Business
Orion Energy Systems FY 2020 Revenue Grew 129% to $151M and EPS Rose to $0.40, Driven by Major Turnkey LED Lighting Retrofit Projects; Investor Call Today at 10am ET
MANITOWOC, Wis., June 04, 2020 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of LED lighting systems and turnkey
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., June 04, 2020 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of LED lighting systems and turnkey project implementation including installation and commissioning of fixtures, controls and IoT systems, ongoing system maintenance and program management, helping customers to digitize their business and reduce their carbon footprint, today reported results for its FY 2020 fourth quarter (Q4’20) and year ended March 31, 2020 (FY 2020). Orion will hold an investor call today at 10:00 a.m. ET (9:00 a.m. CT) to review its results and outlook – call details below.\n Highlights Orion’s US-based manufacturing operations are open for business, allowing it to deliver on its 10-day order shipment customer service promise.Orion continues to add and develop new large national account customer relationships, though many project starts have been delayed as a result of COVID-19.FY 2020 revenue rose 129% to $150.8M, principally due to major national account activity, particularly one large national turnkey LED lighting and controls retrofit project.Orion achieved profitability with FY 2020 net income of $12.5M, or $0.40 per share.FY 2020 gross profit rose 155% to $37.1M, with a gross margin of 24.6%, up from 22.1% in FY 2019.EBITDA* substantially improved to $14.7M in FY 2020 vs. an EBITDA loss of ($4.3M) in FY 2019.Cash and equivalents increased to $28.8M at the end of FY 2020 vs. $8.7M at the end of FY 2019. Orion FY 2020 and Q4’20 Highlights$ in millions except per share figuresFY 2020FY 2019Change Q4’20Q4'19ChangeRevenue$150.8$65.8+129% $25.9$22.4+15%Gross Profit$37.1$14.6+155% $5.8$4.4+32%Net Income (Loss)$12.5($6.7)NM ($0.5)($0.9)+40%Diluted EPS$0.40($0.23)NM ($0.02)($0.03)+41%EBITDA*$14.7($4.3)NM $0.0($0.2)NMCash & Equivalents$28.8$8.7+229% $28.8$8.7+229%*EBITDA reconciliation table below. NM = Not meaningful Mike Altschaefl, Orion’s CEO and Board Chair, commented, \"FY 2020 was a transformational year as Orion successfully executed a major nationwide turnkey design-build-install LED lighting system and controls retrofit project for a major account, as well as other large account projects and made substantial progress adding to our pipeline of major national account opportunities. “Despite what was in every respect an impressive year, like many companies, we were adversely impacted ...