Orion Energy Systems: Revenue Guidance

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Manitowoc - Orion Energy Systems, a leading designer and manufacturer of high performance, energy-efficient lighting platforms, announced that it is reiterating its revenue guidance of between $72 – 74 million for the year ended March 31, 2015, which would reflect a 7.5 - 10% year over year growth in its core lighting business. LED product sales grew over 538% year-over-year, representing approximately 41-43% of total revenues (up from 5.4% in fiscal 2014). The Company anticipates reporting its fiscal 2015 fourth quarter and year-end financial results in May.

Orion has continued to see accelerating sales in its core target markets for LED products, including industrial, commercial and exterior lighting applications. The Company believes that growth in its pipeline will continue to drive sales well into fiscal 2016.

John Scribante, Chief Executive Officer of Orion, stated, “During fiscal 2015, the Company’s focus was on capitalizing on a rapidly progressing industry-wide transition from traditional lighting products to LED. We more than doubled LED revenue in each of the past four quarters, and ended the year with LED as the predominant percentage of our total sales. We now have greater business stability and visibility as Orion nears the completion of this repositioning to an LED-led business model as a result of a broader and more focused sales effort, and felt it was appropriate to reaffirm our previously announced guidance of $72-74 million in sales for fiscal 2015.”

Mr. Scribante commented, “In recent weeks we have utilized the strength of our balance sheet to enable Orion to grow its pipeline of larger orders while also leveraging our sales channels to produce a consistent flow of LED sales. As we transitioned to a LED focused company over the past year, Orion fulfilled several pilot orders with nationwide companies that we believe will begin to bear fruit in fiscal 2016 as these customers have the opportunity to experience the sales process, superior lighting solutions, energy savings and an attractive total cost of ownership. During the quarter the Company secured large sales commitments from existing Orion customers, such as Ford Motor Company, and new purchases from Cardinal Health, Cincinnati Zoo, Trinity Plastics and other hospitals and school districts. The largest orders in the quarter were Federal contracts, which included installation of Orion products to several US Post Offices, VA hospitals and other municipal facilities. We have worked diligently to consistently deliver this value proposition to customers in large addressable markets, and have never had a moment in our company’s history where the pipeline is as clear as it stands presently.”

Mr. Scribante concluded, “As a result of our achievements during fiscal 2015, we believe we are in a position to deliver substantial year-over-year improvement in sales, margins and ultimately a return to profitability.”

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 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:
Investor Relations Contacts:
Orion Energy Systems, Inc.
Scott Jensen
Chief Financial Officer
920-892-9340
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