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LightPath Technologies Inc. (LPTH) Reports Significant Sales Increase for Q2 2010

LightPath Technologies Inc. manufactures optical products, glass products, packing solutions and more. The company recently released projections for its second-quarter results of 2010, highlighting millions in backlogs, and increases in cash and revenues.

For the second quarter of 2010, the company projects backlog scheduled for shipping in the next 12 months at $4.0 million, up $900,000, or 29 percent, as compared to a backlog of $3.1 million on December 31, 2008. The backlog represents a $1.7 million, or 74 percent, increase as compared to the backlog on June 30, 2009.

The company reports cash on hand as of December 31, 2009 at $906,000, up from $524,000 for the second quarter of 2009, and up from the $580,000 reported at June 30, 2009.

Revenue for the second quarter ended December 31, 2009, was $2.2 million, up from the $1.9 million for the same quarter the year prior, and up $600,000 from the previous quarter.

Jim Gaynor, president and CEO of LightPath, attributes the positive numbers to its efforts abroad.

“During the second quarter of fiscal 2010 we saw for the second consecutive quarter a significant increase in our backlog. We also experienced revenue growth of 38 percent over the previous quarter. The order strength continues to come from our work in the Asian markets in industrial laser tools and telecom applications,” Gaynor stated in the press release.

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