03.06.16

Orion Energy Systems: Fiscal 2016 Full Year Results

Orion Energy Systems hat das Geschäftsjahr 2016 abgeschlossen. Wir veröffentlichen die Mitteilung der Spezialistin für energiesparende Beleuchtungssysteme mit den wichtigsten Kennzahlen im Wortlaut.

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MANITOWOC, Wisconsin - Orion Energy Systems, Inc. (NASDAQ: OESX), a leading designer and manufacturer of high-performance, energy-efficient lighting platforms, announced financial results for its fiscal 2016 fourth quarter and full fiscal year ended March 31, 2016.

Operating and Financial Highlights

    Total revenue for the fiscal 2016 fourth quarter was $18.6 million, in-line with our expectations, while LED lighting product sales reached a record $13.5 million, or 76% of total lighting product revenue, which compared to 61% in the fiscal 2015 fourth quarter.
    Gross profit for the quarter increased 55% to $4.6 million from $3.0 million in the prior year period, and gross margin for the quarter increased 950 basis points to 24.9% compared to 15.4% in the prior-year period.

    As of March 31, 2016, Orion had a backlog of $5.6 million in lighting orders, compared to a backlog of $7.5 million in lighting orders as of December 31, 2015.

    Orion reported a net loss for the fiscal 2016 fourth quarter of $10.9 million, or $0.39 per share, compared to net loss of $4.7 million, or $0.19 per share, in the prior-year period. The net loss for the fiscal fourth quarter 2016 included a goodwill impairment charge of $4.4 million, an impairment loss of $1.6 million on assets held for sale relating to the sale and leaseback of Orion's manufacturing facility, and the recognition of a loss contingency and associated expenses of $1.8 million, all which resulted in a total impact to the net loss for the quarter of $7.8 million, or $0.28 per share.

"Fiscal 2016 was a successful year for us in many ways. We launched numerous state-of-the-art, breakthrough products aimed at improving margin and positioning us to capture greater market share. Our LED lighting product sales reached record levels, we enhanced our sales structure, and significantly expanded our addressable market," commented John Scribante, Chief Executive Officer. "Furthermore, from a profitability standpoint, we made solid progress as well. We delivered five consecutive quarters of year-over-year margin expansion, and are within close reach of generating positive EBITDA. In spite of the challenging macro-economic headwinds we encountered, we further executed on the strategy we laid out during this time last year."

"As we enter fiscal 2017, I believe we have never been better positioned. The secular shift from fluorescent to LED lighting and increasingly diversified applications of our innovative products across sectors will enable us to capitalize on the significant market opportunity ahead of us. We are committed to delivering profitable growth and healthy returns on our investors' capital," Scribante said.

Financial Results Review

Fiscal 2016 Fourth Quarter

Revenue: Total revenue for the fiscal 2016 fourth quarter was $18.6 million, compared to $19.4 million of revenue in the prior-year period. Total lighting product sales for the fiscal 2016 fourth quarter were $17.7 million, a 2.3% increase compared to $17.3 million in the prior-year period. Strong customer response to Orion's next generation LED high-bay product offering was offset somewhat during the quarter by tempered demand in the industrial sector as a result of macro-economic uncertainty.

LED Lighting Revenue: LED lighting product sales were $13.5 million in the fiscal 2016 fourth quarter compared to $10.4 million in the prior-year period, reflecting 76% of total lighting product revenue compared to 61% in the fiscal 2015 fourth quarter.

Gross Margin: The fiscal 2016 fourth quarter gross margin was 24.9% compared to 15.4% in the prior-year period, reflecting a 950 basis point improvement. The gross margin was positively impacted by a reduction in LED component costs, an improvement in manufacturing expenses, and a mix shift to higher margin products.

Net Loss: Orion reported a net loss for the fiscal 2016 fourth quarter of $10.9 million, or $0.39 per share, compared to net loss of $4.7 million, or $0.19 per share, in the prior-year period. The net loss for the fiscal fourth quarter 2016 included a goodwill impairment charge of $4.4 million, an impairment loss of $1.6 million on assets held for sale relating to the sale and leaseback of Orion's manufacturing facility, and the recognition of a loss contingency and associated expenses of $1.8 million, all which resulted in a total impact to the net loss for the quarter of $7.8 million, or $0.28 per share.

Full-Year Fiscal 2016

Revenue: Total revenue was $67.6 million for fiscal 2016, a 6.3% decrease compared to $72.2 million in fiscal 2015. Total lighting product sales for fiscal 2016 were $64.0 million, a 2.8% decrease compared to $65.9 million in the prior-year period.

LED Lighting Revenue: LED lighting product sales were $45.7 million in fiscal 2016 compared to $30.8 million in fiscal 2015, reflecting 71% of total lighting product revenue compared to 48% in fiscal 2015.

Gross Margin: Gross margin was 23.7% for fiscal 2016 compared to (1.6)% in fiscal 2015. Fiscal 2015 gross margin included a non-cash impairment charge of approximately $12.1 million, which negatively impacted the gross margin by 1,680 basis points. Gross margin for fiscal 2015 excluding the impairment charge would have been 15.2%.

Net Loss: Orion reported a net loss for fiscal 2016 of $20.1 million, or $0.73 per share, compared to a net loss of $32.1 million, or $1.43 per share, in fiscal 2015. The net loss for the full fiscal year 2016 included a goodwill impairment charge of $4.4 million, an impairment loss of $1.6 million on assets held for sale relating to the sale and leaseback of Orion's manufacturing facility, and the recognition of a loss contingency and associated expenses of $1.8 million, which resulted in a total impact to the net loss for fiscal 2016 of $7.8 million, or $0.28 per share.

Balance Sheet Review

Cash and Borrowings: Orion had $15.5 million in cash and cash equivalents as of March 31, 2016, compared to $20.0 million at March 31, 2015. As of March 31, 2016, Orion had $3.7 million in borrowings outstanding on its line of credit.

Net Working Capital: Orion's net working capital as of March 31, 2016 was $31.8 million compared to $36.7 million at March 31, 2015.

Net Cash from Operations: Orion reported cash flows used in operating activities of $0.1 million during the fiscal 2016 fourth quarter, and a use of $3.4 million for fiscal 2016. This compares to a use of cash flows from operating activities of $2.2 million in the fiscal 2015 fourth quarter and a use of $12.8 million for fiscal 2015.

Total Debt: Orion's total debt was $4.8 million at March 31, 2016, compared to $5.1 million at March 31, 2015.

Management Outlook for Fiscal Year 2017

Mr. Scribante continued, "While we are still facing macro-economic headwinds that may impact our business, our sales channel strategy, coupled with a robust pipeline and sales momentum gives us confidence that we can generate a minimum of $80 million in sales in fiscal 2017. We also expect gross margin expansion leading to just over 30% by the end of fiscal Q4 2017. This should lead to positive trends in both EPS and EBITDA," concluded Scribante.

About Orion Energy Systems

Orion is leading the transformation of commercial and industrial buildings with state-of-the-art energy efficient lighting systems and retrofit lighting solutions. Orion manufactures and markets a cutting edge portfolio of products encompassing LED Solid-State Lighting and high intensity fluorescent lighting. Many of Orion's nearly 100 granted patents and pending patent applications relate to lighting systems that provide exceptional optical and thermal performance, which drive financial, environmental, and work-space benefits for a wide variety of customers in the retrofit markets.


About Orion Energy Systems

Orion is leading the transformation of commercial and industrial buildings with state-of-the-art energy efficient lighting systems and retrofit lighting solutions. Orion manufactures and markets a cutting edge portfolio of products encompassing LED Solid-State Lighting and high intensity fluorescent lighting. Many of Orion's 100+ granted patents and pending patent applications relate to lighting systems that provide exceptional optical and thermal performance, which drive financial, environmental, and work-space benefits for a wide variety of customers in the retrofit markets.


Contact:
Orion Energy Systems, Inc.
Bill Hull, (312) 660-3575
Chief Financial Officer
or
Clermont Partners
Victoria Sivrais
312-690-6004
vsivrais@clermontpartners.com
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