U.S. stock market indexes closed in the green on Friday. The Dow Jones Industrial Average closed at 22,268.34. The Standard & Poor’s 500 index gained 4.61 points to 2,500.23 and the Nasdaq Composite index inched up 19.38 points to  to 6,448.47. The dollar index is down 0.13% at 91.84, while the U.S. 10-year bond yields 2.203% and the German 10-year bond yields 0.433%.
LightPath Technologies Inc. (LPTH, Financial) shares gained more than 8% Friday after the company reported its financial results for the fourth quarter of fiscal 2017 after the market closed on Sept. 14. The company posted adjusted EPS of 24 cents, beating expectations by 22 cents. Revenue of $9 million beat estimates by $250,000 and almost doubled with a 90.3% increase from the year-ago quarter.
Further, total costs and expenses as a percentage of revenue improved to a 36% decline in the fourth quarter, as compared to 41% in the prior-year quarter. Moreover, operating income was $1.1 million, a 117% increase from $522,000 for the comparable quarter of fiscal 2016. Operating income for the year was $4.2 million, up from $2 million in fiscal 2016.
EBITDA reached $2.3 million, a 243% improvement from $646,000 in the prior-year quarter. For the full year, EBITDA was approximately $5.9 million, an improvement from $2.5 million in fiscal 2016.
Total bookings were 21% higher in the fourth quarter compared to the previous quarter of 2017, and 66% higher than the same quarter a year ago.
President and CEO Jim Gaynor was pleased with the strong fourth-quarter results. He highlighted the “significant growth in key performance metrics, including revenue, earnings per share, adjusted EBITDA and cash flow."
He attributed the results to a strong demand for the industrial tool, telecommunications and data communications and defense products. He is also confident about the future increase that should be bolstered by new orders generated from strong sales and marketing initiatives.
Disclosure: The author holds no positions in any stocks mentioned.
