Orion Energy Systems, Inc. (
Q2 2011 Earnings Call
October 26, 2010 5:00 PM ET
Mike Harris – Vice President, Investor Relations
Neal Verfuerth – Chief Executive Officer
Scott Jensen – Chief Financial Officer
Glenn Wortman – Sidoti & Company
Brian Kremer – Roth Capital
Eric Glover – Canaccord
Scott Reynolds – Stifel Nicolaus
Michael Legg – Merriman Capital
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Good afternoon and thank you for standing by. Welcome to Orion Energy Systems Second Quarter 2011 Earnings Conference Call. Your lines have been placed in a listen-only mode until question-and-answer segment of today’s call. This call is being recorded. If you have any objections you may disconnect at this time.
I will now turn the call over to Mike Harris, Vice President of Investor Relations. Please begin, sir.
Thank you, Operator. Good afternoon, everyone. And thank you for joining us for the Orion Energy Systems second quarter fiscal 2011 conference call. Once again my name is Mike Harris, I recently joined Orion as the Vice President of Investor Relations. With me on the call today are Neal Verfuerth, Chief Executive Officer; and Scott Jensen, Chief Financial Officer.
Please note that earnings press release issued today include the section that briefly discusses annual supplemental information document that was posted to the company’s website. This supplemental information provides additional details and analysis on the company’s financial performance for the second quarter and year-to-date results. We believe providing this additional information should lead to a more comprehensive understanding of Orion’s performance during the second quarter and year-to-date fiscal 2011.
Due to the introduction of this additional supplemental information, Neal and Scott’s commentary during the call this afternoon will be more abbreviated relative to previous calls. Both of them will focus their discussion on topics and matters that we believe are more strategic, value added and most incremental to analysts, investors and other interested parties.
I will now read the safe harbor statement. Our remarks that follow including answers to your questions include statements that we believe could be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified as such because the context of such statements will include words such as believe, anticipate, expect, or words of similar import. Similarly, statements that describe future plans, objectives, or goals are also forward-looking statements.
These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include among others, matters that we have described in our press release issued this afternoon and in our filings with the Securities and Exchange Commission. Except as described in these filings, we disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly conference call if at all.
Now, I’d like to turn the call over to Neal Verfuerth, Chief Executive Officer of Orion Energy Systems. Neal?
Thank you, Mike. Good afternoon, everybody. Certainly, I’m happy to be on this call today since we have announced our record contracted revenues for this second quarter fiscal year 2011, I’d like to also welcome Mike Harris aboard as our new VP of Investor Relations as he just stated.
Also as Mike stated, we’re going to spend more time, Scott and I, but specifically me talking about where we are going as a company and just what the overall strategy that’s going to help us to get there and meet the goals that we have been talking about as an organization’s wing, way back before the IPO took place several years ago.
First and the foremost, we’re going to continue our development and building upon the portfolio of products that we have that will help our customers go from where they are today, many of them largely inefficient to taking them ultimately off the electric grid.
We have our portfolio of products set, are proprietary many of them and using our ability to master the thermal and optical properties of the product, we can continue deliver high performance lighting that is more efficient, delivering more light for less energy input than anything else on the market today as we continue to approve our technology out in (inaudible) in customer’s facilities. We have numerous patents protecting this technology both design and utility patterns.
We have been working and continue to refine our manufacturing operations. We have a vertically integrated plant here at Manitowoc, Wisconsin that allows us to provide our customers a promise of a two week delivery and we can do that and still compete with any other plant anywhere in the world as it relates to the overall cost of goods sold and so we will able to ship here from Manitowoc and get product from our customers within three days shipping from any point in the U.S. from here Manitowoc.
We continue to develop our infrastructure internally, IT, customer service and our technical bench, so that as our sales ramp up we can support these sales and not have to be concerned about compromising the customer experience of Orion and furnishing our brand that we worked so hard to achieve this prominent place in our space.
Last but not least with all these things in place, we are putting a lot of emphasis on getting what I call feet on the street, getting more people out there trained up that go out and represent Orion product line and follow our prescribed system and how to sell the product.