LightPath Technologies, Inc. (NASDAQ:LPTH) Q1 2023 Earnings Conference Call November 10, 2022 5:00 PM ET

Company Participants

Albert Miranda – Chief Financial Officer

Sam Rubin – President and Chief Executive Officer

Conference Call Participants

Brian Kinstlinger – Alliance Global Partners

Gene Inger – ingerletter.com

Scott Buck – H.C. Wainwright

Operator

Good afternoon, and welcome to the LightPath Technologies Fiscal 2023 First Quarter Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Albert Miranda, Chief Financial Officer. Please go ahead.

Albert Miranda

Thank you. Good afternoon, everyone. Before we get started, I'd 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, involve various risks and uncertainties, including the impact of COVID-19 pandemic that is discussed in our periodic SEC filings. Although the company believes that the assumptions underlying these statements are reasonable, any of them can be prove to be inaccurate and there could be no assurances that the results would 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 reconciliation in the company's SEC filings and press releases.

Sam will begin today's call with an overview of the business and recent developments for the company. I will then review financial results for the fiscal year. Following our prepared remarks, there will be a formal question-and-answer session.

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

Sam Rubin

Thank you, Al. Before I begin I just like to inform everyone that due to internet shortage in Orlando, or internet outage, we are on cellphone, so excuse us if there is any quality issues with the audio.

So good afternoon to everyone and welcome to LightPath Technologies’ fiscal 2023 first quarter financial results conference call. Our financial results press release was issued after the market close today and posted on our corporate website.

As could be seen from our sales number for the quarter, LightPath this quarter faced multiple headwinds starting from Hurricane Ian, affecting our shipments in the last few days of the quarter, a slowdown in China and the war in Ukraine. The hurricane was sufficiently intend to force LightPath to close operations at our Florida facility for the last three days of the quarter. The facility closure resulted in a delay in shipments, which impacted revenue for the last week of fiscal 2023 first quarter.