Business
Energy Focus, Inc. Reports Second Quarter Fiscal Year 2019 Financial Results
Conference Call to Be Held Today at 11:00 AM ET SOLON, Ohio, Sept. 13, 2019 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (NASDAQ:EFOI), a leader in advanced LED
About this update from Energy Focus, Inc.
[{"type":"text","content":"Conference Call to Be Held Today at 11:00 AM ET\nSOLON, Ohio, Sept. 13, 2019 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (NASDAQ:EFOI), a leader in advanced LED lighting technologies and solutions, announced financial results for the second quarter of its fiscal year 2019.\n Second Quarter 2019 and Recent Highlights: Corporate Governance: James Tu was appointed Chairman and Chief Executive Officer in April 2019Tod A. Nestor joined the company as President and Chief Financial Officer in July 2019The Company appointed Steve Socolof and Philip Politziner to its board of directors Financial Results: Net sales of $3.1 million for the second quarter of 2019 were flat compared to the first quarter of 2019 and decreased 40.4% as compared to the second quarter of 2018. The decrease from the second quarter of 2018 was primarily driven by a 56.8% decrease in military sales period over period.At June 30, 2019, we had $2.2 million in cash and cash equivalents, which includes $0.3 million restricted cash held and a total of $3.4 million in debt, including $1.7 million in funding from the issuance of subordinated convertible notes.During the second quarter of 2019, we continued to take additional actions to reduce our operating expenses to be more commensurate with our sales volumes. These actions resulted in additional restructuring charges of $0.1 million for severance and related benefits charges during the second quarter of 2019. “As previously announced, the new management team focused on and completed our relaunch and cost reduction plans during the second quarter of 2019 in order to economize our operating infrastructure while setting the foundation and culture for our expected renewed growth,” said James Tu, Chairman and CEO of Energy Focus, Inc. “During the quarter, we also began to expand our reenergized sales infrastructure in order to improve our outreach to, and support of, our target customers and channel partners, and we refocused our marketing efforts on educating and conveying the unique value propositions of our industry-leading product reliability and innovation, as the LED lighting industry desperately seeks quality leadership and sustainable standards that we aim to help establish. In addition, our repurposed and strengthened engineering team has been developing breakthrough, commercially impactful LED lighting and controls tec...