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<SEC-DOCUMENT>0001102624-07-000290.txt : 20071101
<SEC-HEADER>0001102624-07-000290.hdr.sgml : 20071101
<ACCEPTANCE-DATETIME>20071101155610
ACCESSION NUMBER:		0001102624-07-000290
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071101
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071101
DATE AS OF CHANGE:		20071101

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:		071206884

	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>lightpathtechnologies8k.htm
<DESCRIPTION>LIGHTPATH TECHNOLOGIES 8-K
<TEXT>
<table cellpadding="3" border="0" cellspacing="0" width="100%">
<tr><td>
</td></tr>
</table>
<center>
<table border=0 cellpadding=3 cellspacing=0>
<tr><td align="center"><br><br>
<B>UNITED STATES</B><br>
<B>SECURITIES AND EXCHANGE COMMISSION</B><br>
Washington, D.C. 20549<p>
<hr size=1>
<p><b>FORM 8-K<p>
CURRENT REPORT
<p>
Pursuant to Section 13 or 15(d) of the<br>Securities Exchange Act of 1934.
</td>
</tr>
</table>
<p>
<b>
<table border=0 cellpadding=0 cellspacing=0>
<tr><td colspan=5 align=center>
<b>Date of Report: November  01, 2007</b><br>
(Date of earliest event reported)<br><br>
</td></tr>
<tr><td colspan=5 align=center>
<b>LightPath Technologies Inc.</b><br>
(Exact name of registrant as specified in its charter)
</td></tr>
<tr><td colspan=5><br></td></tr>
<tr>
<td align=center colspan=2 width="40%" valign="top">
<b>FL</b><br>
(State or other jurisdiction <br>of incorporation)
</td>
<td align=center width="20%" valign="top">
<b>000-27548</b><br>
(Commission File Number)
</td>
<td align=center colspan=2 width="40%" valign="top">
<b>86-0708398</b><br>
(IRS Employer <br>Identification Number)
</td>
</tr>
<tr><td colspan=5><br></td></tr>
<tr>
<td align="center" colspan=2>
<b>2603 Challenger Tech CT #100</b><br>
(Address of principal executive offices)
</td>
<td>&nbsp;</td>
<td align="center" colspan=2>
<b>32826</b><br>
(Zip Code)
</td>
</tr>
<tr><td colspan=5 align=center><br>
<b>407-382-4003</b><br>(Registrant's telephone number, including area code)
</td></tr>
<tr><td colspan=5><br></td></tr>
<tr><td colspan=5 align=center>
<b>Not Applicable</b><br>(Former Name or Former Address, if changed since last report)<br>
</td></tr>
</table>
</center>
<br><br>
</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>
<dl>
 <dd><font face="wingdings">o</font> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
 <dd><font face="wingdings">o</font> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
 <dd><font face="wingdings">o</font> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

  <br>
 <dd><font face="wingdings">o</font> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  <br>
</dl>
<hr size=1>
<table width=100%>
<tr><td width="100%">
<b>Item 2.02. Results of Operations and Financial Condition</b></b><br>
<br>
The Registrant issued a Press Release on November 1, 2007, reporting first quarter results for the fiscal quarter ended September 30, 2007. A copy of the Press Release is attached as Exhibit 99.1 to this Report.
<p>
<b>Item 9.01. Financial Statements and Exhibits</b></b><br>
<br><b>(a) Financial statements:</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  None<br>
<b>(b) Pro forma financial information:</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  None<br>
<b>(c) Shell company transactions:</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  None<br>
<b>(d) Exhibits</b><br>
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  99.1 &nbsp; &nbsp; &nbsp; <a href="lightpathtechnologi.htm">Press Release of LightPath Technologies Inc. dated November  01, 2007</a></b>
<p>
<p>
<hr size=1>
<b><center>SIGNATURE</center></b>
<p>
&nbsp; &nbsp; &nbsp; 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.<p>
</td></tr>
</table>
<br>
<table>
<tr>
<td width="50%" valign=top>
Dated: November  01, 2007<br>
</td>
<td>
<b>LIGHTPATH TECHNOLOGIES INC.</b>
<p>
By: <u>&nbsp;/s/ Dorothy M Cipolla &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </u> <br>
&nbsp; &nbsp; &nbsp;Dorothy M Cipolla<br>
&nbsp; &nbsp; &nbsp;<i>CFO</i><br>
</td></tr>
</table>
<hr>
<center>
<table border=0 width="100%">
<tr><td colspan=2>
<center><b>Exhibit Index</b></center>
</td>
</tr>
<tr>
<td width=50% align=center><b><u>Exhibit No.</u></b></td>
<td width=50% align=center><b><u>Description</u></b></td>
</tr>
<tr>
<td align=center>99.1</td>
<td align=center>Press Release of LightPath Technologies Inc. dated November  01, 2007</td>
</tr>
</table>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>lightpathtechnologi.htm
<DESCRIPTION>LIGHTPATH TECHNOLOGIES PRESS RELEASE
<TEXT>

<p></p>
<b>LightPath Technologies, Inc. Announces First Quarter Fiscal 2008 Financial Results</b>
<p>ORLANDO, FL -- 11/01/2007 --  LightPath Technologies, Inc. (NASDAQ: LPTH),
manufacturer and integrator of families of precision molded aspheric
optics, precision molded infrared optics, GRADIUM&#174; glass products, and
high performance fiber-optic collimators and isolators, today announced
results for its first quarter of fiscal 2008 ending September 30, 2007.
</p>
<p>
Summary
</p>
<p>
First Quarter 2008 results compared to Fourth Quarter of 2007:
</p>
<p>
<pre>
- --  Revenue for the first quarter of fiscal year 2008 ended September 30,
    2007 increased 1% or $32,000.
- --  Gross Margin increased by $188,000.
- --  Gross Margin percentage increased to 10% in the first quarter of 2008
    from 2% in the fourth quarter of fiscal 2007 (ended June 30, 2007).
- --  Operating and other costs below the gross profit line increased by
    $391,000 in the first quarter of 2008 compared to the fourth quarter of
    2007 due to severance costs and other non-recurring charges.
- --  These factors combined to contribute to a higher net loss of $1.5
    million or $(0.28) per share compared with $1.3 million or $(0.29) per
    share in the fourth quarter of 2007.
- --  Disclosure backlog as of September 30, 2007 was $2.6 million up 44%
    from the backlog as of June 30, 2007 of $1.8 million.
    </pre>
</p>
<p>
<pre>
                    Financial Quick Reference

In millions, except earnings per share data


                                           Three months ended
                                   Sept. 30,        June 30,      Sept. 30,
                                      2007           2007           2006
Revenues                       $        2.31  $        2.28  $        4.39
Gross Profit                   $        0.24  $        0.05  $        1.07
Net Loss                       $       (1.50) $       (1.30) $       (0.45)
Loss per share (basic &amp;
 diluted)                      $       (0.28) $       (0.29) $       (0.10)


Cash used by operations        $       (1.25) $       (0.42) $       (0.30)



                                  September 30,     June 30,     June 30,
                                      2007            2007         2006
Cash and cash equivalents      $        2.88  $        1.29  $        3.76
</pre>
</p>
<p>
Detailed comments about the first quarter of fiscal 2008: For the quarter
ended September 30, 2007, the Company reported total revenues of $2.31
million compared to $2.28 million for the quarter ended June 30, 2007, an
increase of 1%. Net loss for the quarter ended September 30, 2007was $1.5
million or $0.28 per share compared to a net loss of $1.3 million, or $0.29
per share in the quarter ended June 30, 2007. Our non-telecommunications
industry sales are increasing but they have not grown fast enough to make
up for the decline in the telecommunications sector sales.
</p>
<p>
At September 30, 2007 our disclosure backlog was $2.6 million, an increase
of 44% over our disclosure backlog of $1.8 million for the fourth quarter
of 2007 ending June 30, 2007.
</p>
<p>
Gross Margin increased in the first quarter of fiscal 2008 compared to the
previous quarter. Gross Margin for the quarter ended September 30, 2007 was
approximately $239,000, or 10%, which included a $150,000 inventory
adjustment for scrap compared to $50,000, or 2% for the quarter ended June
30, 2007. The increase in gross margin in the first quarter of 2008 was
mainly attributable to improved production yields and productivity at our
China facility offset by non-recurring charges for freight and travel to
China and lower average lens prices. We are experiencing cost improvements
in our direct expenses, but the lower sales levels are not adequate to
cover our overhead costs. As we improve our revenues we expect our margins
to improve.
</p>
<p>
Selling, general &amp; administrative expenses increased by $425,000 due to
non-recurring charges for severance and executive search fees relating to
the recent departure of our former CEO, contributing to an increase in our
net loss of $1.5 million for the first quarter of 2008 compared to a net
loss of $1.3 million in the fourth quarter of 2007.
</p>
<p>
Comments: Jim Gaynor, Interim CEO of LightPath, stated, "In the first
quarter, revenue flattened but remained low due to the continued weakness
of the telecom and defense markets. Our telecom business was 16% of total
revenue compared to 33% of total revenue in the prior quarter and 59% of
total revenue for the first quarter of fiscal 2006. While our other
business segments improved and our backlog of new orders grew 39% over the
prior quarter it did not offset the lower telecom sales. Direct costs for
material, labor and services continued to show improvement as a result of
the cost reduction strategy we are implementing. These costs were 21% of
revenue in the first quarter of 2008 as compared to 47% of revenue for the
first quarter of 2007 and 42% of revenue for all of fiscal 2007. Overhead
and SG&amp;A costs are in line with our budget with the exception of the
severance costs for our former CEO."
</p>
<p>
Mr. Gaynor went on to state, "LightPath is continuing to implement its
business strategy to diversify its served markets and position the Company
to participate in lower cost, higher volume opportunities. We have expanded
our China manufacturing capacity, producing over 75% of our first quarter
lens volume in that factory. We are implementing  "RoHS"(RoHS is a European
Union Standard that restricts the use of certain hazardous materials such
as lead and mercury) compliant glass, developing lower cost glass materials
and implementing other cost reductions. As a result of the management
actions taken we are seeing positive results in yield improvement,
production rates and cost reductions. We are continuing to position the
company to participate in higher volume market opportunities."
</p>
<p>
Additional information concerning the Company and its products can be found
at the Company's web site at www.lightpath.com.
</p>
<p>
LightPath manufactures optical products, including precision molded
aspheric optics, precision molded infrared optics, GRADIUM&#174; glass
products, proprietary collimator assemblies, isolators utilizing
proprietary automation technology, higher-level assemblies and packing
solutions. LightPath has a strong patent portfolio that has been granted or
licensed to us in these fields. LightPath common stock trades on the NASDAQ
Capital Market under the symbol "LPTH." Investors are encouraged to go to
LightPath's website for additional financial information.
</p>
<p>
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>
<p>
<pre>
                       LIGHTPATH TECHNOLOGIES, INC.
                  Condensed Consolidated Balance Sheets


                                                  Unaudited     Audited
                                                  September       June
                                                     30,           30,
            Assets                                  2007          2007
                                                ------------  ------------
  Current assets:
    Cash and cash equivalents                   $  2,882,661  $  1,291,364
    Trade accounts receivable, net of
    allowance of $92,018 at September 30,
    2007 and $28,968 at June 30, 2007              1,352,960     1,408,815
    Inventories                                    1,758,883     1,853,324
    Prepaid expenses and other assets                147,025       220,860
                                                ------------  ------------
          Total current assets                     6,141,529     4,774,363
    Property and equipment - net                   1,586,975     1,563,250
    Intangible assets - net                          224,388       232,605
    Other assets                                      57,306        57,306
                                                ------------  ------------
          Total assets                          $  8,010,198  $  6,627,524
                                                ============  ============
  Liabilities and Stockholders' Equity
Current liabilities:
    Accounts payable                            $    876,550  $  1,278,328
    Accrued liabilities                              675,715       326,525
    Accrued payroll and benefits                     310,744       413,576
    Notes Payable                                    166,645       166,645
    Capital lease obligations, current portion        16,835        16,285
                                                ------------  ------------
          Total current liabilities                2,046,489     2,201,359
                                                ------------  ------------

Capital lease obligation, excluding current
 portion                                              19,232        23,653
Note payable, excluding current portion              236,080       277,741
                                                ------------  ------------
          Total liabilities                        2,301,801     2,502,753
Stockholders' equity:
  Preferred stock: Series D, $.01 par value,
   voting; 5,000,000 shares authorized; none
   issued and outstanding                                 --            --
  Common stock: Class A, $.01 par value, voting;
   34,500,000 shares authorized; 5,323,511
   and 4,512,543 shares issued and
   outstanding at September 30, 2007 and
   June 30, 2007, respectively                        53,235        45,125
   Additional paid-in capital                    199,474,985   196,417,217
   Foreign currency translation adjustment           (22,263)      (43,059)
   Accumulated deficit                          (193,797,560) (192,294,512)
                                                ------------  ------------
          Total stockholders' equity               5,708,397     4,124,771
                                                ------------  ------------
          Total liabilities and stockholders'
           equity                               $  8,010,198  $  6,627,524
                                                ============  ============




                       LIGHTPATH TECHNOLOGIES, INC.
              Condensed Consolidated Statements of Operations


                                                         Unaudited
                                                    Three months ended
                                                       September 30,
                                                     2007          2006
                                                ------------  ------------
  Product sales, net                            $  2,308,753  $  4,386,323
  Cost of sales                                    2,070,042     3,313,198
                                                ------------  ------------
      Gross margin                                   238,711     1,073,125
  Operating expenses:
    Selling, general and administrative            1,436,857     1,274,776
    New product development                          308,480       265,247
    Amortization of intangibles                        8,217         8,217
                                                ------------  ------------
      Total costs and expenses                     1,753,554     1,548,240
                                                ------------  ------------
      Operating loss                              (1,514,843)     (475,115)
  Other income (expense)
    Interest expense                                 (17,738)      (10,966)
    Investment and other income                       29,533        31,212
                                                ------------  ------------
      Net loss                                  $ (1,503,048) $   (454,869)
                                                ============  ============
  Loss per share (basic and diluted)            $      (0.28) $      (0.10)
                                                ============  ============
  Number of shares used in per share
   calculation                                     5,323,511     4,479,117
                                                ============  ============




                       LIGHTPATH TECHNOLOGIES, INC.
                  Consolidated Statements of Cash Flows

                                                         Unaudited
                                                    Three Months Ended
                                                       September 30,
                                                ------------  ------------
                                                    2007          2006
                                                ------------  ------------
Cash flows due to operating activities
Net loss                                        $ (1,503,048) $   (454,869)
Adjustments to reconcile net loss to net cash
 used in operating activities:
       Depreciation and amortization                 103,962       119,622
       Foreign exchange translation adjustment        20,796             -
       Stock based compensation                       58,746        56,994
       Provision for doubtful accounts
        receivable                                    63,050        13,520
Changes in operating assets and liabilities:
 Trade receivables                                    (7,195)     (144,781)
 Inventories                                          94,441       191,361
 Prepaid expenses and other assets                    73,835        38,310
 Accounts payable and accrued expenses              (155,420)     (117,266)
                                                ------------  ------------
                  Net cash used in operating
                   activities                     (1,250,833)     (297,109)
                                                ------------  ------------

Cash flows due to investing activities
   Property and equipment additions                 (119,470)     (324,572)
                                                ------------  ------------
                  Net cash used in investing
                   activities                       (119,470)     (324,572)

Cash flows due to financing activities
 Proceeds from exercise of stock options                   -           121
 Proceeds from sale of common stock, net of
  expenses                                         3,007,132             -
 Borrowings on line of credit                              -         2,100
 Payments on capital lease obligation                 (3,871)       (3,387)
 Payments on note payable                            (41,661)            -
                                                ------------  ------------
Net cash provided by (used in) financing
 activities                                        2,961,600        (1,166)
                                                ------------  ------------

Increase (Decrease) in cash and cash
 equivalents                                       1,591,297      (622,847)

Cash and cash equivalents, beginning of period     1,291,364     3,763,013
                                                ------------  ------------

Cash and cash equivalents, end of period        $  2,882,661  $  3,140,166
                                                ============  ============

Supplemental disclosure of cash flow
 information:
    Interest paid                               $      7,787  $     11,491
    Stock issued under employee stock purchase
     plan                                       $     24,887  $     17,261


</pre>

</p>
<pre>
Contact:
Dorothy Cipolla
CFO
LightPath Technologies, Inc.
(407) 382-4003
Internet: www.lightpath.com</a>


</pre>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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