Lightpath Technologies Inc (NASDAQ:LPTH) Q1 2020 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 04:30 pm ET
Good day, and welcome to the LightPath Technologies Incorporated Fiscal Year 2020 First Quarter Financial Results Conference Call and Webcast. [Operator Instructions] Please note that today's event is being recorded.
At this time, I would like to turn the conference call over to Donald Retreage, Chief Financial Officer. You may begin, sir.
Thank you. Good afternoon. Before we get started, I would like to remind you that during the course of this conference call, the Company will be making a number of forward-looking statements that are based on current expectations and involve various risks and uncertainties that are discussed in this periodic SEC filing. Although the Company believes that the assumptions underlying these statements are reasonable, any of them can prove to be inaccurate and there can be no assurance that the results will be realized.
In addition, references may be made to certain non-generally accepted accounting principles or non-GAAP measures, for which you should refer to the appropriate disclaimers and reconciliations in the Company's SEC filings and press release.
Following management discussions, there will be a formal Q&A session open to participants on the call.
I would now like to turn the conference over to Jim Gaynor, LightPath's President and Chief Executive Officer. Please go ahead.
J. James Gaynor
Thank you, Don, and good afternoon, all. Welcome to LightPath Technologies fiscal 2020 first quarter financial results conference call. Our financial results press release was issued after the market closed today and posted to our corporate website. Following my remarks, our CFO, Don Retreage will further review our financial results and provide more perspective on key areas. We will then conduct a Q&A session. And now, onto my remarks.
Although our first quarter fiscal 2020 financial results did not meet our expectations, we believe that we are beginning to see the benefits of significant strategic changes we implemented for our expanding global business activities. The impact of these activities does show up in our financials, but there were a number of events and other moving parts that make that progress less noticeable. The areas I'm referring to, which I will address in my remarks today, pertain to our sales, unit volumes and sales pipeline and our gross margins. Our CFO, Don Retreage, will address the other performance areas we'd like to highlight today, including operating expense reductions, accounting-related issues, and foreign exchange.
Progress on many fronts in the first quarter was offset by two issues impacting our revenue and gross margin, which we believe have been substantially addressed at the present time. Looking at our revenues, we reported $7.6 million in the quarter down from $8.5 million in the prior year. In the current year period, we had anticipated nearly $1 million of additional revenue pertaining to a single annual contract with a large customer who buys several of our infrared products through different contracts. This is a very good customer that we've had for many years and we fully expect to renew their single largest contract that we have successfully won for each