LightPath Technologies Provides Update Related to Hurricane Ian
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 provided an update regarding the impact of Hurricane Ian. The Company's largest manufacturing facility and a significant employee base are located in and around the Orlando, Florida area
ORLANDO, FL / ACCESSWIRE / October 6, 2022 / 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 provided an update regarding the impact of Hurricane Ian. The Company's largest manufacturing facility and a significant employee base are located in and around the Orlando, Florida area.
"Due to the magnitude and path of Hurricane Ian, our Orlando facilities were closed for nearly three days last week, constituting the final three days of the fiscal quarter. The decision to close these facilities was to ensure our employees and their families were safe, and was done in accordance to the local government's guidelines," said Sam Rubin, Chief Executive Officer of LightPath Technologies. "The facility closure resulted in a delay of shipments which impacted revenue for the final week of the fiscal 2023 first quarter. An initial assessment is that fiscal first quarter revenues could be negatively impacted by $400,000 to $700,000 due to delayed shipping of orders."
Mr. Rubin continued: "Our thoughts are with those affected by this devastating event. LightPath will continue to monitor any storm-related impacts to its business but at this time we do not believe there will be any additional material adverse financial impact to the company's revenue or costs as a result of Hurricane Ian."
About LightPath Technologies
LightPath Technologies, Inc. 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, custom molded glass freeform lenses, 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.
Investor Contact:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
+561 489 5315
SOURCE: LightPath Technologies View source version on accesswire.com: https://www.accesswire.com/719402/LightPath-Technologies-Provides-Update-Related-to-Hurricane-Ian
