Orion Energy Systems: Fiscal 2014 Q1 Results

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MANITOWOC, Wisconsin - Orion Energy Systems, Inc. (NYSE MKT: OESX), a leading power technology enterprise, announced financial results for its fiscal 2014 first quarter ended June 30, 2013.

"The first quarter of fiscal 2014 marked continued year-over-year performance improvement at Orion, highlighted by top line growth of 36%, cash generation and a significantly reduced operating loss," said John Scribante, Chief Executive Officer of Orion Energy Systems. "In addition, following the end of the quarter, we wrapped up our acquisition of Harris and are now working diligently to integrate its operations and leverage our expanded product portfolio across new end markets and customer channels alike. With a comprehensive line of LED fixtures and retrofit services, Orion is a stronger, more valuable provider of engineered solutions for our customers. I couldn't be more pleased with having Harris under the Orion umbrella.

"At the same time, we continue to expand our sales force while maintaining a focus on improving working capital management and asset utilization. While some seasonality remains in our quarterly results, we are taking steps to reduce this over the long term and, given our higher degree of certainty with regard to future results, have begun providing guidance concurrent with this release. We continue to win new opportunities across the board and remain very positive regarding the remainder of fiscal 2014, as we execute a strategy of building the business and driving shareholder returns. Clearly, for Orion, the best is yet to come."

First Quarter of Fiscal 2014

For the three months ended June 30, 2013, the Company reported revenue of $20.9 million, up 36% compared to revenue of $15.3 million in the prior-year period. Orion's core lighting efficiency revenue increased by 26% year-over-year, and LED systems accounted for 7% of efficiency sales. The Company reported a loss from operations of $0.8 million for the first quarter of fiscal 2014, a 77% improvement compared to a loss from operations of $3.6 million for the first quarter of fiscal 2013.

For the first quarter of fiscal 2014, the Company reported a net loss of $0.8 million, or $(0.04) per share, versus a net loss of $1.9 million, or $(0.09) per share, in the prior-year period. The fiscal 2013 first quarter included a tax benefit of $1.6 million, or $0.07 per share, while the fiscal 2014 first quarter did not. In addition, the current-year quarter was impacted by non-recurring expenses totaling $0.4 million, or $(0.02) per share, related to the acquisition of Harris Manufacturing, Inc. and Harris LED, LLC and the liquidation of slow moving inventory.

Total order backlog as of June 30, 2013 was $18.6 million. The Company currently expects approximately $16.6 million of its existing backlog to be recognized as revenue during the remainder of fiscal 2014.

Cash, Debt and Liquidity Position

Orion had $15.5 million in cash and cash equivalents and $1.0 million in short-term investments as of June 30, 2013, compared to $14.4 million and $1.0 million, respectively, as of March 31, 2013. The Company generated $2.0 million of net cash from operations during the fiscal 2014 first quarter compared to break-even cash from operations for the fiscal 2013 first quarter.

On July 1, 2013, the Company completed its acquisition of Harris Manufacturing, Inc. and Harris LED, LLC. The purchase price was paid through a combination of $5.0 million in cash, $3 million in a three-year unsecured subordinated note and 856,997 shares of unregistered Orion common stock, representing a fair value on the date of issuance of $2.1 million. The purchase price is subject to potential post-closing date adjustments for net working capital and certain other items. In addition, Orion may pay up to an additional $1 million in shares of unregistered common stock upon Harris' post-closing achievement of certain revenue milestones in calendar year 2013 and/or 2014.

Total debt was $5.9 million as of June 30, 2013 compared with $6.7 million as of March 31, 2013. There were no borrowings outstanding under the Company's revolving credit facility as of June 30, 2013, which has availability of $13.3 million.


For the second quarter of fiscal 2014 the Company anticipates revenue in the range of $24.0 to $26.0 million and earnings of $0.01 to $0.03 per diluted share.

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, 2013. The purpose of the supplemental information is to provide further discussion and analysis of the Company's financial results for the first quarter ended June 30, 2013. The supplemental information can be found in the Investor Relations section of Orion's Web site at http://investor.oriones.com/events.cfm.

 About Orion Energy Systems

Orion Energy Systems, Inc. (NYSE MKT: OESX) is a leading power technology enterprise that designs, manufactures and deploys energy management systems — consisting primarily of high-performance, energy efficient high intensity fluorescent (HIF) and light emitting diode (LED) lighting platforms, intelligent wireless control systems and direct renewable solar technology for commercial and industrial customers — without compromising their quantity or quality of light. Since December 2001, Orion's technology has benefitted its customers and the environment by reducing its customer's:

    Energy demand by 823,192 kilowatts, or 27.9 billion kilowatt-hours;
    Energy costs by $2.1 billion; and
    Indirect carbon dioxide emission by 18.1 million tons.

 Investor Relations Contacts:
Darrow Associates
Chris Witty
(646) 438-9385
Orion Energy Systems
Scott Jensen
Chief Financial Officer
(920) 892-9340

Source: Orion Energy Systems, Inc.
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