 million in
the first nine months of fiscal 2021, a decrease of approximately
$658,000, or 35%, compared to $1.9 million in the same period of
the prior fiscal year. This decrease is primarily related to
non-recurring engineering (“NRE”) project revenue as
well as sales of certain legacy specialty products in the first
nine months of fiscal 2020 which did not recur in the first nine
months of fiscal 2021.
2
Cost of Sales and Gross Margin
Three months ended March 31, 2021, compared to three months ended
March 31, 2020
Gross
margin in the third quarter of fiscal 2021 was approximately $3.9
million, a decrease of 3%, as compared to approximately $4.0
million in the same period of the prior fiscal year. Total cost of
sales was approximately $6.8 million for the third quarter of
fiscal 2021, compared to $4.7 million for the same period of the
prior fiscal year. Gross margin as a percentage of revenue was 36%
for the third quarter of fiscal 2021, compared to 46% for the same
period of the prior fiscal year. The decrease in gross margin as a
percentage of revenue is primarily due to the mix of products sold
in each respective period and yields and efficiencies pertaining to
newly launched production lines. IR products, which typically have
lower margins than our PMO products, comprised 60% of revenue for
the third quarter of fiscal 2021, as compared to 50% of revenue for
the third quarter of fiscal 2020. Gross margin as a percentage of
revenue also continues to be impacted by initial volume deliveries
of new products and sales contracts. The acceleration of new lenses
moving into the volume production stage, and alignments required
for orders from the increasing number of new customers, resulted in
traditional start-up inefficiencies, which negatively impacted
margins but which issues are expected to be reduced as the
respective programs mature. The mix of IR product sales for the
third quarter of fiscal 2021 was heavily weighted toward volume
production orders, some of which consisted of products that the
Company only recently started producing in mass, and for which some
yield issues have been experienced in connection with BD6 coatings,
which increased costs. The Company has been resolving these
technical issues as they occur which is expected to bring
manufacturing efficiencies to a level similar to its existing
products.
Nine months ended March 31, 2021, compared to nine months ended
March 31, 2020
Gross
margin in the first nine months of fiscal 2021 was approximately
$11.4 million, an increase of 10%, as compared to approximately
$10.3 million in the same period of the prior fiscal year. Total
cost of sales was approximately $18.7 million for the first nine
months of fiscal 2021, compared to $15.5 million for the same
period of the prior fiscal year. The increases in gross margin and
cost of sales are primarily driven by the increase in sales. Gross
margin as a percentage of revenue was 38% for the first nine months
of fiscal 2021, compared to 40% for the same period of the prior
fiscal year. Margins for PMO products have remained consistently
strong, however margins for IR products have been below target
levels due to the many new lines going into production. During the
first nine months of fiscal 2021, the Company began high-volume
delivery of several key OEM projects, which orders consisted of
products with both molded as well as diamond turned BD6 material.
As is typical of scaling new products into volume production, a
number of technical challenges have been experienced, both related
to the fabrication of the components, as well as some of the
value-added activities such as coating and assembly. While such
early-stage problems are common, the Company has been in the
process of resolving the issues as they occur, which will
subsequently improve production yields and elevate the products to
their target gross margin levels.
Operating Expenses
Three months ended March 31, 2021, compared to three months ended
March 31, 2020
During the third quarter of fiscal 2021, total operating expenses
were approximately $3.7 million, an increase of $788,000, or 27%,
as compared to $2.9 million in the same period of the prior fiscal
year. Selling, general and administrative (“SG&A”)
costs increased by approximately $550,000, or 24%, as compared to
the same period of the prior fiscal year. The increase is primarily due to approximately
$194,000 of legal fees and consulting expenses associated with the
hiring of new employees and termination of several employees of the
Company’s Chinese subsidiaries, LightPath Optical
Instrumentation (Shanghai) Co., Ltd. (“LPOI”) and
LightPath Optical Instrumentation (Zhenjiang) Co., Ltd.
(“LPOIZ”) after
determining that they had engaged in malfeasance and conduct
adverse to the interests of the Company, including efforts to
misappropriate certain of the Company’s proprietary
technology. The employment terminations occurred in April 2021, and
as such, additional legal fees, consulting expenses and severance
expenses associated with these terminations will be incurred in the
three months ended June 30, 2021. In addition, the Company recorded
additional stock compensation expenses of approximately $84,000 as
certain restricted stock units (“RSUs”) vested upon the
retirement of a director. The director had also deferred receipt of
the shares of Class A common stock underlying the vested RSUs until
his retirement. The remaining increase in SG&A costs as
compared to the same period of the prior fiscal year is due to
increases in personnel-related costs associated with a moderate
increase in headcount. New product development costs increased by
approximately $228,000, or 55%, as compared to the same period of
the prior fiscal year. This increase was primarily due to the
addition of engineering employees and outside services in order to
support the demand for optical design.
Nine months ended March 31, 2021, compared to nine months ended
March 31, 2020
During the first nine months of fiscal 2021, total operating
expenses were approximately $10.5 million, an increase of $1.7
million, or 19%, as compared to $8.8 million in the same period of
the prior fiscal year. SG&A costs were
approximately $8.0 million during the first nine months of fiscal
2021, an increase of approximately $1.2 million, or 18%, as
compared to the same period of the prior fiscal year.
The increase is primarily due to
approximately $400,000 of additional compensation to the
Company’s former Chief Executive Officer. Also contributing
to the increase are the aforementioned expenses associated with the
termination of several employees in China, and the additional
director stock compensation recorded during the three months ended
March 31, 2021. The remaining increase in SG&A costs as
compared to the same period of the prior fiscal year is due to
increases in personnel-related costs associated with a moderate
increase in headcount, as well as an increase in outside consulting
services for projects related to operational improvements. New
product development costs increased by approximately $312,000, or
24%, as compared to the same period of the prior fiscal year. This
increase was primarily due to the addition of engineering employees
and outside services in order to support the demand for optical
design.
3
Other Income (Expense)
Interest
expense was approximately $53,000 and $166,000 for the three and
nine months ended March 31, 2021, respectively, as compared to
$85,000 and $273,000 for the three and nine months ended March 31,
2020, respectively. The decrease in interest expense is due to
lower interest rates and a 7% reduction in the Company’s
total debt from March 31, 2020 to March 31, 2021.
LightPath
recognized net foreign currency transaction losses due to changes
in the value of the Chinese Yuan and Euro against the U.S. Dollar
in the amount of approximately $17,000 in the third quarter of
fiscal 2021, compared to gains of $14,000 for the third quarter of
fiscal 2020. These foreign currency transaction amounts had no
impact on basic and diluted earnings or loss per share for the
third quarter of fiscal 2021 or the third quarter of fiscal 2020.
For the first nine months of fiscal 2021, LightPath recognized
foreign currency transaction losses of $38,000, compared to
$363,000 for the first nine months of fiscal 2020. These foreign
currency transaction losses had no impact on basic and diluted loss
per share for the first nine months of fiscal 2021, and a $0.01
unfavorable impact on basic and diluted earnings per share for the
first nine months of fiscal 2020.
Income Taxes
During
the third quarter of fiscal 2021, income tax expense was
approximately $308,000, compared to approximately $203,000 for the
same period of the prior fiscal year, primarily related to income
taxes from the Company’s operations in China. Income taxes
for the third quarter of fiscal 2021 also included Chinese
withholding taxes of $100,000 associated with intercompany dividend
declared by the Company’s Chinese subsidiary LPOIZ and
payable to LightPath as its parent company.
During
the first nine months of fiscal 2021, income tax expense was
approximately $984,000, as compared to approximately $674,000 for
the same period of the prior fiscal year, primarily related to
income taxes on the income generated by LPOIZ. Income taxes for the
first nine months of fiscal 2021 and the first nine months of
fiscal 2020 also included Chinese withholding taxes of $400,000 and
$200,000, respectively, associated with intercompany dividends
declared by LPOIZ during the respective periods. While these
repatriation transactions resulted in some additional Chinese
withholding taxes, LPOIZ currently qualifies for a reduced Chinese
income tax rate; therefore, the total income tax on those earnings
was still lower than it would have been using the normal income tax
rate.
LightPath
has net operating loss (“NOL”) carry-forward benefits
of approximately $74 million available to apply against taxable
income as reported on a consolidated basis in the U.S. Outside of
the U.S., income taxes are attributable to the Company’s
wholly-owned subsidiaries in China. Income generated by the
Company’s wholly-owned subsidiary in Latvia is subject to
distribution tax, however, the Company currently does not intend to
distribute earnings subject to this tax and, therefore, no taxes
have been accrued on these earnings. Instead, profits are allocated
to investments in future IR business activity growth.
Net Income (Loss)
Net
loss for the third quarter of fiscal 2021 was approximately
$223,000, or $0.01 basic and diluted loss per share, compared to
net income of $816,000, or $0.03 basic and diluted earnings per
share, for the third quarter of fiscal 2020. The decrease in net
income for the third quarter of fiscal 2021 as compared to the same
period of the prior fiscal year was primarily attributable to the
lower gross margin and increased SG&A costs, including
approximately $280,000 related to expenses incurred in connection
with the termination of several employees of LPOIZ and LPOI and the
recognition of stock compensation expense related to the retirement
of a director, as well as increased new product development costs.
These differences reduced operating income by approximately
$900,000 for the third quarter of fiscal 2021 as compared to the
same period of the prior fiscal year. In addition, there was an
unfavorable difference of approximately $104,000 in the provision
for income taxes.
Net
loss for the first nine months of fiscal 2021 was approximately
$272,000, or $0.01 basic and diluted loss per share, compared to
net income of $210,000, or $0.01 basic and diluted earnings per
share, for the first nine months of fiscal 2020. The decrease in
net income for the first nine months of fiscal 2021 as compared to
the same period of the prior fiscal year was primarily attributable
to increased SG&A costs, including approximately $680,000
related to additional compensation paid to the Company’s
former Chief Executive Officer, expenses incurred for the
termination of several employees of LPOIZ and LPOI and the
recognition of stock compensation expense related to the retirement
of a director, as well as increased new product development costs.
These expense increases were partially offset by the approximately
$1.1 million increase in gross margin, resulting in a net decrease
in operating income of approximately $606,000 for the first nine
months of fiscal 2021, as compared to the same period of the prior
fiscal year. In addition, there was an unfavorable difference of
approximately $310,000 in the provision for income taxes. These
unfavorable differences were partially offset by a favorable
difference of approximately $325,000 in foreign exchange gains and
losses.
Weighted-average
common shares outstanding were 26,366,651, basic and diluted, in
the third quarter of fiscal 2021, compared to 25,858,155 and
27,569,844, basic and diluted, respectively in the third quarter of
fiscal 2020. Weighted-average common shares outstanding were
26,153,839, basic and diluted, in the first nine months of fiscal
2021, compared to 25,840,881 and 27,349,303, basic and diluted,
respectively, in the first nine months of fiscal 2020. The increase
in the weighted-average basic common shares was due to the issuance
of shares of Class A common stock (i) under the Employee Stock
Purchase Plan, (ii) upon the exercises of stock options, and (iii)
underlying vested RSUs.
4
EBITDA
EBITDA
for the third quarter of fiscal 2021 was approximately $1.1
million, compared to $1.9 million for the same period of the prior
fiscal year. The decrease in EBITDA in the third quarter of fiscal
2021 was attributable to lower gross margin and increased SG&A
costs, including approximately $280,000 of expenses incurred
related to certain director and personnel matters that occurred
during the period as discussed above, as well as increased new
product development costs.
EBITDA
for the nine months ended March 31, 2021 was approximately $3.5
million, compared to $3.7 million for the same period of the prior
fiscal year. The decrease in EBITDA in the first nine months of
fiscal 2021 is primarily attributable to increased SG&A costs,
including approximately $680,000 of expenses incurred related to
certain officer, director, and personnel matters that occurred
during the period as discussed above, and increased new product
development costs. These increased costs were partially offset by a
favorable difference of approximately $325,000 in foreign exchange
gains and losses.
EBITDA
is a non-GAAP financial measure. A disclaimer and reconciliation
are provided below.
Liquidity and Capital Resources
Cash
and cash equivalents totaled approximately $5.9 million as of March
31, 2021, compared to approximately $5.4 million at June 30, 2020.
Cash provided by operations was approximately $3.1 million for the
first nine months of fiscal 2021, as compared to approximately $1.9
million in the first nine months of fiscal 2020. The improvement in
cash flows during the first nine months of fiscal 2021 is due to
improved receivables and inventory management, despite the
significant increase in sales for the same period as compared to
the prior fiscal year period. Also, during the first nine months of
fiscal 2020, there were significant non-recurring cash outflows
related to restructuring costs which had been accrued during fiscal
2019. The Company expended approximately $2.7 million for
investments in capital equipment during the first nine months of
fiscal 2021, compared to approximately $1.5 million in the same
period of the prior fiscal year. The majority of capital
expenditures during the first nine months of fiscal 2021 were
related to the continued expansion of IR coating capacity as well
as increasing lens pressing and dicing capacity to meet current and
forecasted demand.
The
current ratio as of March 31, 2021 was 2.8 to 1, compared to 2.9 to
1 as of June 30, 2020. Total stockholders’ equity as of March
31, 2021 was approximately $36.0 million, compared to $34.6 million
as of June 30, 2020. The net increase in stockholders’ equity
during the first nine months of fiscal 2021 is made up of the net
loss, plus adjustments for stock-based compensation, for which the
expense is offset in additional paid-in capital, as well as
proceeds from the exercise of stock options and foreign currency
translation adjustment gains, which are included in other
comprehensive income.
Sales Backlog
Historically,
LightPath has disclosed sales backlog on a 12-month basis, which
examined orders required by customers for delivery within a
one-year period. To better align with the Company’s strategic
focus on longer-term customer orders and relationships, beginning
in fiscal 2021 disclosure is being provided for total backlog and
includes all firm orders that are reasonably believed to remain in
the backlog and convert into revenues. As of March 31, 2021,
LightPath’s total backlog was $19.5 million, a decrease of
14% as compared to $22.8 million as of March 31, 2020. Compared to
the end of fiscal 2020, our total backlog decreased by 11% during
the first nine months of fiscal 2021. The decrease in backlog
during the third quarter of fiscal 2021 is the result of the record
high sales level for the quarter and the Company’s increased
production capacity, while no major contracts renewed during the
quarter. In addition, we received fewer new orders from a large
telecommunications customer, which orders are typically renewed
each quarter. We believe this to be a temporary slowdown, as
inventory levels are aligned to the next phase of the 5G
rollout.
Historically,
it is in the second quarter of each fiscal year that the Company
receives the renewal of a large annual contract for IR products,
which is typically shipped against beginning in the fiscal third
quarter. The timing of other contract renewals may not be as
consistent, and may substantially increase backlog levels at the
time the orders are received, and backlog will subsequently be
drawn down as shipments are made against these orders.
The
Company continues to experience a growing demand for IR products
used in the industrial, defense, and first responder sectors.
Demand for IR products continues to be fueled by interest in lenses
made with the Company’s new BD6 material. The Company expects
to maintain moderate growth in its visible PMO product group by
continuing to diversify and offer new applications under a
competitive pricing structure; however, the Company believes that
the terminations of certain of management employees of its Chinese
subsidiaries, LPOIZ and LPOI, and the transition to new management
personnel could adversely impact the domestic sales in China over
the next one to two quarters, which would affect potential growth
in the Company’s PMO lens business for that
period.
5
*Use of Non-GAAP Financial Measures
To
provide investors with additional information regarding financial
results, this press release includes references to EBITDA and gross
margin, both of which are non-GAAP financial measures. For a
reconciliation of these non-GAAP financial measures to the most
directly comparable financial measures calculated in accordance
with GAAP, see the tables provided in this press
release.
A
“non-GAAP financial measure” is generally defined as a
numerical measure of a company’s historical or future
performance that excludes or includes amounts, or is subject to
adjustments, so as to be different from the most directly
comparable measure calculated and presented in accordance with
GAAP. The Company’s management believes that these non-GAAP
financial measures, when considered together with the GAAP
financial measures, provide information that is useful to investors
in understanding period-over-period operating results separate and
apart from items that may, or could, have a disproportionately
positive or negative impact on results in any particular period.
Management also believes that these non-GAAP financial measures
enhance the ability of investors to analyze underlying business
operations and understand performance. In addition, management may
utilize these non-GAAP financial measures as guides in forecasting,
budgeting, and planning. Non-GAAP financial measures should be
considered in addition to, and not as a substitute for, or superior
to, financial measures presented in accordance with
GAAP.
The
Company calculates EBITDA by adjusting net income to exclude net
interest expense, income tax expense or benefit, depreciation, and
amortization.
The
Company calculates gross margin by deducting the cost of sales from
operating revenue. Cost of sales includes manufacturing direct and
indirect labor, materials, services, fixed costs for rent,
utilities and depreciation, and variable overhead. Gross margin
should not be considered an alternative to operating income or net
income, which is determined in accordance with GAAP. The Company
believes that gross margin, although a non-GAAP financial measure,
is useful and meaningful to investors as a basis for making
investment decisions. It provides investors with information that
demonstrates cost structure and provides funds for total costs and
expenses. The Company uses gross margin in measuring the
performance of its business and has historically analyzed and
reported gross margin information publicly. Other companies may
calculate gross margin in a different manner.
Investor Conference Call and Webcast Details
LightPath
will host an audio conference call and webcast on Thursday, May 6,
2021 at 4:30 p.m. ET to discuss its financial and operational
performance for its fiscal 2021 third quarter ended March 31,
2021.
Date:
Thursday, May 6, 2021
Time:
4:30 PM (ET)
Dial-in
Number: 1-877-317-2514
International
Dial-in Number: 1-412-317-2514
Webcast: https://services.choruscall.com/links/lpth210506.html
Participants
are recommended to dial-in or log-on approximately 10 minutes prior
to the start of the event. A replay of the call will be available
approximately one hour after completion through May 20, 2021. To
listen to the replay, dial 1-877-344-7529 (domestic) or
1-412-317-0088 (international), and enter conference ID
#10155633.
6
About LightPath Technologies
LightPath
Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically
integrated provider of optics, photonics and infrared solutions for
the industrial, commercial, defense, telecommunications, and
medical industries. LightPath designs and manufactures proprietary
optical and infrared components including molded glass aspheric
lenses and assemblies, infrared lenses and thermal imaging
assemblies, fused fiber collimators, and proprietary Black
DiamondTM (“BD6”)
chalcogenide-based glass lenses. LightPath also offers custom
optical assemblies, including full engineering design support. The
Company is headquartered in Orlando, Florida, with manufacturing
and sales offices in Latvia and China.
LightPath’s
wholly-owned subsidiary, ISP Optics
Corporation, manufactures
a full range of infrared products from high performance MWIR and
LWIR lenses and lens assemblies. ISP’s infrared lens assembly
product line includes athermal lens systems used in cooled and
un-cooled thermal imaging cameras. Manufacturing is performed
in-house to provide precision optical components including
spherical, aspherical and diffractive coated infrared lenses.
ISP’s optics processes allow it to manufacture its products
from all important types of infrared materials and crystals.
Manufacturing processes include CNC grinding and CNC polishing,
diamond turning, continuous and conventional polishing, optical
contacting and advanced coating technologies.
For
more information on LightPath and its businesses, please visit
www.lightpath.com.
Forward-Looking Statements
This press release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “forecast,” “guidance,”
“plan,” “estimate,” “will,”
“would,” “project,” “maintain,”
“intend,” “expect,”
“anticipate,” “prospect,”
“strategy,” “future,” “likely,”
“may,” “should,” “believe,”
“continue,” “opportunity,”
“potential,” and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters, and include, for example, statements related to
the expected effects on the Company’s business from the
COVID-19 pandemic. These forward-looking statements are based on
information available at the time the statements are made and/or
management’s good faith belief as of that time with respect
to future events, and are subject to risks and uncertainties that
could cause actual results to differ materially from those
expressed in or suggested by the forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to, the duration and scope of the COVID-19
pandemic and impact on the demand for the Company products; the
ability of the Company to obtain needed raw materials and
components from its suppliers; actions governments, businesses, and
individuals take in response to the pandemic, including mandatory
business closures and restrictions on onsite commercial
interactions; the impact of the pandemic and actions taken in
response to the pandemic on global and regional economies and
economic activity; the pace of recovery when the COVID-19 pandemic
subsides; general economic uncertainty in key global markets and a
worsening of global economic conditions or low levels of economic
growth; the effects of steps that the Company could take to reduce
operating costs; the inability of the Company to sustain profitable
sales growth, convert inventory to cash, or reduce its costs to
maintain competitive prices for its products; circumstances or
developments that may make the Company unable to implement or
realize the anticipated benefits, or that may increase the costs,
of its current and planned business initiatives; and those factors
detailed by LightPath Technologies, Inc. in its public filings with
the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the year ended June 30, 2020. Should one or more
of these risks, uncertainties, or facts materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by the
forward-looking statements contained herein. Accordingly, you are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved. Except as required under the federal
securities laws and the rules and regulations of the Securities and
Exchange Commission, we do not have any intention or obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events, or otherwise.
Contacts:
Jordan Darrow
Darrow Associates, Inc.
Tel:
512-551-9296
jdarrow@darrowir.com
(tables
follow)
7
|
LIGHTPATH
TECHNOLOGIES, INC.
|
||
|
Condensed
Consolidated Balance Sheets
|
||
|
(unaudited)
|
||
|
|
|
|
|
|
March
31,
|
June
30,
|
|
Assets
|
2021
|
2020
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$5,940,699
|
$5,387,388
|
|
Trade accounts
receivable, net of allowance of $11,984 and $9,917
|
6,158,709
|
6,188,726
|
|
Inventories,
net
|
8,883,283
|
8,984,482
|
|
Other
receivables
|
318,820
|
132,051
|
|
Prepaid expenses
and other assets
|
487,937
|
565,181
|
|
Total current
assets
|
21,789,448
|
21,257,828
|
|
|
|
|
|
Property and
equipment, net
|
13,304,537
|
11,799,061
|
|
Operating lease
right-of-use assets
|
1,208,692
|
1,220,430
|
|
Intangible assets,
net
|
5,864,152
|
6,707,964
|
|
Goodwill
|
5,854,905
|
5,854,905
|
|
Deferred tax
assets, net
|
659,000
|
659,000
|
|
Other
assets
|
27,737
|
75,730
|
|
Total
assets
|
$48,708,471
|
$47,574,918
|
|
Liabilities
and Stockholders’ Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$2,196,823
|
$2,558,638
|
|
Accrued
liabilities
|
1,389,101
|
992,221
|
|
Accrued payroll and
benefits
|
2,132,585
|
1,827,740
|
|
Operating lease
liabilities, current
|
849,169
|
765,422
|
|
Loans payable,
current portion
|
934,185
|
981,350
|
|
Finance lease
obligation, current portion
|
242,417
|
278,040
|
|
Total current
liabilities
|
7,744,280
|
7,403,411
|
|
|
|
|
|
Finance lease
obligation, less current portion
|
108,412
|
279,435
|
|
Operating lease
liabilities, noncurrent
|
656,535
|
887,766
|
|
Loans payable, less
current portion
|
4,209,008
|
4,437,365
|
|
Total
liabilities
|
12,718,235
|
13,007,977
|
|
|
|
|
|
Stockholders’
equity:
|
|
|
|
Preferred stock:
Series D, $.01 par value, voting;
|
|
|
|
500,000 shares
authorized; none issued and outstanding
|
—
|
—
|
|
Common stock:
Class A, $.01 par value, voting;
|
|
|
|
44,500,000 shares
authorized; 26,565,926 and 25,891,885
|
|
|
|
shares issued and
outstanding
|
265,659
|
258,919
|
|
Additional paid-in
capital
|
231,243,062
|
230,634,056
|
|
Accumulated other
comprehensive income
|
1,815,482
|
735,892
|
|
Accumulated
deficit
|
(197,333,967)
|
(197,061,926)
|
|
Total
stockholders’ equity
|
35,990,236
|
34,566,941
|
|
Total liabilities
and stockholders’ equity
|
$48,708,471
|
$47,574,918
|
8
|
LIGHTPATH
TECHNOLOGIES, INC.
|
||||
|
Condensed
Consolidated Statements of Comprehensive Income (Loss)
|
||||
|
(unaudited)
|
||||
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
||
|
|
March
31,
|
March
31,
|
||
|
|
2021
|
2020
|
2021
|
2020
|
|
Revenue,
net
|
$10,701,362
|
$8,708,981
|
$30,132,505
|
$25,860,823
|
|
Cost of
sales
|
6,797,605
|
4,696,805
|
18,748,220
|
15,528,549
|
|
Gross
margin
|
3,903,757
|
4,012,176
|
11,384,285
|
10,332,274
|
|
Operating
expenses:
|
|
|
|
|
|
Selling, general
and administrative
|
2,805,829
|
2,255,625
|
8,009,484
|
6,796,536
|
|
New product
development
|
640,528
|
412,326
|
1,620,927
|
1,309,383
|
|
Amortization of
intangibles
|
281,270
|
281,271
|
843,812
|
848,071
|
|
Loss (gain) on
disposal of property and equipment
|
9,473
|
142
|
8,951
|
(129,082)
|
|
Total operating
expenses
|
3,737,100
|
2,949,364
|
10,483,174
|
8,824,908
|
|
Operating
income
|
166,657
|
1,062,812
|
901,111
|
1,507,366
|
|
Other income
(expense):
|
|
|
|
|
|
Interest expense,
net
|
(52,795)
|
(85,464)
|
(166,491)
|
(273,262)
|
|
Other income
(expense), net
|
(28,592)
|
42,038
|
(23,075)
|
(350,571)
|
|
Total other income
(expense), net
|
(81,387)
|
(43,426)
|
(189,566)
|
(623,833)
|
|
Income before
income taxes
|
85,270
|
1,019,386
|
711,545
|
883,533
|
|
Income tax
provision
|
307,834
|
203,369
|
983,586
|
673,556
|
|
Net income
(loss)
|
$(222,564)
|
$816,017
|
$(272,041)
|
$209,977
|
|
Foreign currency
translation adjustment
|
(373,114)
|
(244,520)
|
1,079,590
|
(47,698)
|
|
Comprehensive
income (loss)
|
$(595,678)
|
$571,497
|
$807,549
|
$162,279
|
|
Earnings (loss) per
common share (basic)
|
$(0.01)
|
$0.03
|
$(0.01)
|
$0.01
|
|
Number of shares
used in per share calculation (basic)
|
26,366,651
|
25,858,155
|
26,153,839
|
25,840,881
|
|
Earnings (loss) per
common share (diluted)
|
$(0.01)
|
$0.03
|
$(0.01)
|
$0.01
|
|
Number of shares
used in per share calculation (diluted)
|
26,366,651
|
27,569,844
|
26,153,839
|
27,349,303
|
9
|
LIGHTPATH
TECHNOLOGIES, INC.
|
||||||
|
Condensed
Consolidated Statements of Changes in Stockholders'
Equity
|
||||||
|
(unaudited)
|
||||||
|
|
||||||
|
|
Class
A
|
|
Additional
|
Accumulated Other
|
|
Total
|
|
|
Common Stock
Shares
|
Amount
|
Paid-in
Capital
|
Comphrehensive
Income
|
Accumulated
Deficit
|
Stockholders’
Equity
|
|
Balances
at June 30, 2020
|
25,891,885
|
$258,919
|
$230,634,056
|
$735,892
|
$(197,061,926)
|
$34,566,941
|
|
Issuance of common
stock for:
|
|
|
|
|
|
|
|
Employee Stock
Purchase Plan
|
3,306
|
33
|
10,976
|
|
—
|
11,009
|
|
Exercise of stock
options, net
|
207,640
|
2,076
|
124,024
|
|
—
|
126,100
|
|
Stock-based
compensation on stock options & RSUs
|
—
|
—
|
136,849
|
—
|
—
|
136,849
|
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
729,308
|
—
|
729,308
|
|
Net
income
|
—
|
—
|
—
|
—
|
97,068
|
97,068
|
|
Balances
at September 30, 2020
|
26,102,831
|
$261,028
|
$230,905,905
|
$1,465,200
|
$(196,964,858)
|
$35,667,275
|
|
Issuance of common
stock for:
|
|
|
|
|
|
|
|
Exercise of stock
options & RSUs, net
|
24,530
|
246
|
2,488
|
—
|
—
|
2,734
|
|
Stock-based
compensation on stock options & RSUs
|
—
|
—
|
106,167
|
—
|
—
|
106,167
|
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
723,396
|
—
|
723,396
|
|
Net
loss
|
—
|
—
|
—
|
—
|
(146,545)
|
(146,545)
|
|
Balances
at December 31, 2020
|
26,127,361
|
$261,274
|
$231,014,560
|
$2,188,596
|
$(197,111,403)
|
$36,353,027
|
|
Issuance of common
stock for:
|
|
|
|
|
|
|
|
Employee Stock
Purchase Plan
|
4,839
|
48
|
18,920
|
—
|
—
|
18,968
|
|
Exercise of stock
options & RSUs, net
|
433,726
|
4,337
|
9,521
|
—
|
—
|
13,858
|
|
Stock-based
compensation on stock options & RSUs
|
—
|
—
|
200,061
|
—
|
—
|
200,061
|
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
(373,114)
|
—
|
(373,114)
|
|
Net
loss
|
—
|
—
|
—
|
—
|
(222,564)
|
(222,564)
|
|
Balances
at March 31, 2021
|
26,565,926
|
$265,659
|
$231,243,062
|
$1,815,482
|
$(197,333,967)
|
$35,990,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances
at June 30, 2019
|
25,813,895
|
$258,139
|
$230,321,324
|
$808,518
|
$(197,928,855)
|
$33,459,126
|
|
Issuance of common
stock for:
|
|
|
|
|
|
|
|
Employee Stock
Purchase Plan
|
13,370
|
134
|
12,033
|
—
|
—
|
12,167
|
|
Exercise of RSUs,
net
|
4,394
|
44
|
(44)
|
—
|
—
|
—
|
|
Stock-based
compensation on stock options & RSUs
|
—
|
—
|
98,459
|
—
|
—
|
98,459
|
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
53,766
|
—
|
53,766
|
|
Net
loss
|
—
|
—
|
—
|
—
|
(1,375,157)
|
(1,375,157)
|
|
Balances
at September 30, 2019
|
25,831,659
|
$258,317
|
$230,431,772
|
$862,284
|
$(199,304,012)
|
$32,248,361
|
|
Issuance of common
stock for:
|
|
|
|
|
|
|
|
Exercise of RSUs,
net
|
8,703
|
87
|
(87)
|
—
|
—
|
—
|
|
Stock-based
compensation on stock options & RSUs
|
—
|
—
|
95,441
|
—
|
—
|
95,441
|
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
143,056
|
—
|
143,056
|
|
Net
income
|
—
|
—
|
—
|
—
|
769,117
|
769,117
|
|
Balances
at December 31, 2019
|
25,840,362
|
$258,404
|
$230,527,126
|
$1,005,340
|
$(198,534,895)
|
$33,255,975
|
|
Issuance of common
stock for:
|
|
|
|
|
|
|
|
Employee Stock
Purchase Plan
|
17,167
|
171
|
12,274
|
—
|
—
|
12,445
|
|
Exercise of Stock
Options & RSUs, net
|
5,000
|
50
|
6,100
|
—
|
—
|
6,150
|
|
Stock-based
compensation on stock options & RSUs
|
—
|
—
|
68,130
|
—
|
—
|
68,130
|
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
(244,520)
|
—
|
(244,520)
|
|
Net
income
|
—
|
—
|
—
|
—
|
816,017
|
816,017
|
|
Balances
at March 31, 2020
|
25,862,529
|
$258,625
|
$230,613,630
|
$760,820
|
$(197,718,878)
|
$33,914,197
|
10
|
LIGHTPATH
TECHNOLOGIES, INC.
|
||
|
Condensed
Consolidated Statements of Cash Flows
|
||
|
(unaudited)
|
||
|
|
|
|
|
|
Nine Months Ended
March 31,
|
|
|
|
2021
|
2020
|
|
Cash flows from
operating activities
|
|
|
|
Net (loss)
income
|
$(272,041)
|
$209,977
|
|
Adjustments to
reconcile net (loss) income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
2,608,472
|
2,587,315
|
|
Interest from
amortization of debt costs
|
13,929
|
13,929
|
|
Gain on disposal of
property and equipment
|
8,951
|
(129,082)
|
|
Stock-based
compensation on stock options & RSUs, net
|
443,077
|
252,436
|
|
Provision for
doubtful accounts receivable
|
(1,632)
|
9,769
|
|
Change in operating
lease liabilities
|
(135,746)
|
(107,747)
|
|
Inventory
write-offs to allowance
|
144,741
|
37,883
|
|
Changes in
operating assets and liabilities:
|
|
|
|
Trade accounts
receivable
|
31,649
|
(108,222)
|
|
Other
receivables
|
(186,769)
|
353,695
|
|
Inventories
|
(43,542)
|
(590,415)
|
|
Prepaid expenses
and other assets
|
125,237
|
198,058
|
|
Accounts payable
and accrued liabilities
|
339,909
|
(857,813)
|
|
Net cash provided
by operating activities
|
3,076,235
|
1,869,783
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Purchase of
property and equipment
|
(2,721,567)
|
(1,505,021)
|
|
Proceeds from sale
of equipment
|
—
|
186,986
|
|
Net cash used in
investing activities
|
(2,721,567)
|
(1,318,035)
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
exercise of stock options
|
142,693
|
—
|
|
Proceeds from sale
of common stock from Employee Stock Purchase Plan
|
29,976
|
24,612
|
|
Borrowings on loan
payable
|
275,377
|
—
|
|
Payments on loan
payable
|
(554,102)
|
(436,013)
|
|
Repayment of
finance lease obligations
|
(206,644)
|
(315,638)
|
|
Net cash used in
financing activities
|
(312,700)
|
(727,039)
|
|
Effect of exchange
rate on cash and cash equivalents and restricted cash
|
511,343
|
(47,697)
|
|
Change in cash and
cash equivalents and restricted cash
|
553,311
|
(222,988)
|
|
Cash and cash
equivalents, beginning of period
|
5,387,388
|
4,604,701
|
|
Cash and cash
equivalents, end of period
|
$5,940,699
|
$4,381,713
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
Interest paid
in cash
|
$151,537
|
$262,607
|
|
Income taxes
paid
|
$787,289
|
$441,982
|
11
To
supplement our consolidated financial statements presented in
accordance with U.S. GAAP, we provide additional non-GAAP financial
measures. Our management believes these non-GAAP financial
measures, when considered together with the GAAP financial
measures, provide information that is useful to investors in
understanding period-over-period operating results separate and
apart from items that may or could, have a disproportionally
positive or negative impact on results in any particular period.
Our management also believes that these non-GAAP financial measures
enhance the ability of investors to analyze our underlying business
operations and understand our performance. In addition, our
management may utilize these non-GAAP financial measures as guides
in forecasting, budgeting, and planning. Any analysis on non-GAAP
financial measures should be used in conjunction with results
presented in accordance with GAAP. A reconciliation of these
non-GAAP financial measures with the most directly comparable
financial measures calculated in accordance with GAAP is presented
in the tables below.
|
LIGHTPATH
TECHNOLOGIES, INC.
|
||||
|
Reconciliation
of Non-GAAP Financial Measures and Regulation G
Disclosure
|
||||
|
(unaudited)
|
||||
|
|
|
|||
|
|
Three Months Ended
March 31,
|
Nine Months Ended
March 31,
|
||
|
|
2021
|
2020
|
2021
|
2020
|
|
Net income
(loss)
|
$(222,564)
|
$816,017
|
$(272,041)
|
$209,977
|
|
Depreciation and
amortization
|
917,308
|
827,095
|
2,608,472
|
2,587,315
|
|
Income tax
provision
|
307,834
|
203,369
|
983,586
|
673,556
|
|
Interest
expense
|
52,795
|
85,464
|
166,491
|
273,262
|
|
EBITDA
|
$1,055,373
|
$1,931,945
|
$3,486,508
|
$3,744,110
|
|
% of
revenue
|
10%
|
22%
|
12%
|
14%
|
12