Business
Rebound in LED Lighting Retrofit Activity Leads Orion’s Q3 Revenue Rise to $44.3M and Net Income Increase to $4.3M, or $0.14 per share; Investor Call Today at 10am ET
MANITOWOC, Wis., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting,
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, controls and IoT systems, including turnkey project implementation, as well as ongoing system maintenance and program management, today reported results for its FY 2021 third quarter ended December 31, 2020 (Q3’21). Orion will hold an investor call today at 10:00 a.m. ET – details below. Q3 Financial Highlights Prior Three Quarters$ in millions except per share figuresQ3’21Q3'20Change Q2’21Q1’21Q4’20Revenue $44.3$34.2+$10.0 $26.3$10.8$25.9Gross Profit $11.0$8.3+$2.7 $7.3$2.6$5.8Gross Profit % 24.9% 24.2%+70 bps 27.6% 24.4% 22.3%Net Income (Loss)$4.3$2.3+$2.0 $1.9($2.2)($0.5)EPS $0.14$0.07+$0.07 $0.06($0.07)($0.02)EBITDA*$4.9$2.8+$2.0 $2.3($1.7)$0.0Cash & Equivalents$12.3$13.8-$1.5 $12.1$10.8$28.8*EBITDA reconciliation table below. Highlights Q3’21 revenue grew to $44.3M from $34.2M in Q3’20, demonstrating a rapid rebound in major account activity, and also exceeded Q2’21 revenue of $26.3M. The Q3’21 performance improvement reflects a full quarter of business activity following COVID-19-related disruptions that commenced in March 2020 and continued primarily through August 2020.Q3’21 revenue included previously delayed turnkey LED lighting retrofit activity for a major national account project that resumed in early August, in addition to significant contribution from a national retrofit project for a specialty retail customer.Q3’21 gross profit percentage increased to 24.9% from 24.2% in Q3’20, primarily because of improvement in product margin partially offset by increased service revenues which have lower margins, but declined sequentially from 27.6% in Q2’21primarily because of a change in customer mix and start-up costs related to the national specialty retail customer project.Q3’21 operating expenses increased to $6.5M versus $5.8M in Q3’20 and $5.4M in Q2’21, principally reflecting higher sales commissions on increased revenue, incremental costs required to support higher revenues, as well as start-up costs associated with the Company’s new maintenance services business.Orion’s EBITDA improved to $4.9M in Q3’21, compared to $2.8M in Q3’20 and $2.3M in Q2’21.Orion ended the quarter with $23.3M in working capital, including $12.3M of cash and had no amounts drawn on its cr...