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Orion Energy Systems: Fiscal 2015 Q1 results

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MANITOWOC, Wis.- Orion Energy Systems, Inc. (NYSE MKT: OESX), a leading designer and manufacturer of high-performance, energy-efficient lighting platforms, today announced financial results for its fiscal 2015 first quarter ended June 30, 2014.

Operating and Financial Highlights

    Total revenue for the fiscal 2015 first quarter was $13.3 million, compared to $20.9 million in the prior-year period.
    LED lighting sales increased 127.7% year-over-year to $2.6 million in the fiscal 2015 first quarter, accounting for 20.9% of lighting product revenues, an increase from $1.1 million, or 7.6% of lighting product revenues, in the prior-year period.
    As of June 30, 2014, the Company had a current backlog of purchase orders amounting to $7.4 million, with $7.0 million in LED and HIF lighting orders, the largest lighting backlog total since September 2011.
    In addition to the hundreds of existing reseller customers, the Company grew its network of key regional resellers to 53 at June 30, 2014 from 30 at March 31, 2014. Orion believes that expansion in this metric will serve as a leading indicator of future sales as there is a certain ramp-up time from signing to when resellers begin to produce a consistent order flow.
    As of June 30, 2014, the Company's working capital was $29.7 million compared to $33.1 million at March 31, 2014.

Management Comments

John Scribante, Chief Executive Officer of Orion, stated, "We achieved growth in our pipeline of LED sales for the first quarter of fiscal 2015 during a period of redirection, as we are positioning ourselves to become a predominantly solid state LED lighting retrofit product company. The growth in Orion's order flow was largely driven by national account wins, specifically sales of our LED Troffer Door Retrofit (LDR) product introduced in January 2014. While our top-line was affected in the short-term as a result of a number of these orders being placed in the latter half of the fiscal first quarter, we expect these will translate into revenues in the next two quarterly periods. Each new order from existing and new customers allows us to showcase our superior product offerings as well as our exceptional customer service to the market."

Financial Review

Fiscal 2015 First Quarter

    Total revenue was $13.3 million for the fiscal 2015 first quarter, compared to $20.9 million in the prior-year period. The decrease in revenue was a result of delayed customer purchase decisions in the early months of the fiscal 2015 first quarter, coupled with cyclical budget allocation of prospective customers. Also, Orion has seen a decrease of $3.9 million in revenues year-over-year attributed directly to their exit of the solar energy business line. Revenue from the non-core solar business is expected to be approximately $1.5 million during fiscal 2015 and will not continue into future years.
    Product revenue from Orion's LED products increased to $2.55 million, or 20.9% of total lighting product revenues, during fiscal 2015 first quarter, compared to $1.1 million, or 7.6% of total lighting product revenues, in the prior-year period.
    Total lighting revenues that were generated through resellers during the fiscal 2015 first quarter was 71.2%, compared to 62% in prior-year period.
    Total gross margin was 19.6% for the fiscal 2015 first quarter, compared to 27.4% for the prior-year period, largely as a result of the decline in lighting product revenue and the related impact of fixed expenses within its manufacturing facility. As the Company begins to realize economies-of-scale among its lighting product categories, it expects to achieve gross margins of approximately 30%.
    The Company reported a net loss for the fiscal 2015 first quarter of $4.4 million, or $0.20 per diluted share, compared to a net loss of $0.8 million, or $0.04 per diluted share, in the prior-year period.

Balance Sheet Review

    Orion had approximately $16.3 million in cash and cash equivalents and $0.5 million in short-term investments as of June 30, 2014, compared to $17.6 million and $0.5 million, respectively, at March 31, 2014.
    The Company's working capital as of June 30, 2014, was $29.7 million, consisting of $44.2 million in current assets and $14.5 million in current liabilities, compared to $33.1 million, consisting of $50.3 million in current assets and $17.2 million in current liabilities, at March 31, 2014.
    The Company reported a $1.3 million decrease of net cash from operations during first quarter of 2015, compared to a $2.0 million increase of net cash from operations in the prior-year period.
    Total debt was $5.8 million at June 30, 2014, compared with $6.6 million at March 31, 2014.

Outlook

    The Company continues to expect total revenues for fiscal 2015 to range from $80.0 million to $105.0 million, which is based largely on projected sales acceleration of its LED product line.
    Orion has budgeted a ramp-up in sales over the subsequent quarters of fiscal 2015 from LED products. The Company expects that the timeline of increased sales will largely match with the historical capital allocation budgets of its clients in the second half of calendar 2015, as well as reflect the growing adoption rate from target customers in the office, retail, and industrial sectors.
    The Company continues to evaluate potential acquisition possibilities that could expand its supply chain capabilities, product line, and be complementary to its existing operations.
    The Company-wide re-branding initiative will continue, positioning Orion as a premier LED lighting solutions company.

Mr. Scribante concluded, "We will continue to leverage our previous customer relationships and partnerships as we lead the adoption of LED lighting retrofit solutions in the office, high bay, and outdoor space. Conveying the performance and efficiency benefits of our LED products to customers to create an ROI driven purchase decision is something we must continue to focus on from a sales perspective. We intend to focus on driving these sales through expansion of our reseller network, signing new national accounts, and investing in a corporate branding initiative that highlights Orion's position as the leader in retrofitted Solid-State LED solutions. We expect to leverage the ample capacity at our current manufacturing facility, continue to maintain a rational expense structure as we grow, and leverage our strong balance sheet to explore acquisition opportunities. We have been encouraged by the growth in our sales pipeline thus far in fiscal 2015 and feel that Orion is uniquely suited to capture a leading position in the LED retrofit market."

Supplemental Information

In conjunction with this press release, Orion has posted supplemental information on its website which further discusses the financial performance of the Company for the three months ended June 30, 2014. The supplemental information can be found in the Investor Relations section of Orion's website at www.oesx.com.

About Orion Energy Systems

Orion is leading the transformation of commercial and industrial buildings with state-of-the-art energy efficient lighting systems. Orion manufactures and markets a cutting edge portfolio of products encompassing LED Solid-State Lighting, high intensity fluorescent, and smart controls. Orion's 70+ patents held or pending provide unparalleled optical and thermal performance, which drive financial, environmental, and work-space benefits for a wide variety of retrofit markets.

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