LightPath Technologies, Inc. (NASDAQ: LPTH) shares rocketed midday Friday on the most recent earnings report.
The Orlando-based company reported fourth-quarter net income of $6.4 million, up from $331,000 in the year-ago quarter. Net income for fiscal 2017 was $7.7 million, as compared to $1.4 million in fiscal 2016. Revenue for the fourth quarter of fiscal 2017 increased 90% to $9.0 million, as compared to $4.7 million for the fourth quarter of fiscal 2016. Revenue increased to $28.4 million in fiscal 2017 compared to $17.3 million in fiscal 2016, an increase of 64%.
Total costs and expenses as a percentage of revenue continues to decline, improving to 36% in the fourth quarter of fiscal 2017, as compared to 41% in the fourth quarter last year.
LightPath CEO Jim Gaynor commented "LightPath completed fiscal 2017 with very strong fourth quarter financial results. We delivered significant growth in key performance metrics, including revenue, earnings per share, adjusted EBITDA, and cash flow."
"We experienced strong demand for our industrial tool, telecommunications/data communications, and defence products in the fourth quarter of fiscal 2017. Total bookings were 21% higher in the fourth quarter of fiscal 2017 compared to the third quarter of fiscal 2017, and 66% higher than the fourth quarter of last year.”
The company prides itself on being “a leading vertically integrated global manufacturer, distributor, and integrator of proprietary optical and infrared components”.
Shares were galvanized 19 cents midday Friday, or 7.9%, to $2.60, within a 52-week trading range of $1.21 to $3.33.
