Lightpath Technologies Inc (NASDAQ:LPTH) Q4 2020 Earnings Conference Call - Final Transcript

Sep 10, 2020 • 04:30 pm ET


Lightpath Technologies Inc (NASDAQ:LPTH) Q4 2020 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to the LightPath Technologies Fiscal Fourth Quarter and Year-End 2020 Financial Results Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

I will now pass the call off to Donald Retreage, Chief Financial Officer of LigthPath Technologies. Please go ahead.

Donald O'connor Retreage

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 filings.

Although the company believes that the assumptions underlying these statements are reasonable, any of them can prove to be inaccurate and therefore 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 releases. Following management discussions, there will be a formal Q&A session open to participants on the call.

I now would like to turn the conference over to Sam Rubin, LightPath's President and Chief Executive Officer. Sam, please go ahead.

Shmuel Rubin

Thank you and good afternoon. Welcome to LightPath Technologies fiscal 2020 fourth 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, Donald Retreage will further review our financial results and provide more perspective on key areas. We will then conduct a Q&A session. Now, onto my remarks.

Our fiscal 2020 fourth quarter and full year fiscal -- full year results reflect a consistent and continuing improvement and growth of our business, while at the same time navigating the dynamic and changing conditions, caused by the effects of COVID-19 trial of business, our customers and our supply chain. Classified is an essential business, we remained open and operating to the extent possible. We continued to take all precautions to ensure that our employees remain safe and that our business operations continue.

Through the fall, we are very encouraged to have ended the year by delivering growth in revenue, backlog, gross margin, gross profit, net income EBITDA and the cash balance. While reducing our total debt and financial lease balance and improving our cost structure with a reduction in operating expenses. All of this was achieved despite nearly six months of the fiscal year being impacted by COVID-19.

Similar to our results in the previous quarters, our fourth quarter results continued to show consistent improvement year-over-year and consistent results throughout our fiscal year. The gross margin for the quarter ended at 39% up from 32% in Q4, 2019 while the EBITDA margin grew to 19% up from negative 3% the same period the previous year.

These results reflect savings from the integration of the ISP acquisition and other efficiency related activities, as well as the favorable product