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Acorn
Energy Announces Preliminary Revenue for 2009 up 51% versus 2008; Sets 2010
Guidance
CoaLogix
revenue jumps 80%
Montchanin, DE - January 26,
2010 - Acorn Energy (ACFN:NASDAQ) an energy technology holding company
today announced preliminary unaudited consolidated revenue for 2009 of $31.3
million, up 51% compared to 2008 revenue of $20.7 million.
Highlights
of 2009 Revenues (unaudited)
-CoaLogix
revenue up 80% to $18.1 million in 2009 versus $10.1 million in
2008
-DSIT
revenue up 10% to $9.2 million in 2009 versus $8.4 million in 2008
-Coreworx
revenue of $4 million were flat versus full year unconsolidated 2008
revenue
The
Company will provide complete audited results for the full year in its earnings
press release and conference call that will be announced at a future
date.
Fiscal
2010 Financial Guidance
Acorn
Energy management expects fiscal 2010 revenue, including the pending increased
revenues associated with the contemplated acquisition of GridSense, to increase
more than 50% to over $48 million with an expected consolidated gross margin
exceeding 44%.
Commenting
on the preliminary 2009 revenue numbers, John Moore, CEO of Acorn, said, “Our
portfolio of businesses, which provide technologies for energy infrastructures,
performed exceptionally well in 2009 and have not been significantly affected by
the worldwide recession. We are looking forward to accelerating growth in 2010
as DSIT, Coreworx and GridSense enter early stages of market penetration with
new products and services.
“We
expect much of the momentum in anticipated revenue growth to come in the second
half of the year after CoaLogix completes the first phase of capacity increase
in its new plant and Coreworx introduces its new software in the middle of this
year. Since our companies are marketing new technologies to very large energy
companies, it is important to note that forecasting the closing of contracts and
starting periods is not an exact science; therefore, the actual results may vary
from the guidance provided.”
About
Acorn Energy
Acorn
Energy, Inc. is a publicly traded holding company with equity interests in
CoaLogix, Coreworx, DSIT and GridSense. These companies leverage advanced
technologies to transform and upgrade the energy infrastructure around the
world. Acorn companies are focused on three problems in the energy sector:
improving the efficiency of the energy grid, reducing the risk for owners of
large energy assets, and reducing the environmental impact of the energy sector.
Acorn's strategy is to take primarily controlling positions in companies led by
great entrepreneurs. For more information visit
http://www.acornenergy.com.
The following information was filed by Acorn Energy, Inc. (ACFN) on Wednesday, January 27, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Acorn Energy, Inc. provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: ACFN
CIK: 880984
Form Type: 10-K Annual Report
Accession Number: 0001144204-10-014862
Submitted to the SEC: Mon Mar 22 2010 2:27:18 PM EST
Accepted by the SEC: Mon Mar 22 2010
Period: Thursday, December 31, 2009
Industry: Engineering Services
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