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Energy-Efficient LED Lighting Provider Orion Reports FY 2018 Results
Revenue of $60.3M; Sets 10% Revenue Growth Goal for FY 2019
MANITOWOC, WI, - June 4, 2018 - Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of enterprise-grade LED lighting and energy project solutions, today reported results for its fiscal 2018 fourth quarter (Q4’18) and year ended March 31, 2018 (FY18). Orion will hold an investor call today at 10:00 a.m. ET (9:00 a.m. CT) to review its fiscal 2018 results and its growth goals for fiscal 2019 - call details below.
Q4’18 revenue declined 1.5% to $15.1M from Q4’17 and FY’18 revenue declined 14% to $60.3M from FY’17.
Orion is seeing excellent levels of national account activity developing, particularly in the retail and automotive markets, which support its FY 2019 growth goal.
Orion’s agent driven distribution channel revenue was in line with expectations in Q4’18.
Orion implemented $6.0M in annual selling, general and administrative cost reductions during FY’18, the full impact of which will benefit FY 2019 financial performance.
Mike Altschaefl, Orion’s CEO and Board Chair, commented, “While we previously expected higher Q4 and full year 2018 sales performance, Orion was successful in advancing several important initiatives during our transitional FY 2018 that should position us to achieve growth and improved bottom line performance in fiscal 2019. These accomplishments include:
“Continued progress in developing large national sales opportunities through Orion’s focused national accounts team. Orion has entered FY 2019 with several significant national account opportunities in active discussion and planning, slated for mid- to late-year fiscal 2019 deployments. Our U.S. based manufacturing, product quality, energy efficiency, customization capabilities and nimbleness of production, delivery and installation are key differentiators that position Orion to secure these opportunities over far larger competitors.
“Our successful expansion into the agent driven distribution channel has started to hit its stride with the maturation of our agent base through our sales, marketing and training collaboration and new product development to address the needs of a more diverse base of customers. We believe this initiative has expanded our North American reach from approximately 13% of the total commercial LED lighting market to approximately 77% of the market.
“Successful launch of new, value focused Harris Patriot-branded LED lighting products designed to compete effectively in new construction and price-sensitive procurement situations. We expanded this offering in response to positive market acceptance and sales traction.
"Many recently launched products have been adapted to provide control integration options, via modular designs that enable customization of fixtures for advanced controls and IOT solutions. Notably, we launched control integration options for Lutron Vive, Philips EasySense, and Magnum Energy Solutions.
“Completion of cost reductions eliminating $6M in annual operating expenses, the full benefit of which will be reflected in FY 2019, will play an important role in the achievement of our adjusted EBITDA breakeven goal.
The following information was filed by Orion Energy Systems, Inc. (OESX) on Monday, June 4, 2018 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.