Business
Orion Q4’21 Revenue Rose 37% to $35.5M on Strong LED Lighting Retrofit Activity; FY 2022 Revenue Expected to Rise at least 28% vs. FY 2021 Revenue of $116.8M; Investor Call Today at 4:30 pm ET
MANITOWOC, Wis., June 01, 2021 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting,
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., June 01, 2021 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, controls and IoT systems, including turnkey project implementation, program management and system maintenance, today reported results for its fiscal 2021 fourth quarter (Q4’21) and year ended March 31, 2021 (FY 2021). Orion will hold an investor call today at 4:30 p.m. ET – details below. Orion Q4’21 and FY 2021 Highlights$ in millions except per share figuresQ4’21Q4'20Change FY 2021FY 2020ChangeRevenue $35.5$25.9+$9.6 $116.8$150.8-$34.0Gross Profit $9.2$5.8+$3.4 $30.1$37.1-$7.0Gross Profit %26.0%22.3%+370 bps 25.8%24.6%+120 bpsNet Income (Loss)*$22.1($0.5)+$22.7 $26.1$12.5+$13.7EPS*$0.71($0.02)+$0.73 $0.83$0.40+$0.43Net Income (Loss) Excluding Tax Benefit*$1.2($0.5)+$1.7 $5.2$12.5-$7.3EPS Excluding Tax Benefit*$0.04($0.02)+$0.06 $0.17$0.40-$0.24EBITDA**$2.9$0.0+$2.9 $8.4$14.7-$6.3*Q4’21 and FY 2021 periods include a non-cash tax benefit of $20.9M, or $0.67 and $0.66 per diluted share, respectively, for the release of the valuation allowance against Orion’s deferred tax assets; see reconciliation below. **EBITDA reconciliation below. Financial Highlights Q4’21 revenue rose 37% principally on strength of national account activity and some Q4’20 COVID-19 impact.Achieved FY 2021 full year revenue of $116.8M despite COVID-19 related business disruptions during the first half of the year.Gross profit percentage improved to 26.0% in Q4’21 and to 25.8% in FY 2021 primarily due to operational efficiencies and favorable product mix in the FY 2021 periods.Orion recorded a release of the valuation allowance against its deferred tax assets, resulting in a non-cash tax benefit of $20.9M, or $0.67 and $0.66 per diluted share, in Q4’21 and FY 2021, respectively.Q4’21 net income excluding the tax benefit improved to $1.2M, or $0.04 per diluted share, compared to a net loss of ($0.5M), or ($0.02) per diluted share, in Q4’20.FY 2021 net income excluding the tax benefit was $5.2M, or $0.17 per diluted share, versus $12.5M, or $0.40 per diluted share, in FY 2020, principally reflecting COVID-19 related business disruptions during the first half of FY 2021.Orion ended FY 2021 with $26.2M in net working capital, including $19.4M of cash, with no amounts drawn on its credit facility and all $25M av...