Orion Energy Systems, Inc. (NYSE MKT: OESX), a leading power technology enterprise, announced today financial results for its fiscal 2014 first quarter ended June 30, 2013.
“The first quarter of fiscal 2014 marked continued year-over-year performance improvement at Orion, highlighted by top line growth of 36%, cash generation and a significantly reduced operating loss,” said John Scribante, Chief Executive Officer of Orion Energy Systems. “In addition, following the end of the quarter, we wrapped up our acquisition of Harris and are now working diligently to integrate its operations and leverage our expanded product portfolio across new end markets and customer channels alike. With a comprehensive line of LED fixtures and retrofit services, Orion is a stronger, more valuable provider of engineered solutions for our customers. I couldn’t be more pleased with having Harris under the Orion umbrella.
“At the same time, we continue to expand our sales force while maintaining a focus on improving working capital management and asset utilization. While some seasonality remains in our quarterly results, we are taking steps to reduce this over the long term and, given our higher degree of certainty with regard to future results, have begun providing guidance concurrent with this release. We continue to win new opportunities across the board and remain very positive regarding the remainder of fiscal 2014, as we execute a strategy of building the business and driving shareholder returns. Clearly, for Orion, the best is yet to come.”
First Quarter of Fiscal 2014
For the three months ended June 30, 2013, the Company reported revenue of $20.9 million, up 36% compared to revenue of $15.3 million in the prior-year period. Orion’s core lighting efficiency revenue increased by 26% year-over-year, and LED systems accounted for 7% of efficiency sales. The Company reported a loss from operations of $0.8 million for the first quarter of fiscal 2014, a 77% improvement compared to a loss from operations of $3.6 million for the first quarter of fiscal 2013.