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ACORN ENERGY ANNOUNCES FISCAL YEAR 2014 RESULTS
Wilmington, DE – March 31, 2015– Acorn Energy, Inc. (NASDAQ: ACFN), an energy technology holding company, today announced its results for the fiscal year ended December 31, 2014.
For 2014, revenues from continuing operations were $19.6 million compared to $20.3 million in 2013. The net loss for 2014 was $27.1 million, or $1.19 per share, compared to a net loss of $29.7 million, or $1.57 per share, in 2013. Results for the 2014 year include non-cash charges of $10.4 million for impairments of inventory, fixed assets, goodwill and other intangibles which are included in loss from discontinued operations of $19.1 million. Results for 2014 also include a non-cash goodwill impairment charge of $1.8 million and $0.3 million for restructuring charges in continuing operations. Results for 2013 included a loss of $9.6 million from discontinued operations and a non-cash charge of $6.7 million for impairment of goodwill and intangibles and $1.4 million for restructuring charges in continuing operations.
On March 18, 2015, Acorn announced that it would stop funding its majority-owned US Seismic Systems (USSI) subsidiary and that USSI had suspended operations and terminated substantially all employees and written off substantially all of USSI’s assets. Those write-offs are included in Acorn’s 2014 loss from discontinued operations.
John Moore, President and CEO of Acorn, stated, "Two weeks ago we announced the suspension of operations at USSI. At the same time we announced the long-awaited surge in orders at DSIT, which we believe reflects the growing concern about the risk of terrorist attacks around the world, as well as the success of our marketing of our early detection solutions over the past five years. We now have in place a plan to sustain as well as grow our three remaining businesses. And by continued cost-cutting of Acorn's corporate expenses, we believe that we will have more than sufficient funds from cash on hand and strong cash flow in DSIT to fund the operations of all our operating subsidiaries and our corporate activities for the coming year. ”
DSIT Solutions Ltd., based in Israel, develops and produces advanced underwater sonar detection systems to protect ships and critical harbor installations against attack. Primary customers for its systems are navies, homeland security agencies, oil and gas (O&G) companies, nuclear power facilities and port authorities.
In late 2014 and in the first quarter of 2015, DSIT received over $19 million in new orders. The bulk of this amount ($15.4 million) was related to an order for four Hull Mounted Sonar (HMS) systems and an anti-Submarine Warfare (ASW) trainer for an undisclosed navy. The new 2015 orders more than doubled DSIT’s year-end backlog of $12 million.
DSIT’s fiscal year 2014 revenue was $12.3 million vs. $13.1 million in 2013. The decrease for fiscal year 2014 was primarily due to the delay in the completion of a major Diver Detection System (DDS) project due to weather conditions at the customer’s site which delayed recognition of revenue on the project and delays in the receipt of new orders.
The following information was filed by Acorn Energy, Inc. (ACFN) on Tuesday, March 31, 2015 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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