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Orion Energy Systems, Inc. Announces Fiscal 2012 First Quarter Results

Orion Energy Systems, Inc. (NYSE Amex: OESX), a leading power technology enterprise, announced today its financial results for its fiscal 2012 first quarter ended June 30, 2011.

First Quarter of Fiscal 2012

For the first quarter of fiscal 2012, Orion reported revenues of $22.8 million, a 34% increase compared to $17.0 million for the first quarter of fiscal 2011.

Total backlog at the end of the first quarter of fiscal 2012 was $11.6 million compared to $3.6 million at the end of the fiscal 2011 first quarter and $7.8 million at the end of the fourth quarter of fiscal 2011.

For the first quarter of fiscal 2012, the Company reported a net loss of $(0.2) million, or $(0.01) per share. For the first quarter of fiscal 2011, the Company’s net loss was $(0.5) million, or $(0.02) per share.

Due to the recently completed restatement of the Company’s financial statements resulting from the change to sales-type capital lease treatment of its OTA contracts, the Company will no longer provide contracted revenues. The Company believes that contracted revenues can still be determined based upon the quarterly GAAP revenue reported plus or minus the change in order backlog from the prior reporting period.

Key Business Highlights

During the first quarter of fiscal 2012:
  • Orion increased the number of facilities retrofitted with its Compact Modular high-intensity fluorescent lighting technology to 7,097 as of the end of the fiscal 2012 first quarter (compared to 6,807 as of the end of the fourth quarter of fiscal 2011), representing 1.1 billion square feet of installed facilities.
  • Total deployments of the Company’s InteLite ® wireless controls increased to 637 customer locations, consisting of 78,564 dynamic control devices (or transceivers) and 580 control panels (compared to 72,526 transceivers and 573 control panels as of the end of the fourth quarter of fiscal 2011). The deployments represent 35.4 million square feet of installed facilities as of the end of the first quarter of fiscal 2012 (compared to 32.6 million square feet as of the end of the fourth quarter of fiscal 2011).
  • Total Apollo ® solar light pipes installed increased to 12,602 total units (compared to 11,787 total units as of the end of the fourth quarter 2011), representing 5.7 million square feet of installed facilities as of the end of the first quarter of fiscal 2012 (compared to 5.3 million square feet of installed facilities as of the end of the fourth quarter of fiscal 2011).
  • In June 2011, Orion completed a $2.8 million round of OTA debt funding. The completed debt agreement represents the third individual tranche of funding secured for financing OTA contracts during the past twelve months. The Company now has multiple sources to finance its OTA contracts.
  • Orion completed its financial restatement related to the reclassification of OTA finance contracts as sales-type capital lease contracts. The resulting restatement from operating leases to sales-type leases resulted in incremental revenues of $2.7 million for fiscal 2010 and $2.8 million for fiscal 2011. Earnings per share improved by $0.03 for fiscal 2010 and $0.02 for fiscal 2011. The Company also completed the filing of its fiscal 2011 Form 10-K and its amended 10-Qs for fiscal 2010 and 2011, thereby regaining full SEC reporting compliance.

Neal Verfuerth, Chief Executive Officer of Orion commented, “We are pleased to report a strong first quarter, with double-digit revenue growth versus our prior year first quarter and an improving bottom line. Our first quarter fiscal 2012 results continued to demonstrate the execution in our sales channels. Our pipeline of our technology and service projects continues to build and we are increasingly encouraged by the interest in energy efficiency projects being shown by our customer base and the utility industry.” Continued Mr. Verfuerth, “Our investments in sales and marketing initiatives are gaining traction and should allow us to capitalize on our growth opportunities for the remainder of this fiscal year and beyond.”

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