LightPath Announces Q1 Results

ALBUQUERQUE, N.M. -- LightPath Technologies, Inc. (Nasdaq: LPTH), manufacturer of families of high performance fiber-optic collimator, isolator and mechanical switch products, today announced financial results for the first quarter of the fiscal year ended June 30, 2001. Results for the three month reporting period ended September 30, 2000 include the operating results of Geltech, Inc. (Geltech) since September 20, 2000, the date the Company acquired Geltech. For the quarter ended September 30, 2000, the Company reported total revenues of $3.06 million compared to total revenues of $269,105 for the first quarter of the previous fiscal year, a 1039% increase due to subsidiary sales and increased telecom product sales. Net loss for the quarter was $16.9 million, which includes approximately $14.3 million in non-cash charges for the write off of the acquired in-process research and development of Geltech, amortization of acquisition intangible assets and goodwill and stock based compensation expense.

Don Lawson, President and CEO, commented, "I am pleased that our efforts this year to broaden our telecom optical component offerings and expand our manufacturing capacity has yielded significant increases in both product shipments and sales backlog in this first quarter of fiscal year 2001. Looking ahead to the next three quarters, I expect continued growth from our collimator, isolator, aspherical lens and switch products allowing us to achieve in excess of $33 million in revenue for the year."

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