-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 E1zuRfMYddcYa4UJbUPw3UfbfbW3sg/o8dcZiY2wsGw0g1QkZ8CXMMg05KuAfbYs
 HkDSDjsSRXyih0fsmw8uog==

<SEC-DOCUMENT>0001181431-05-049497.txt : 20050830
<SEC-HEADER>0001181431-05-049497.hdr.sgml : 20050830
<ACCEPTANCE-DATETIME>20050830134830
ACCESSION NUMBER:		0001181431-05-049497
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050830
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050830
DATE AS OF CHANGE:		20050830

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGHTPATH TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000889971
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				860708398
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27548
		FILM NUMBER:		051058120

	BUSINESS ADDRESS:	
		STREET 1:		2603 CHALLENGER TECH CT
		STREET 2:		SUITE 100
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32826
		BUSINESS PHONE:		4073824003
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rrd90821.htm
<TEXT>


<html><head>
<title>Prepared By R.R. Donnelley Financial -- Form 8-K</title>
</head>
<body Bgcolor="white">

<hr Size="4" Noshade Color="#000000" Align="left">

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>UNITED STATES </b></font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>SECURITIES AND EXCHANGE COMMISSION </b></font></div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>Washington D.C., 20549 </b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="5" Color="#000000">
<b>Form 8-K </b></font></div> <div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>Current Report </b></font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>Date Of Report (Date Of Earliest Event Reported):&nbsp;&nbsp;08/30/2005 </b></font></div>




<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="5" Color="#000000">
<b>LIGHTPATH TECHNOLOGIES INC </b></font></div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Exact Name of Registrant as Specified in its Charter)</b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>Commission File Number:&nbsp;&nbsp;000-27548</b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><table Cellspacing="0" Cellpadding="0" Width="100%" Border="0">
<tr>
<td Valign="bottom" Width="59%" Align="center">
<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>DE</b></font>
</div>
</td>
<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Width="59%" Align="center">
<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>86-0708398</b></font>
</div>
</td>
</tr>

<tr>
<td Valign="top" Align="center" Width="59%">
<div Style="margin-left:2%; Text-indent:-2%" Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(State or Other Jurisdiction of</b></font>
</div>
</td>
<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Align="center" Width="59%">
<div Align="center"><font Face="times New Roman" Size="2" Color="#000000"><b>(I.R.S. Employer</b></font>
</div>
</td>
</tr>

<tr>
<td Valign="top" Align="center" Width="59%">
<div Style="margin-left:2%; Text-indent:-2%" Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>Incorporation or Organization)</b></font>
</div>
</td>
<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Align="center" Width="59%">
<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>Identification No.)</b></font>
</div>
</td>
</tr>

</table></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>2603 Challenger Tech Ct. , Suite 100, Orlando, FL 32826</b></font></div>


<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Address of Principal Executive Offices, Including Zip Code)</b></font>
</div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>407-382-4003 </b></font>
</div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Registrant&#146;s Telephone Number, Including Area Code) </b></font>
</div>



<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b> </b></font>
</div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Former name or former address, if changed since last report) </b></font>
</div>


<div><font Size="1">&nbsp;</font>
</div>




<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<BR><BR>
</b></font>


</div>



<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>[&nbsp;&nbsp;]&nbsp;&nbsp;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>

[&nbsp;&nbsp;]&nbsp;&nbsp;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act(17CFR240.14a-12)<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17CFR240.14d-2(b))<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17CFR240.13e-4(c))
</b>

</font>
</div>





<div><font Size="1">&nbsp;</font>
</div>

<hr Size="4" Noshade Color="#000000" Align="left">


<p Style='page-break-before:always'>
<p Align="center"><font Size="2">
Items to be Included in this Report</b>
</font>





<div><font Size="1">&nbsp;</font></div>

<div align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition</b></font>
</div>

<div><font Size="1">&nbsp;</font>
</div>

<div  align="left" Style="text-indent:4%"><font Face="times New Roman" Size="2" Color="#000000">
The Registrant issued a Press Release on August 30, 2005, reporting financial results for the fiscal fourth quarter ended June 30, 2005, and announcing an audio webcast to be held on August 30, 2005. A copy of the Press Release is attached as Exhibit 99.1 to this Report.</font>
</div>

<div><font Size="1">&nbsp;</font></div>



<div><font Size="1">&nbsp;</font></div>

<div align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</b></font>
</div>

<div><font Size="1">&nbsp;</font>
</div>

<div  align="left" Style="text-indent:4%"><font Face="times New Roman" Size="2" Color="#000000">
99.1 - Press release dated August 30, 2005 (furnished herewith)</font>
</div>

<div><font Size="1">&nbsp;</font></div>



<hr  Size="3" Color="#cceeff" Width="100%" Align="center">
<p Align="center"><font Size="2">&nbsp;</font>
<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>Signature(s) </b></font>
</div>

<div><font Size="1">&nbsp;</font></div>

<div align="left" Style="text-indent:4%"><font Face="times New Roman" Size="2" Color="#000000">
Pursuant to the Requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto
duly authorized. </font>
</div>

<div><font Size="1">&nbsp;</font></div>

<div><table Cellspacing="0" Cellpadding="0" Width="100%" Border="0">




<tr>
	<td Valign="top" Colspan="3" Width="53%"> <div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000"></font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>
	<td> <font Size="1">&nbsp;</font>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>	<td Valign="top" Align="center" Width="3%">
	<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
	</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="top" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	LIGHTPATH TECHNOLOGIES INC</font>
	</div>	</td>
</tr>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>
<tr>
	<td Valign="top" Colspan="3" Width="53%"> <div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Date: August 30, 2005.</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>
	<td> <font Size="1">&nbsp;</font>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>	<td Valign="top" Align="center" Width="3%">
	<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
	By:</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="top" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	/s/&nbsp;&nbsp;&nbsp;&nbsp;Robert Burrows</font>
	</div>
	<hr Noshade Align="left" Color="#000000">
	</td>
</tr>

<tr>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Robert Burrows</font>
	</div>
	</td>
</tr>

<tr>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="53%">
	<div><font Face="times New Roman" Size="2" Color="#000000">Chief Financial Officer</font>
	</div>
</td>
</tr>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>



</table></div>





<p Style='page-break-before:always'>
<hr  Size="3" Color="#cceeff" Width="100%" Align="center">

<p Align="center"><font Size="2">&nbsp;</font>
<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>Exhibit Index </b></font>
</div>

<div><font Size="2">&nbsp;</font></div>

<div Align="center">
<table Cellspacing="0" Cellpadding="0" Width="100%" Border="0">




<tr>
	<td Valign="top" Align="left">
	<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
	<b>Exhibit&nbsp;No.</b></font>
	</div>
		<hr Size="2" Noshade Width="48" Color="#000000">
	</td>
	<td Valign="top" Width="3%" Align="left"><font Face="times New Roman" Size="2">&nbsp;&nbsp;</font></td>
	<td Valign="top" Width="100%" Align="left">
	<div><font Face="times New Roman" Size="2" Color="#000000">
	<b>Description</b></font>
	</div>
	<hr Size="2" Noshade Width="73" Align="left" Color="#000000">
	</td>
</tr>




<tr>
	<td Valign="top" Align="left">
	<div Align="top"><font Face="times New Roman" Size="1" Color="#000000">
	EX-99.1</font>
	</div>

	</td>
	<td Valign="top" Width="3%" Align="left"><font Face="times New Roman" Size="2">&nbsp;&nbsp;</font></td>
	<td Valign="top" Width="100%" Align="left">
	<div><font Face="times New Roman" Size="2" Color="#000000">
	Press release dated August 30, 2005</font>
	</div>
		</td>
</tr>





</div></table>



</body></html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>rrd90821_7731.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 30, 2005
<TEXT>



<HTML>


<HEAD>








<TITLE>Ethan Frome</TITLE>


<META NAME="keywords" CONTENT="Ethan">


</HEAD>


<BODY LINK="#0000ff" VLINK="#800080">





<B><FONT SIZE=5><P ALIGN="CENTER">LightPath Technologies, Inc. Announces </P>


<P ALIGN="CENTER">Fiscal 2005 Financial Results Improvement over 2004</P>


</FONT><FONT SIZE=2>


</B><P>&nbsp;</P>


</FONT><B><FONT SIZE=4><P ALIGN="CENTER">For Immediate Release</P>


</B></FONT><FONT SIZE=2>


<I><P ALIGN="JUSTIFY">(August 30, 2005)</I> ORLANDO, FL</FONT><FONT SIZE=3>   </FONT><FONT FACE="Arial" SIZE=2>LightPath Technologies, Inc. (NASDAQ: LPTH), manufacturer and integrator of families of precision molded aspheric optics, GRADIUM(R) glass products, and high-performance fiber-optic collimators and isolators, today announced unaudited financial results for the fourth quarter and fiscal year ending June 30, 2005.</P>


<B><P ALIGN="JUSTIFY">Summary </B>(see Quick Reference and Financial Tables below)</P>


<B><P ALIGN="JUSTIFY">Fiscal 2005</B>:  Our total year financial results improved over fiscal 2004 - </P>





<UL>


<P ALIGN="JUSTIFY"><LI>Revenues for fiscal year 2005 increased 41%, or $3.4 million</LI></P>


<P ALIGN="JUSTIFY"><LI>Gross margin improved by $310,000, which was a result of the increase in revenue</LI></P>


<P ALIGN="JUSTIFY"><LI>Gross margin percentage decreased from 25% in 2004 to 20% in 2005</LI></P>


<P ALIGN="JUSTIFY"><LI>Operating and other costs below the gross profit line declined by $1.8 million from 2004 to 2005</LI></P>


<P ALIGN="JUSTIFY"><LI>These factors combined to contribute to lower net loss per share of $(1.05) vs. $(1.98) and an improvement in both cash flow used by operations when compared to the prior year (see below) and a reduction in total cash used from $3.3 million in 2004 to $1.1 million in 2005, both excluding the cash received from financings and a legal settlement during 2004.</LI></P></UL>





<P ALIGN="JUSTIFY"></P>


<B><P ALIGN="JUSTIFY">Fourth Quarter 2005</B>: Our net loss and cash flow have improved on moderately lower revenue in our fourth quarter compared to 2004 - </P>





<UL>


<P ALIGN="JUSTIFY"><LI>Revenues for the fourth quarter decreased 13%, or $348,000.</LI></P>


<P ALIGN="JUSTIFY"><LI>Gross margin decreased by approximately $512,000 partially as a result of a decrease in revenue, </LI></P>


<P ALIGN="JUSTIFY"><LI>Gross margin percentage decreased to 17% of sales from 34% of sales in the prior year's fourth quarter</LI></P>


<P ALIGN="JUSTIFY"><LI>Operating and other costs below the gross margin line declined by $983,000 from the prior year to the current year fourth quarter</LI></P>


<P ALIGN="JUSTIFY"><LI>These factors combined to contribute to a lower net loss of $699,000 or $(0.21) per share vs. $1,170,000 or $(0.36) per share in the fourth quarter of 2004 and an improvement in cash flow from operations when compared to the same period last year (see below).</LI></P></UL>





<B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Quick Reference (Unaudited)</B>:</P></FONT>


<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 WIDTH=570>


<TR><TD WIDTH="52%" VALIGN="BOTTOM">


<B><FONT FACE="Arial" SIZE=2><P>(In Millions except for per share data)</B></FONT></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=2>


<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quarters Ended                                                                   June 30,</B></FONT></TD>


<TD WIDTH="24%" VALIGN="BOTTOM" COLSPAN=2>


<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">                                                                                             Years Ended                                                                   June 30,</B></FONT></TD>


</TR>


<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>


<TD WIDTH="12%" VALIGN="BOTTOM">


<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM">


<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM">


<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM">


<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>


</TR>


<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Total revenues</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM">


<FONT FACE="Arial" SIZE=1><P>$2.42</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM">


<FONT FACE="Arial" SIZE=1><P>$2.77</FONT></TD>


<TD WIDTH="12%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=1><P>$ 11.75 </FONT></TD>


<TD WIDTH="12%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=1><P>$ 8.33 </FONT></TD>


</TR>


<TR><TD WIDTH="52%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>Net loss </FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM">


<FONT FACE="Arial" SIZE=1><P>$(0.70)</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM">


<FONT FACE="Arial" SIZE=1><P>$(1.17)</FONT></TD>


<TD WIDTH="12%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=1><P>$ (3.48)</FONT></TD>


<TD WIDTH="12%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=1><P>$ (5.60)</FONT></TD>


</TR>


<TR><TD WIDTH="52%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Net loss per share </DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM">


<FONT FACE="Arial" SIZE=1><P>$(0.21)</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM">


<FONT FACE="Arial" SIZE=1><P>$(0.36)</FONT></TD>


<TD WIDTH="12%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=1><P>$ (1.05)</FONT></TD>


<TD WIDTH="12%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=1><P>$ (1.98)</FONT></TD>


</TR>


<TR><TD WIDTH="52%" VALIGN="TOP" HEIGHT=12><DIR>





<FONT FACE="Arial" SIZE=2><P>Cash used by operations</DIR>


</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=12>


<FONT FACE="Arial" SIZE=1><P>$-</FONT></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=12>


<FONT FACE="Arial" SIZE=1><P>$(0.34)</FONT></TD>


<TD WIDTH="12%" VALIGN="TOP" HEIGHT=12>


<FONT FACE="Arial" SIZE=1><P>$ (1.11)</FONT></TD>


<TD WIDTH="12%" VALIGN="TOP" HEIGHT=12>


<FONT FACE="Arial" SIZE=1><P>$ (2.49)</FONT></TD>


</TR>


</TABLE>


</P>





<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"></P></FONT>


<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 WIDTH=576>


<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=16>


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</P>


<P>(In Millions)</B></FONT></TD>


<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June 30,</P>


<P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">March 31,</P>


<P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June 30,</P>


<P ALIGN="CENTER">2004</B></FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=16><P></P></TD>


<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>


<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>


<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=19><DIR>





<FONT FACE="Arial" SIZE=2><P>Cash and cash equivalents</DIR>


</FONT></TD>


<TD WIDTH="20%" VALIGN="TOP" HEIGHT=19>


<FONT FACE="Arial" SIZE=1><P>$ 2.46</FONT></TD>


<TD WIDTH="20%" VALIGN="TOP" HEIGHT=19>


<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$1.48</FONT></TD>


<TD WIDTH="20%" VALIGN="TOP" HEIGHT=19>


<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">$ 2.53</FONT></TD>


</TR>


</TABLE>


</P>





<FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"></P>


</FONT><B><FONT FACE="Arial" SIZE=3><P ALIGN="JUSTIFY">Discussion:</P>


</FONT><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Fiscal Year Ended 2005:</P>


</B></U><P ALIGN="JUSTIFY">For the fiscal year ended June 30, 2005, the Company reported total revenues of $11.75 million compared to $8.33 million for the previous fiscal year, an increase of 41%.  Net loss for fiscal 2005 was $3.48 million, or $1.05 per share. For fiscal 2004, the Company reported a net loss of $5.60 million, or $1.98 per share.<B><U> </P>


</B></U><P ALIGN="JUSTIFY">Our strategy to reduce dependence on the telecommunications markets and broaden our market appeal has added greatly to our ability to post these improved financial results. Our markets, which have seen the greatest percentage increase in revenues, include industrial laser and lens markets, medical products and defense.</P>


<P ALIGN="JUSTIFY">Gross margin for the full year 2005 was $2.36 million (gross margin percentage of 20%) vs. gross margin line last year of $2.05 million (gross margin percentage of 25%). The decrease in our gross margin percentage is mainly attributable to the previously mentioned early stage production costs and competitive pricing pressures as well as a one time charge for inventory costs in the second quarter of 2005.  </P>


<B><U><P ALIGN="JUSTIFY">Fourth Quarter 2005:</P>


</B></U><P ALIGN="JUSTIFY">For the quarter ended June 30, 2005, the Company reported total revenues of $2.42 million compared to $2.77 million for the 2004 fourth quarter, a decrease of 13%. Net loss for the quarter was $0.70 million, or $0.21 per share, compared to a net loss of $1.17 million, or $0.36 per share. </P>


<P ALIGN="JUSTIFY">Gross margin decreased in the fourth quarter vs. the same period last year. Gross margin for the quarter ended June 30, 2005 was approximately $421,000, or 17% vs. $933,000, or 34% as compared to the prior year fourth quarter. This is the second year running that we have achieved positive gross margin in every quarter. The decrease in gross margin in this current fourth quarter was mainly attributable to the decreased revenue, early stage production costs related to new products and competitive pricing pressure in our isolator line. </P>


<P ALIGN="JUSTIFY">Other business expenses were generally lower contributing to a decrease in our net loss to $0.70 million for the fourth quarter of 2005 compared to a net loss of $1.17 million in the fourth quarter of 2004.</P>


<B><U><P ALIGN="JUSTIFY">Cash Status:</P>


</B></U><P ALIGN="JUSTIFY">For the quarter ended June 30, 2005, net cash increased by $0.98 million, compared to a decrease of $0.4 million in the fourth quarter of 2004. The increase in the fourth quarter of 2005 includes  $1.0 million in proceeds from a financing. For the entire fiscal year of 2005, cash used was $1.12 million, excluding the fourth quarter cash inflows from a financing ($1.0 million). In contrast, fiscal 2004 net cash used was significantly higher at $3.31 million, excluding the fourth quarter cash inflows from a financing ($1.87 million) and from a favorable lawsuit settlement ($0.6 million). Our cash usage improvement reflects management's continuing efforts to reduce general and administrative expenses. </P>


</FONT><FONT SIZE=3>


</FONT><B><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">President's Comments:</P>


</B></U><P ALIGN="JUSTIFY">Ken Brizel, President and CEO of LightPath, stated,  &quot;We are encouraged by our 2005 performance. Fiscal year 2005 was a difficult year for us. In the beginning of FY05 we had a strong communications order board and a growing non-communications segment. As we were ending the first half of FY05 our communications based customers began to slow down if not stall. We were anticipating our second half to be the same as our first half for FY05, but found the second half to be down in communications product sales. The good news was that all the work we did to introduce new non-communications products helped to offset some of the short fall in our communications sales base. But, not enough to completely overcome it.</P>


<P ALIGN="JUSTIFY">We had a marked sales improvement from precision molded glass optics, followed by isolators and then collimators. Isolator sales were stronger in the first half than the second half of fiscal 2005, while showing overall gain year over year. </P>


<P ALIGN="JUSTIFY">We have worked throughout the year to improve our total sales picture by establishing some significant new market opportunities and customer relationships.  The introduction of blue lens products, High Power Collimators and Infrared optics, we anticipate will deliver continued growth opportunities going forward. We are continuing to make investments in these areas to generate robust top line growth.</P>


<P ALIGN="JUSTIFY">Of interest are market and geographic business changes made this past year. Our sales to defense have grown to 8% of sales from nearly 0% just a few years ago. Also, we have put in place representatives in Asia/Pacific and seen some early orders from new customers generating 3% of our sales in new growing markets offshore, while not a significant part of our revenue yet, we anticipate that it will be in the future. </P>


<P>We have aggressive goals for fiscal 2006 to continue to extend our recent gains. We have a supportive Board, a great management group, and many dedicated and hard-working employees. We have more work to do and we face more challenges ahead particularly during the 1<SUP>st</SUP> half of fiscal 2006 and must execute flawlessly to take full advantage of our opportunities. I believe we're poised for still better performance in this coming year.&quot;</P>





<P ALIGN="JUSTIFY">Additional information concerning the Company and its products can be found at the Company's web site at www.lightpath.com. </FONT><FONT FACE="Arial" SIZE=2 COLOR="#ff0000"> </FONT><FONT FACE="Arial" SIZE=2>     </P>


</FONT><B><FONT SIZE=2>


</FONT><U><FONT FACE="Arial" SIZE=2><P>Webcast Details:</P>


</B></U></FONT><FONT FACE="Arial"><P>&#9;</FONT><FONT FACE="Arial" SIZE=2>LightPath will hold an audio webcast at 2:00 p.m. EDT today with Ken Brizel to discuss details regarding the company's performance for the quarter and fiscal year 2005. The session may be accessed at http://www.lightpath.com. The archive of the webcast will be available for replay on our website.</P>


</FONT>


<B><U><FONT FACE="Arial" SIZE=2><P>About LightPath:</P>


</B></U><P ALIGN="JUSTIFY">LightPath manufactures optical products including precision molded aspheric optics, GRADIUM(R) glass products, proprietary collimator assemblies, laser components utilizing proprietary automation technology. LightPath has a strong patent portfolio that has been granted or licensed to us in these fields. LightPath common stock trades on the Nasdaq SmallCap Market under the symbol LPTH.</P>


</FONT><FONT SIZE=3>


<P>Contacts:&#9;&#9;Ken Brizel, President &amp; CEO, or</P>


<P>&#9;&#9;&#9;Rob Burrows, CFO</P>


<P>&#9;&#9;&#9;LightPath Technologies, Inc. (407) 382-4003</P>


<P>&#9;&#9;&#9;Internet:  <U>www.lightpath.com</P>


</U></FONT><FONT FACE="Arial" SIZE=2>


</FONT><I><FONT SIZE=2 COLOR="#0000ff"><P ALIGN="JUSTIFY">This news release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission.</P>


</I></FONT><FONT FACE="Times" SIZE=2 COLOR="#0000ff"><P ALIGN="JUSTIFY"></P>


</FONT><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>


<B><P ALIGN="CENTER">LightPath Technologies, Inc.</P>


<P ALIGN="CENTER">Condensed Consolidated Income Statements</P>


<P ALIGN="CENTER"> (Unaudited)</P>


</B><P ALIGN="JUSTIFY"></P></FONT>


<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=618>


<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=29>


<B><FONT FACE="Arial" SIZE=2><P>&nbsp;</P>


<P>&nbsp;</B></FONT></TD>


<TD WIDTH="29%" VALIGN="TOP" COLSPAN=2 HEIGHT=29>


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">Three Months Ended  </P>


<P ALIGN="CENTER">June 30</B></FONT></TD>


<TD WIDTH="31%" VALIGN="TOP" COLSPAN=2 HEIGHT=29>


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">Year Ended  </P>


<P ALIGN="CENTER">June 30</B></FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Revenues</DIR>


</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$    2,423,996</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$    2,772,774</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$    11,753,968</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$    8,331,671</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>Cost of sales</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>2,003,242</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,840,116</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>9,395,935</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>6,283,349</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>&#9;Gross Margin</DIR>


</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>420,754</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>932,658</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>2,358,033</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>2,048,322</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=30><DIR>





<FONT FACE="Arial" SIZE=2><P>Selling, general and administrative </DIR>


</FONT></TD>


<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=30>


<FONT FACE="Arial" SIZE=2><P>937,350</FONT></TD>


<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=30>


<FONT FACE="Arial" SIZE=2><P>1,257,257</FONT></TD>


<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=30>


<FONT FACE="Arial" SIZE=2><P>4,217,009</FONT></TD>


<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=30>


<FONT FACE="Arial" SIZE=2><P>5,170,996</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>New product development </DIR>


</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>231,497</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>317,513</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>985,357</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,022,299</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>Amortization of intangibles</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>38,217</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>468,540</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>580,889</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,947,562</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Reorganization and relocation expense</DIR>


</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>-</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>-</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>-</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,766</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>Operating loss</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>(786,310)</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>(1,110,652)</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>(3,425,222)</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>(6,094,301)</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=28><DIR>





<FONT FACE="Arial" SIZE=2><P>Other income (expense), net</DIR>


</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP" HEIGHT=28>


<FONT FACE="Arial" SIZE=2><P>87,615</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP" HEIGHT=28>


<FONT FACE="Arial" SIZE=2><P>(59,240)</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP" HEIGHT=28>


<FONT FACE="Arial" SIZE=2><P>(54,583)</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP" HEIGHT=28>


<FONT FACE="Arial" SIZE=2><P>495,894</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Net loss</DIR>


</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$(698,695)</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$(1,169,892)</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$(3,479,805)</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$(5,598,407)</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=67>


<FONT FACE="Arial" SIZE=2><P>&nbsp;</P><DIR>





<P>Loss per share of common stock (basic and diluted):</DIR>


</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP" HEIGHT=67><P></P></TD>


<TD WIDTH="14%" VALIGN="TOP" HEIGHT=67><P></P></TD>


<TD WIDTH="16%" VALIGN="TOP" HEIGHT=67><P></P></TD>


<TD WIDTH="15%" VALIGN="TOP" HEIGHT=67><P></P></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>   Net Loss</DIR>


</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$(0.21)</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$(0.36)</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$(1.05)</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$(1.98)</FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Number of shares used </P>


<P>in per share calculation</P>


<P>(basic and diluted):</DIR>


</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">3,403,800</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">3,221,697</FONT></TD>


<TD WIDTH="16%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">3,316,560</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">2,831,128</FONT></TD>


</TR>


</TABLE>





<FONT SIZE=1>


<P>&nbsp;</P>


<P>&nbsp;</P>


</FONT><B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">LightPath Technologies, Inc.</P>


<P ALIGN="CENTER">Condensed Consolidated Balance Sheets</P>


<P ALIGN="CENTER"> (Unaudited)</P></B></FONT>


<TABLE BORDER CELLSPACING=1 WIDTH=710>


<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June 30</B></FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">June 30</B></FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>&#9;&#9;</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Cash and cash equivalents </DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$   2,462,540</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$   2,531,029</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Trade accounts receivable, net</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,456,612</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,797,113</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Inventories</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,783,430</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,457,027</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Other current assets</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>180,493</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>500,328</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>     Total current assets</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>5,883,075</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>6,285,497</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Property and equipment, net</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,335,612</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>2,343,783</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Intangible assets, net</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>325,008</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>905,896</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Other assets</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>65,214</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>145,913</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>                   <B>Total assets</DIR>


</B></FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$   7,608,909</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$   9,681,089</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Accounts payable</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$      865,960</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$      656,263</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Other current liabilities</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P> 758,702</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P> 1,036,107</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>     Total current liabilities</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,624,662</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>1,692,370</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Capital lease obligation, excluding current portion</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>54,193</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>-</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>Stockholders' equity</DIR>


</FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>5,930,054</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>7,988,719</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>





<FONT FACE="Arial" SIZE=2><P>                  <B>Total liabilities and stockholders' equity</DIR>


</B></FONT></TD>


<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$   7,608,909</FONT></TD>


<TD WIDTH="14%" VALIGN="TOP">


<FONT FACE="Arial" SIZE=2><P>$   9,681,089</FONT></TD>


<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>


</TR>


</TABLE>





<FONT SIZE=2>


</FONT><B><P ALIGN="CENTER">&nbsp;</P>


</B><FONT FACE="Times" SIZE=2><P ALIGN="CENTER">--END--</P>


</FONT><B><I><FONT SIZE=1><P ALIGN="JUSTIFY"></P></B></I></FONT></BODY>


</HTML>








</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
