This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Orion Energy Systems, Inc. Announces Fiscal 2013 First Quarter Results

Orion Energy Systems, Inc. (NYSE MKT: OESX), a leading power technology enterprise, announced today financial results for its fiscal 2013 first quarter.

Neal Verfuerth, Chief Executive Officer of Orion commented, “Given our recent release of the InteLite® integrated system, which addresses the market for both LED and fluorescent full-range dimming technologies, the quarter is consistent with our expectations for our year-to-date progress. Our value proposition continues to be validated by customer adoption. Furthermore, the higher average selling price of this product presents numerous growth opportunities well into the future.”

First Quarter of Fiscal 2013

For the first quarter of fiscal 2013, the Company reported revenues of $15.3 million, a 16% decrease compared to $18.2 million for the first quarter of fiscal 2012.

For the first quarter of fiscal 2013, the Company reported a net loss of $1.9 million, or $(0.09) per share. For the first quarter of fiscal 2012, the Company’s net loss was $0.8 million, or $(0.03) per share.

Total order backlog as of June 30, 2012 was $50.5 million. The Company currently expects approximately $25.4 million of the existing backlog to be recognized as revenue during the remainder of fiscal 2013.

Cash, Debt and Liquidity Position

Orion had $19.0 million in cash and cash equivalents and $1.0 million in short-term investments as of June 30, 2012, compared to $23.0 million and $1.0 million, respectively, at March 31, 2012. The reduction in cash during the quarter was primarily due to $2.5 million used to repurchase common shares, $1.0 million for capital expenditures and $0.7 million for the repayment of debt. Total short and long-term debt was $8.8 million as of June 30, 2012, compared to $9.5 million as of March 31, 2012. There were no borrowings outstanding under the Company’s revolving credit facility as of June 30, 2012, which has an availability of $13.3 million.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs