Good afternoon and welcome to the LightPath Technologies Fiscal Fourth Quarter Earnings Conference Call. All participants will be in a listen-only mode. (Operator Instructions) After today’s presentation, there will be an opportunity to ask questions. (Operator Instructions). Please note this event is being recorded. I would now like to turn the conference over to Dorothy Cipolla. Please go ahead.

Thank you and good afternoon. Welcome to the LightPath Technologies 2013 fourth quarter and year-end financial results conference call. Our call today will be hosted by Mr. Jim Gaynor, President and CEO. Following management’s discussion, there will be a formal Q&A session open to participants on the call. Before we get started, I would like to remind you that during the course of this conference call, we will be making an number of forward-looking statements that are based on our current expectations and involve various risks and uncertainties that are discussed in our periodic SEC filings. Although we believe that the assumptions underlying these statements are reasonable, any of them can prove to be inaccurate and there can be no assurance that the results will be realized. With that out of the way, it is now my pleasure to introduce Jim Gaynor, President and CEO of LightPath. The floor is now yours.

Thank you, Dorothy and welcome to everyone who has joined us on the call today. We appreciate your ongoing interest in LightPath. I will open with an overview of operational results highlights and then turn the call over to Dorothy for a more in-depth review of our financials. After some closing remarks, we’ll open the call to your questions. I am pleased to report continued improvement in the company’s operating results driven by strong demand for our optics across a broad base of our market segments. Gross margin improved to 45% for Q4 of ‘13 versus 40% for Q4 ‘12 and 44% in fiscal year 2013 versus 30% in fiscal 2012. This was due to the cost reductions we implemented and higher unit volume sales, which increased our overhead leverage. In fiscal 2012 and fiscal 2013, we recognized revenue not only from our product business, but also from our participation in a DARPA program. To better understand our ongoing operating performance, it will be more helpful to look at our performance without the effect of the revenue from this DARPA program. In that case revenue generated from our products in Q4 of ‘13 was $3.1 million versus $2.6 million for Q4 of ‘12 or up 18%. The combination of increased sales volume and lower costs resulted in fourth quarter operating income of $206,000. EBITDA which excludes the effect of non-cash expenses associated with the mark-to-market adjustments related to our warrants issued in June of 2012, increased by nearly 24% to $471,000 and we had positive operating cash flow of $622,000 for the fourth quarter. For the year, we demonstrated strong operating leverage with increases in both sales and EBITDA, resulting in LightPath’s first profitable fiscal year. The company’s operating result for fiscal 2013 and fiscal 2012 as reported under Generally…

Thank you, Jim. First, I'd like to mention that much of the information we're discussing during this call is also included in the press release and the Form 8-K we issued earlier today. I encourage you to visit our website at lightpath.com and specifically the section titled investor information, where we’ve included the presentations that we’ve made at recent investor conferences. I’ll now review highlights from our 2013 fourth quarter, which ended June 30, 2013, followed by a discussion of our fiscal 2013 financials. Revenue for the 2013 fourth quarter totaled approximately $3.13 million compared to approximately $3.10 million for the fourth quarter of fiscal 2012 an increase of 1%. This increase was primarily attributable to growth in revenue from sales as a company’s telecommunication products including our precision molded optics product which overcame the effect in the fourth quarter of fiscal 2012 of a large purchase order from a customer in connection with the DARPA low cost thermal imaging manufacturing program. Looking at our precision molded optics business, revenue increased 18% compared to the fourth quarter of last year. This demonstrates that our strategy to expand our precision molded optics through improving our cost by leveraging purchasing volumes bringing anti-reflective coating in-house, improving our tooling lines, improving the productivity in our Shanghai factory and broadening the customer base to expand the distribution in direct sales in Asia and have all been successful. Our gross margin percentage in the 2013 fourth quarter was 45% up from 40% in the prior year. Total manufacturing cost of $1.72 million decreased by approximately $154,000 in the 2013 fourth quarter compared to the same period last year due to improved productivity associated with higher unit volumes and the impact of cost reduction. Now I'll discuss the full year highlights. Revenue for fiscal 2013 was…

Our focus is to accelerate our top line growth while effectively managing our cost structure. We are rigorously pursuing opportunities to further expand our current accounts and develop new ones. We believe the themes I outlined earlier, will provide continue growth and in addition we continue to see future opportunity for our infrared products. These opportunities are broad-based across several of our larger market segment and not limited to any specific industry market or geographic locations. We believe the company is well positioned to capitalize on many opportunities we see ahead. I will now open the call to any questions.

(Operator Instructions) As it appears we have now questions. This concludes our question-and-answer session. I would like to turn the conference back over to Jim Gaynor for any closing remarks.

I'd like to thank everybody for joining us today and I particularly want to congratulate our employees for the hard work that resulted in our first profitable year. Thank you.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.