energy-efficient led lighting provider orion reports q4 revenuexa0rose 49% to $22.4m and announces fy 2020 revenue goal of $135m to $145m

MANITOWOC, Wis.
June 04, 2019 (GLOBE NEWSWIRE)--
Orion Energy Systems(NASDAQ: OESX)(Orion Lighting)
Suppliers of enterprises
LED lighting and energy project solutions today announced the results of fiscal 2019 in the fourth quarter (Q4’19)
Fiscal year as of March 31, 2019 (FY\'19).
Orion will hold an investor conference call at 10: 00 today. m. ET (9:00 a. m. CT)
View its results and outlook for the details of the phone call for fiscal 2020 below.
High LED Light module sceo commentary mike altscha, CEO and chairman of the board of directors at Orion, commented, \"Orion\'s operational improvements in the fourth quarter and fiscal 2019 for the whole year reflect the solid execution of our national account channel, continue to work hard to build our energy services company (ESCO)
And agent-driven distribution channels, as well as the benefits of cost discipline and significant operating expense reductions achieved in fiscal 2018.
\"Orion\'s main market difference is our ability to deliver a single-source solution through which we can manage and take charge of the entire project, from initial on-site surveys and energy audits to installation and
We are able to provide a comprehensive turnkey project management service and the bestin-
First-class customer service enables us to provide energy saving and cost saving to our customers in a timely, orderly and planned mannerfacility roll-Nationwide.
\"We are investing more and more resources to take advantage of our unique capabilities in large national accounts.
This important point enables us to reach some very important contracts, contributing to the strong completion of fiscal 2019, and providing good visibility for the substantial increase in revenue in fiscal 2020.
\"Looking to the future, our sales growth is rooted in several key strategic initiatives: the outlook for the next 20 years, based on the visibility of current revenue, we recently announced the $0. 11 billion of national economic accounting of transformation and development expected of ESCO the company and agent of sales channel Orion has preliminary situation 2020 of revenue target $135 to $1. 45 million, growth of 100% to 120% from fiscal 2019.
Orion expects to achieve at least 10% of EBITDA profit margins for the full year of fiscal 2020, as well as positive net income and EPS.
Orion believes that it has sufficient available capital and liquidity resources to implement its growth plan for fiscal 2020.
Orion reminds investors that their financial goals are not implicit guidance goals, and performance may change significantly in a continuous and annual manner. over-
As there are challenges in estimating the size, time and terms of customer order activity, it is calculated on an annual basis.
Orion\'s revenue rose 49% to $22.
4 M, $15.
1 M in q4\'18 is mainly due to the contract of the national account customer.
Gross profit rose 36% to $4.
Four million dollars in the fourth quarter of 19 years, and three dollars. 2M in Q4’18.
Gross profit margin in the fourth quarter fell to 20% compared to 21% in the fourth quarter, mainly due to the launch of product portfolios and certain major customer projects --up costs.
Total operating expenses increased by 5% to $5.
1 m of q4\'19 compared to $4.
8 M of q4\'18, benefit from $1. 4M non-
Adjustment of regular contingency reserve.
Excluding the reserve benefits of the previous year, the total operating expenses for the fourth quarter of 19 years have improved significantly compared with the fourth quarter of 18 years, which is because Orion has developed a cost reduction plan in the fourth quarter of 18 years,
Orion q4\'19 Net loss increased to $ (0. 9M), or $(0. 03)
Basic share per share compared to net loss ($1. 5M), or ($0. 05)
Basic Share of q4\'18.
The adjusted EBITDA * loss is $ (49,000)
Loss of $ With Adjusted EBITDA (0. 6M)in Q4’18.
In fiscal 2019, orion\'s 2019 revenue grew by 9% to $65. 8M from $60.
The 2018 fiscal year was mainly due to an increase in sales to customers in major countries.
Service revenue rose 102% to $9.
Compared with $4, there are $5 in fiscal 2019.
Fiscal 2018 is 7 m, mainly due to the increase in installation project activities in fiscal 2019.
Gross profit was roughly flat at $14.
In fiscal 2019, $6, $14. 7M in FY 2018.
Gross profit margin fell to fiscal 22% in fiscal 2019, compared with fiscal 24% to fiscal 2018, mainly due to the impact of the product portfolio in the fourth quarter and the launch of certain major customer projects --up costs.
Total operating expenses fell 25% to $20.
In fiscal 2019, $7 and $27.
7 M in fiscal 2018, benefiting from the cost reduction plan and ongoing cost management discipline in fiscal 2018.
Orion\'s net loss for fiscal 2019 was $ (6. 7M), or $(0. 23)
Basic share per share, compared with a net loss of $2018 (13. 1M), or $(0. 46)
Basic share.
EBITDA * Loss of fy209 adjusted by Orion is $ (3. 5M)
Loss of $ With Adjusted EBITDA (9. 6M)in FY 2018.
Orion\'s net working capital is $14.
0 M, including $8.
7 million cash and cash equivalents at the end of fiscal 2019.
In addition, the company has an additional borrowing capacity of $1.
Its revolving credit line is 4 M.
In June 3, 2019, we revised our credit agreement to increase the maximum loan available, subject to certain conditions.
The amendment provides for additional availability under our credit agreement;
As of March 31, 2019, the impact will be an increase of $4 in supply.
Million, the unused borrowing capacity reached $5. 4M.
About Orion Energy SystemsOrion is a business enterprise
LED lighting and energy project solutions.
Orion manufactures and sells connected lighting systems including LED solids
National lighting and intelligent control.
The Orion system contains patented design elements that provide significant energy, efficiency, optical and thermal performance, driving Finance, the environment and the work --
Provide a wide range of customers with space advantages, including nearly 40% of the Fortune 500 customers. Non-
In addition to the GAAP results included in this presentation, Orion also includes non-
EBITDA (recognized accounting principles)
Earnings before interest, tax, depreciation and amortization)
EBTIDA deposit (
EBITDA divided by total revenue)
And Adjusted EBITDA (
Interest, taxes, depreciation, amortization and pre-stock earnings-
Based on compensation)
As an indicator of its quarterly performance.
The company provided these
GAAP aims to help investors better understand their core operational performance, strengthen the phase-by-phase comparison of core operational performance, and make operational performance better compared with competitors.
Among other things, management uses EBITDA, EBITDA margin and adjusted EBITDA to evaluate business performance and believes that these metrics enable it to do better in the following areasto-
Period evaluation of financial performance of core business operations. The non-
The GAAP measurement is only used as a supplement to comparable GAAP measurements, and the company makes up for the non-
Measurement use of recognized accounting principles and non-GAAP measures
Generally accepted measurement.
Therefore, investors should consider these
GAAP measures, in addition to financial performance measures prepared in accordance with recognized accounting principles, are not alternatives or superior to these measures.
Consistent with G regulations in the United StatesS.
Federal securities law
GAAP measures in this press release have been coordinated with recent GAAP measures, this pair of accounts is located under the heading \"Unaudited EBITDA and Adjusted EBITDA reconciliation\" after the Consolidated Statement of Cash Flows contained in this press release.
With regard to Orion\'s guidance for fiscal 2020, Orion could not
GAAP\'s financial measure of GAAP because it does not provide specific guidance for various unusual, non-recurring or unusual expenses and certain other projects.
These projects have not yet taken place and are beyond Orion\'s control and cannot be reasonably predicted.
Therefore, the non-reconciliation
Without unreasonable efforts, the GAAP guideline measures would not be available and Orion would not be able to address the possible importance of unavailable information.
Safe Harbor Statement Certain matters discussed in this press release, including those under the heading \"Highlights\", \"FY20 financial outlook\" and \"CEO reviews\", are \"moving forward\"
The outlook statement \"aims to qualify for safe harbor from the liability under the Private Securities Litigation Reform Act of 1995. These forward-
Statements that appear can often be identified as such statements, because the context of these statements will include \"intention\", \"possibility\", \"estimate\", \"expectation\" and so on, \"possibility\", \"plan \", \"Potential\", \"forecast\", \"project\", \"should\", \"will\" or a similar word.
Similarly, statements describing our future plans, goals, or goals are moving forward --
Look at the report. Such forward-
There are certain risks and uncertainties in the outlook statements that may result in significant differences between the results and the expected results, including but not limited to the following :(i)
Our ability to achieve expected revenue growth, gross profit margin and other financial targets in fiscal 2020 and beyond; (ii)
Our recent and anticipated fiscal 2020 relies on revenue generated by a single national account customer revamp; (iii)
Our ability to achieve profitability and cash flow; (iv)
Our cash level and limited lending capacity under the revolving credit line; (v)
Provide additional debt financing and/or equity capital; (vi)
We lack the primary source of recurring revenue, our reliance on a limited number of key customers, and the potential consequences of losing one or more key customers or suppliers, including key contacts for such customers; (vii)
Our risk of potential loss is related to the single or focused risk in the current customer base and product; ; (viii)
Due to the competitive pressure of developing LEDs, we manage the ability of the average selling price of our products to continue to decline (\"LED\")market; (ix)
We have the ability to differentiate our products in a competitive market, expand our customer base and gain market share; (x)
In the fast-growing LED market, we are able to manage our inventory and avoid being out of stock; (xi)
The ability to adapt to the growing integration of the LED market; (xii)
Reduce or eliminate investment in LED lighting technology or encourage the adoption of LED lighting technology; (xiii)
We increasingly value the ability to sell more products through third-party distributors and sales agents, including our ability to attract and retain effective third-party distributors and sales agents to execute our sales model; (xiv)
We are able to develop and participate in new products and technology products or applications in a cost-effective and timely manner; (xv)
Potential deterioration of market conditions, including our dependence on the capital budget of the customer to sell products and services, and the adverse impact of tariff implementation on costs and our product needs; (xvi)
We are increasingly relying on third parties in the manufacture and development of products and product components; (xvii)
Ability to maintain the security of information technology systems; (xviii)
We fail to comply with the agreement in the revolving credit agreement; (xix)
As we continue to implement cost reductions and continue to focus on investments in third-party distribution sales channels, our volatile quarterly operating results; (xx)
We have the ability to recruit, hire and retain talent in all areas of the company; (xxi)
Ability to balance customer needs and production capacity; (xxii)
Ability to maintain an effective internal control system for financial reporting; (xxiii)
Price fluctuations (
Including the results of tariffs)
Shortage or interruption of parts supply and raw materials used to manufacture our products; (xxiv)
Our ability to defend the patent portfolio; (xxv)
Reduction in electricity prices; (xxvi)
Comply with the costs and effects of any current and future industry and government regulations, laws and policies; (xxvii)
Potential warranty claims beyond our reserve estimates and (xxviii)
Other risks described in our submission to SEC.
Shareholders, potential investors and other readers are urged to consider these factors carefully in assessing forward performance
Forward-looking statements and are warned not to rely too much on such forward-looking statements
Look at the report. The forward-
Forward-looking statements made herein are only made on the date of this press release and we are not obliged to publicly update any forwarding information
Reports can be viewed for new information, future events, or other reasons.
More detailed information on factors that may affect our performance can be found in the documents we submit to the Securities and Exchange Commission, which can be found in the Investor Relations section of our website.
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