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Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) (“Revolution Lighting”), a leader in advanced LED lighting technology, today announced financial results for the quarter ended June 30, 2013.
“We are pleased with our second quarter results and the significant progress we’ve made this year demonstrated by strong sequential results, as we execute on our growth strategy,” said Robert V. LaPenta, Chairman and Chief Executive Officer of Revolution Lighting Technologies. “We continue to see a steady increase in LED adoption and believe that customers in the commercial, industrial and municipal markets recognize the significant energy and cost reduction benefits of our LED lighting technologies. Our new business pipeline is robust and we expect a continued acceleration in revenue and profitability as the year progresses.”
Quarter ended June 30, 2013
For the quarter ended June 30, 2013, total revenue was approximately $7.4 million, as compared to $1.1 million in the same period of 2012, an increase of approximately 598%. Gross profit for the quarter was approximately $3.6 million, as compared to negative $0.7 million during the same period in 2012. Gross margin was 49% as compared to negative 62% for the same period in 2012, which included a provision for the liquidation of surplus and discontinued inventory related to the retail consumer markets.
Revenue and gross margin for the Company were positively impacted by the acquisition of the Seesmart business, which generated revenues of $6.5 million that are more than three times the revenue generated by the acquired companies for the corresponding pre acquisition period in the prior year. That result reflects the shift in focus away from the lower ticket and lower margin consumer retail market to the rapidly growing commercial, industrial and municipal (municipal, university, schools and healthcare) segments, which we believe offer higher margin opportunities.
The Company reported an operating loss of $1.3 million in the second quarter of 2013 as compared to $5.6 million in the same period of 2012. Operating results for the second quarter were negatively impacted by non-operating costs, one-time and non-cash charges of $2.3 million, including expenses related to acquisitions, severance and facility transition costs attributed to the closing of the former Nexxus Lighting corporate office in North Carolina and the amortization of intangible assets resulting from the acquisitions and stock-based compensation. Positive Adjusted EBITDA (as defined below) for the quarter was approximately $1.0 million excluding the aforementioned charges.