Lightpath Technologies (NASDAQ: LPTH) reported Q3 EPS of $0.05, $0.03 better than the analyst estimate of $0.02. Revenue for the quarter came in at $4.1 million versus the consensus estimate of $3.8 million.

Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "LightPath has continued to execute on its business plan, putting up another excellent quarter. Revenue growth of 29% in the third quarter of fiscal 2016 compared to same period in the prior year was driven by strong growth across all our product groups, with particular strength in medical and telecommunications applications. Infrared continues to develop and grow, albeit at a slower pace than we planned. Gross margins continue to be strong at 54%, an increase of 400 basis points year-over-year aided by the excellent performance and manufacturing efficiencies of our Zhenjiang factory."

"Operating income was impacted by higher selling, general and administrative ("SG&A") costs in this quarter due to some higher than normal expenses relating to proxy solicitations and other corporate growth and global marketing initiatives. Together, these events increased SG&A expenses by approximately $226,000."

"With the exception of the first quarter of this fiscal year, our order intake has been strong with our 12-month backlog increasing by 7% from June 30, 2015 even as our shipments have increased. We expect this growth trend to continue in the fourth quarter as the telecommunications and medical markets continue to show strength. Our global diversification strategies have positioned us to take advantage of opportunities in these markets as well as others with applications such as digital imaging, laser tools, telecommunications, digital projectors, industrial equipment, weapon sights, medical instruments and green lasers. Examples of these new growth applications include 2D scanning, fiber laser delivery systems, disposable medical instruments, and infrared sensor applications. We are well positioned to deliver continued performance improvements given our diversified product portfolio, low cost and highly technical manufacturing capabilities, and strengthened balance sheet."

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