LightPath Technologies Inc (NASDAQ:LPTH) reported on Thursday a miss on revenue in its fourth quarter fiscal 2018 and a reversal in its net loss for the quarter compared to the previous year, causing shares to tumble in after-hours trade for the optical equipment manufacturer.
The company said revenue for the quarter reached US$8.1mln, compared with the US$9.1mln in revenue in the year-ago period and the consensus it would hit US$8.3mln.
Net loss for the fourth quarter of fiscal 2018 was approximately US$807,000, versus a net income of approximately US$6.4mln for the fourth quarter of fiscal 2017.
Shares of LightPath dropped 4.78% to US$1.99 in after-hours trade, having finished on Thursday 1.88% lower at US$2.09.
Full year revenue though for fiscal 2018 totaled approximately US$32.5mln, an increase of $4.2mln or 15%,compared with US$28.4mln for fiscal 2017. The increase in revenue is primarily attributable to an approximately US$6.8mln increase or 73% in revenue generated by sales of our IR products, as compared to fiscal 2017.
Net income though for fiscal 2018 was approximately US$1.1mln or US$0.04 basic and diluted loss per share, down sharply from a net income of US$7.7mln or US$0.39 basic and US$0.36 diluted earnings per share for fiscal 2017.
LightPath Technologies is a global provider of optics, photonics and infrared solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries.
LightPath designs, manufactures, and distributes proprietary optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index lenses.
The company's headquarters is in Orlando, Florida. It has manufacturing and sales offices in New York, Latvia and China.