This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Orion Energy Systems Announces Fiscal 2014 First Quarter Results

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.

1 of 4

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,134.11 +37.21 0.21%
S&P 500 2,101.44 +2.91 0.14%
NASDAQ 4,980.7980 +13.6570 0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs