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TheStreet Open House

Echelon's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Before we begin, I would like to let everyone know that during the third quarter, Echelon will be participating in Canaccord’s Annual Growth Conference on August 15 in Boston, Wedbush Securities’ Clean Tech & Industrial Conference on September 12 in San Francisco, and Credit Suisse’s Future of Energy Conference on September 20 and 21 in New York. As additional events are scheduled, we will make other announcements.

Now, I’d like to remind everyone that during the course of this call, we may make statements related to our business outlook, future financial operating results, accounting matters and overall future prospects. These are forward-looking statements based on certain assumptions and are subject to a number of risks and uncertainties. We encourage you to read the risks described in our press release, as well as in our SEC reports, including our report on Form 10-Q and subsequent reports on Form 10-K for a more complete disclosure of the risks and uncertainties related to our business. The financial information presented in this call reflects estimates based on information that is available to us at this time. Actual results can differ materially. Echelon undertakes no obligation to update or revise these forward-looking statements, and guidance will not be updated after today’s call until our next scheduled quarterly financial release.

And now, I’d like to turn the call over to Ron Sege. Ron?

Ronald A. Sege

Thank you, Annie, and thank you for joining us for our second quarter 2012 earnings conference call. Today, I’ll begin with a summary of the quarter’s results and review progress in our systems and sub-systems businesses, and then finish with a few words on our outlook.

Turning to Slide 3, we had a solid second quarter with total revenue of $40.8 million. This was a slight increase sequentially, with 69% coming from our systems business and 31% from sub-systems. For the fourth time in the last six quarters, we achieved non-GAAP profitability through tight expense management. We generated $3.4 million in cash to end the quarter with $60.4 million.

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