Acorn Energy, Inc. (ACFN) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

ACORN ENERGY ANNOUNCES Q4 AND FISCAL YEAR 2012 RESULTS

Wilmington, DE – March 18, 2013 –

For the fiscal year 2012 period, revenues increased $0.5 million, or 3%, to $19.4 million, compared to $18.9 million in the corresponding 2011 period. The net loss for 2012 was $16.7 million, or $0.93 per share, compared to net income of $35.4 million, or $2.03 per share, in 2011. The net income of 2011 was primarily due to a net gain after taxes of $31.1 million on the sale of the Company’s CoaLogix subsidiary and an income tax benefit of $12.8 million recorded as a result of the gain.

For the fourth quarter of 2012, Acorn revenue was $4.8 million compared to $6.7 million in the 2011 fourth quarter. Fourth quarter 2012 revenues were lower than expectations due to the delay at GridSense of a major shipment of Transformer IQs® to the first quarter of 2013 combined with the delay in the delivery by USSI of a system to SR2020 to the second quarter of 2013. The net loss for the quarter was $5.4 million, or $0.30 per share, compared to a net loss of $1.1 million, or $0.06 per share, in the corresponding 2011 period.

John Moore, President and CEO of Acorn, remarked that “We invested aggressively in our businesses in 2012, approximately $28.55 million in cash. Those investments include $8.5 million for the purchase of OMNIMETRIX followed by an additional $2.5 million for growth capital, $10.25 million in US Seismic, $5.3 million in GridSense and $2.0 million in DSIT. We also had corporate operating costs of $5.3 million and paid $3.2 million of dividends. We had $22.7 million in corporate cash at the end of 2012 and we have budgeted $12 million of additional investment in our four subsidiaries in 2012. We have the cash for our projected needs in 2013.

“This year, US Seismic will evolve from testing to a commercial solution for the oil and gas industry. We expect to announce follow on orders from our early adopters and initial orders from a national oil company and a major oil services company in the first half of 2013.

“We have a plan. We are working the plan. The plan says we will be cash flow positive in 2014. Each of our businesses is at a different point in the commercial spectrum and we are investing aggressively to mature each of them to the point where they are self-sustaining. I am extremely excited about the future of our company.”