Last10K.com

Acorn Energy, Inc. (ACFN) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Acorn Energy, Inc.

CIK: 880984 Ticker: ACFN

Exhibit 99.1

 

 

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. ”

 

Portfolio Companies

 

DSIT

 

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.

View differences made from one year to another to evaluate Acorn Energy, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Acorn Energy, Inc..

Continue

Assess how Acorn Energy, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Acorn Energy, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2015 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Accrued Severance, Severance Assets And Retirement Plans
Accrued Severance, Severance Assets And Retirement Plans (details Narrative)
Accrued Severance, Severance Assets And Retirement Plans (tables)
Accrued Severance, Severance Assets And Retirement Plans - Breakdown Of Company's Severance Liability And Severance Assets (details)
Bank Debt And Other Debt
Bank Debt And Other Debt (details Narrative)
Commitments And Contingencies
Commitments And Contingencies (details Narrative)
Commitments And Contingencies (tables)
Commitments And Contingencies - Future Minimum Lease Payments On Non-cancelable Operating Leases (details)
Discontinued Operations
Discontinued Operations (details Narrative)
Discontinued Operations (tables)
Discontinued Operations - Schedule Of Assets And Liabilities Related To Discontinued Operations (details)
Discontinued Operations - Schedule Of Financial Information (details)
Equity
Equity (details Narrative)
Equity (tables)
Equity - Schedule Of Dividends Paid Since Approval Of Quarterly Dividend (details)
Equity - Schedule Of Fair Value Assumptions Estimated Using Black-scholes Pricing Model (details)
Equity - Schedule Of Option Grants To Directors And Officers (details)
Equity - Schedule Of Option Grants To Directors And Officers (details) (parenthetical)
Equity - Stock-based Compensation Expense Included In Statements Of Operations (details)
Equity - Summary Information Regarding Options Plan Outstanding And Exercisable (details)
Equity - Summary Information Regarding To Dsit Stock Option Plan Outstanding And Exercisable (details)
Equity - Summary Of Option Exercises Between Cashless Net Exercises And Cash Exercises (details)
Equity - Summary Of Stock Option Plans (details)
Equity - Summary Of Warrant Activity (details)
Equity - Summary Status Of Dsit Plan (details)
Equity - Summary Status Of Dsit Plan (details) (parenthetical)
Equity - Summary Status Of Ussi 2012 Stock Option Plan (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Schedule Of Fair Value Measurements (details)
Finance Income (expense), Net
Finance Income (expense), Net (tables)
Finance Income (expense), Net - Schedule Of Finance Income (expense), Net (details)
Financial Instruments
Goodwill And Intagible Assets - Changes In Carrying Amounts And Accumulated Amortization Of Intangible Assets (details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (details Narrative)
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Changes In Carrying Amounts Of Goodwill By Segment (details)
Income Taxes
Income Taxes (details Narrative)
Income Taxes (tables)
Income Taxes - Components Of Income Tax Expense (benefit) (details)
Income Taxes - Composition Of Loss From Continuing Operations Before Income Taxes (details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabiliites (details)
Income Taxes - Summary Of Reconcilation Between Federal Tax Rate (details)
Income Taxes - Summary Of Tax Loss Carryforwards (details)
Income Taxes - Summary Of Tax Loss Carryforwards (details) (parenthetical)
Inventory
Inventory (details Narrative)
Inventory - Schedule Of Inventory (details)
Investments In Subsidiaries
Investments In Subsidiaries (details Narrative)
Nature Of Operations
Other Current Assets
Other Current Assets (tables)
Other Current Assets - Schedule Of Other Current Assets (details)
Other Current Liabilities
Other Current Liabilities (tables)
Other Current Liabilities - Components Of Other Current Liabilities (details)
Property And Equipment, Net
Property And Equipment, Net (details Narrative)
Property And Equipment, Net (tables)
Property And Equipment, Net - Schedule Of Property And Equipment (details)
Related Party Balances And Transactions
Related Party Balances And Transactions (details Narrative)
Restructing And Related Charges (details Narrative)
Restructuring And Related Charges
Restructuring And Related Charges (tables)
Restructuring And Related Charges - Summary Of Activity Related To Restructuring (details)
Restructuring And Related Charges - Summary Of Restructing Charges (details)
Segment Reporting And Geographic Information
Segment Reporting And Geographic Information (details Narrative)
Segment Reporting And Geographic Information (tables)
Segment Reporting And Geographic Information - Reconciliation Of Segment Assets - Other Significant Items (details)
Segment Reporting And Geographic Information - Reconciliation Of Segment Data To Consolidated Statement Balance Sheet (details)
Segment Reporting And Geographic Information - Reconciliation Of Segment Data To Consolidated Statement Of Operations (details)
Segment Reporting And Geographic Information - Reconciliation Of Segment Data To Consolidated Statement Of Operations (details) (parenthetical)
Segment Reporting And Geographic Information - Revenues From Major Customers (details)
Segment Reporting And Geographic Information - Schedule Of Long Lived Assets (details)
Segment Reporting And Geographic Information - Schedule Of Revenue From External Customers By Geographical Areas (details)
Segment Reporting And Geographic Information - Summary Of Segmented Data (details)
Subsequent Events
Subsequent Events (details Narrative)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details Narrative)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Schedule Of Effect On Net Income And Weighted Average Number Of Shares (details)
Ticker: ACFN
CIK: 880984
Form Type: 10-K Annual Report
Accession Number: 0001493152-15-001145
Submitted to the SEC: Tue Mar 31 2015 4:35:52 PM EST
Accepted by the SEC: Tue Mar 31 2015
Period: Wednesday, December 31, 2014
Industry: Engineering Services

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/acfn/0001493152-15-001145.htm