23.05.13

Orion Energy Systems:Fiscal 2013 Fourth Quarter Results

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Reports Year-over-Year Q4 Revenue and Earnings Growth

Strategic Acquisition Expands Product Offering and Creates Entry into New Markets

MANITOWOC, Wis.--(BUSINESS WIRE)-- Orion Energy Systems, Inc. (NYSE MKT: OESX), a leading power technology enterprise, announced today its financial results for its full fiscal-year ended March 31, 2013 and its fiscal 2013 fourth quarter.

"For the second consecutive quarter, we delivered both year-over-year revenue and earnings growth. Our fourth quarter results continue to demonstrate the value of the strategy we implemented during 2012 that focused on streamlining our sales and product development operations, while instilling a sense of accountability and financial discipline throughout the organization," commented John Scribante, Chief Executive Officer of Orion Energy Systems.

"We are also pleased to announce the purchase agreement of Harris Manufacturing. This strategically important transaction further expands the breadth and depth of our offering with a comprehensive product line that includes LED and fluorescent fixtures, day-lighting products, and fixture retrofit solutions. In addition, Harris will further expand our sales force and broaden the markets we serve, as well as provide immediate accretive growth in earnings," continued Mr. Scribante. "Overall, we enter fiscal 2014 in a much stronger position, and are poised to capitalize on the growing opportunities ahead of us."

Fourth Quarter of Fiscal 2013

For the fourth quarter of fiscal 2013, the Company reported revenues of $22.3 million, a 4% increase compared to $21.5 million for the fourth quarter of fiscal 2012.

For the fourth quarter of fiscal 2013, the Company reported net income of $0.5 million, or $0.03 per fully diluted share. For the fourth quarter of fiscal 2012, the Company reported a net loss of $0.2 million, or $(0.01) per share.

Total order backlog as of March 31, 2013 was $21.9 million. The Company currently expects approximately $17.6 million of its existing backlog to be recognized as revenue during fiscal 2014.

Full Fiscal Year 2013

For the full fiscal year 2013, the Company reported revenues of $86.1 million, a 14% decrease compared to $100.6 million for fiscal 2012.

For fiscal year 2013, the Company reported a net loss of $10.4 million, or $(0.50) per share. For fiscal year 2012, the Company's net income was $0.5 million, or $0.02 per fully diluted share. During fiscal year 2013, the Company incurred non-recurring charges in the amount of $6.2 million, including a non-cash valuation reserve charge related to its deferred tax assets of $4.1 million, or approximately $(0.19) per share, and reorganization expenses of $2.1 million, or approximately $(0.10) per share.

Cash, Debt and Liquidity Position

Orion had $14.4 million in cash and cash equivalents and $1.0 million in short-term investments as of March 31, 2013, compared to $23.0 million and $1.0 million, respectively, at March 31, 2012. The reduction in cash during fiscal 2013 was primarily due to $6.0 million used to repurchase common shares, $2.2 million for capital expenditures and $2.8 million for the net repayment of debt.

Total short and long-term debt was $6.7 million as of March 31, 2013, compared to $9.5 million as of March 31, 2012. There were no borrowings outstanding under the Company's revolving credit facility as of March 31, 2013, which has availability of $13.3 million.

The Company repurchased 2.7 million shares of its common stock at an average price per share of approximately $2.20 during fiscal 2013. As previously disclosed, the Company halted its share repurchase program mid-October 2012 in order to conserve cash while it stabilized its profit performance.

Definitive Agreement for Material Acquisition

Orion also announced that it has signed a definitive agreement to acquire all of the issued and outstanding equity interests of Harris Manufacturing, Inc. and Harris LED, LLC. Harris Manufacturing and Harris LED, located in Green Cove Springs, Florida, engineer, design, source and manufacture energy efficient lighting systems, including fluorescent and LED lighting solutions, and day-lighting products.

The initial purchase price for the transaction is $10 million, subject to closing date adjustments for net working capital, funded debt and certain other items. Subject to such adjustments, the purchase price will be paid in a combination of $5 million of cash, $3 million in a three-year unsecured subordinated note and $2 million of unregistered Orion common stock. Additionally, 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. Consummation of the transaction is expected to occur early in Orion's second quarter of fiscal 2014, subject to various conditions, including receipt of material third party consents and approvals and other customary closing conditions.

Harris Manufacturing and Harris LED had combined unaudited revenue of approximately $14.5 million and combined unaudited net income of approximately $0.9 million during the year ended December 31, 2012. The transaction is expected to be immediately accretive to Orion's earnings.

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 and twelve months ended March 31, 2013. The purpose of the supplemental information is to provide further discussion and analysis of the Company's financial results for the fourth quarter and year-to-date ended March 31, 2013. The supplemental information can be found in the Investor Relations section of Orion's Web site at http://investor.oriones.com/events.cfm.

Conference Call

Orion will host a conference call on Wednesday, May 22, 2013 at 5:00 p.m. Eastern (4:00 p.m. Central/2:00 p.m. Pacific) to discuss details regarding its fiscal 2013 fourth quarter performance. Domestic callers may access the earnings conference call by dialing 877-754-5294 (international callers, dial 678-894-3013). Investors and other interested parties may also go to the Investor Relations section of Orion's Web site at http://investor.oriones.com/events.cfm for a live webcast of the conference call. To ensure a timely connection, it is recommended that users register at least 15 minutes prior to the scheduled webcast.

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 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 805,716 kilowatts, or 26.3 billion kilowatt-hours;
    Energy costs by $2.0 billion; and
    Indirect carbon dioxide emission by 17.2 million tons.

Safe Harbor Statement

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected, including, but not limited to, the following: (i) deterioration of market conditions, including customer capital expenditure budgets; (ii) our ability to compete and execute our growth strategy in a highly competitive market and our ability to respond successfully to market competition; (iii) increasing duration of customer sales cycles; (iv) the market acceptance of our products and services, (v) our ability to recruit and hire sales talent to increase our in-market direct sales; (vi) our development of, and participation in, new product and technology offerings or applications, including customer acceptance of our new LED product line (vii) the substantial cost of our various legal proceedings and our ongoing SEC inquiry; (viii) price fluctuations, shortages or interruptions of component supplies and raw materials used to manufacture our products; (ix) loss of one or more key employees, customers or suppliers, including key contacts at such customers; (x) our ability to effectively manage our product inventory to provide our products to customers on a timely basis; (xi) our ability to effectively manage the credit risk associated with our debt funded OTA contracts; (xii) a reduction in the price of electricity; (xiii) the cost to comply with, and the effects of, any current and future government regulations, laws and policies; (xiv) increased competition from government subsidies and utility incentive programs; (xv) dependence on customers' capital budgets for sales of products and services; (xvi); the availability of additional debt financing and/or equity capital; (xvii) potential warranty claims; and (xviii) our ability to effectively integrate the acquisition of Harris Manufacturing, Inc. and Harris LED, LLC. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://www.oesx.com in the Investor Relations section of the Company's Web site.
 

ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)
                    
        Three Months Ended March 31,         Twelve Months Ended March 31,
        2012           2013         2012           2013
Product revenue         $     19,036             $     19,433             $     90,782             $     72,604     
Service revenue               2,424                     2,848                     9,780                     13,482     
Total revenue             21,460                 22,281                 100,562                 86,086     
                                                                

Cost of product revenue
            12,358                 12,379                 62,842                 49,551     
Cost of service revenue               1,966                     1,931                     7,682                     9,805     
Total cost of revenue               14,324                     14,310                     70,524                     59,356     
Gross profit             7,136                 7,971                 30,038                 26,730     
                                

Operating expenses:
                                
General and administrative             2,728                 3,158                 11,399                 13,946     
Sales and marketing             4,042                 3,886                 15,599                 17,129     
Research and development               747                     425                     2,518                     2,259     
Total operating expenses               7,517                     7,469                     29,516                     33,334     
                                
Income (loss) from operations             (381     )             502                 522                 (6,604     )
                                

Other income (expense):
                                
Interest expense             (154     )             (126     )             (551     )             (567     )
Gain on sale of OTA contract receivables             2                 -                 32                 -     
Dividend and interest income               256                     189                     850                     845     
Total other income               104                     63                     331                     278     
Income (loss) before income tax             (277     )             565                 853                 (6,326     )
                                
Income tax expense               (120     )               16                     370                     4,073     
Net income (loss)         $     (157     )         $     549               $     483               $     (10,399     )
                                
Basic net income (loss) per share         $     (0.01     )         $     0.03             $     0.02             $     (0.50     )
Weighted-average common shares outstanding             22,904,288                 20,156,837                 22,953,037                 20,996,625     
Diluted net income (loss) per share         $     (0.01     )         $     0.03             $     0.02             $     (0.50     )
Weighted-average common shares outstanding             22,904,288                 20,307,555                 23,386,525                 20,996,625     
                                                                
 

The following amounts of stock-based compensation were recorded (in thousands):
                    
        Three Months Ended March 31,         Twelve Months Ended March 31,
        2012           2013         2012           2013
                                
Cost of product revenue         $     75         $     36         $     189         $     114
General and administrative             108             116             548             578
Sales and marketing             110             94             501             451
Research and development               8               3               29               21
Total         $     301         $     249         $     1,267         $     1,164
 

ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)
                          
            March 31,         March 31,
            2012         2013
Assets                         
Cash and cash equivalents         $     23,011             $     14,376     
Short-term investments             1,016                 1,021     
Accounts receivable, net             19,167                 18,397     
Inventories, net             18,132                 15,230     
Deferred contract costs             2,193                 2,118     
Deferred tax assets             1,549                 -     
Prepaid expenses and other current assets               2,174                     2,465     
    Total current assets             67,242                 53,607     
Property and equipment, net             30,225                 27,947     
Long-term inventory             12,328                 11,491     
Patents and licenses, net             1,689                 1,709     
Deferred tax assets             2,609                 -     
Long-term accounts receivable             7,555                 5,069     
Other long-term assets               4,002                     2,274     
    Total assets         $     125,650               $     102,097     
Liabilities and Shareholders' Equity                         
Accounts payable         $     14,300             $     7,773     
Accrued expenses             3,018                 5,457     
Deferred revenue             2,614                 2,946     
Current maturities of long-term debt               2,791                     2,597     
    Total current liabilities             22,723                 18,773     
Long-term debt, less current maturities             6,704                 4,109     
Deferred revenue             3,048                 1,258     
Other long-term liabilities               406                     188     
    Total liabilities               32,881                     24,328     
Shareholders' equity:                         
Additional paid-in capital             126,753                 128,104     
Treasury stock             (32,470     )             (38,378     )
Shareholder notes receivable             (221     )             (265     )
Retained deficit               (1,293     )               (11,692     )
    Total shareholders' equity               92,769                     77,769     
    Total liabilities and shareholders' equity         $     125,650               $     102,097     
 

ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)
                            
                    Twelve Months Ended March 31,
                    2012           2013
Operating activities                         
Net income (loss)         $     483             $     (10,399     )
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating                         
    activities:                         
    Depreciation and amortization             4,236                 4,577     
    Stock-based compensation expense             1,267                 1,164     
    Deferred income tax (benefit) expense             (755     )             4,158     
    Loss on sale of property and equipment             133                 69     
    Change in bad debt expense             190                 757     
    Other             85                 71     
    Changes in operating assets and liabilities:                         
    Accounts receivable, current and long-term             3,740                 2,499     
    Inventories, current and long-term             (1,371     )             3,739     
    Deferred contract costs             7,396                 75     
    Prepaid expenses and other assets             (2,025     )             1,315     
    Accounts payable             1,817                 (6,527     )
    Accrued expenses             841                 2,221     
    Deferred revenue               (4,542     )               (1,458     )
    Net cash provided by operating activities             11,495                 2,261     
Investing activities                         
    Purchase of property and equipment             (4,324     )             (2,159     )
    Purchase of property and equipment held under operating leases             (3     )             -     
    Purchase of short-term investments             (5     )             (5     )
    Additions to patents and licenses             (224     )             (153     )
    Proceeds from asset sales               24                     46     
    Net cash used in investing activities             (4,532     )             (2,271     )
Financing activities                         
    Payment of long-term debt             (1,856     )             (3,169     )
    Proceeds from debt             5,989                 380     
    Proceeds from repayment of shareholder notes             56                 38     
    Repurchase of common stock into treasury             (740     )             (6,007     )
    Excess tax benefits from stock-based compensation             989                 70     
    Deferred financing costs             (124     )             -     
    Proceeds from issuance of common stock               174                     63     
    Net cash provided by (used in) financing activities               4,488                     (8,625     )
Net increase (decrease) in cash and cash equivalents             11,451                 (8,635     )
Cash and cash equivalents at beginning of period               11,560                     23,011     
Cash and cash equivalents at end of period         $     23,011               $     14,376     
                                

Investor Relations Contact
Orion Energy Systems
Scott Jensen, Chief Financial Officer
(920) 892-5454
sjensen@oriones.com
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