MANITOWOC, Wis.--(BUSINESS WIRE)--
Orion Energy Systems, Inc. (NYSE Amex: OESX), a leading power technology
enterprise, today announced that it has received a notice from NYSE Amex
LLC (the "Exchange"), indicating that the Company was not in compliance
with the Exchange's continued listing criteria set forth in Sections 134
and 1101 of the NYSE Amex LLC Company Guide because it did not timely
file its Quarterly Report on Form 10-Q for its fiscal 2012 third quarter
ended December 31, 2011.
In order to maintain its Exchange listing, the Company will submit a
plan of compliance to the Exchange that will bring the Company into
compliance with the listing standards no later than May 14, 2012. The
Company's plan of compliance will explain that, as previously reported,
due to the complexities and complications associated with the
restatement of its financial statements to recognize revenue from sales
of its solar photovoltaic systems using the percentage-of-completion
method rather than based upon multiple deliverable elements, the Company
was not able to file its Quarterly Report on Form 10-Q for its fiscal
2012 third quarter ended December 31, 2011 within the 5-day extension
period afforded by SEC Rule 12b-25, which ended February 14, 2012. The
Company will work expeditiously in an effort to file its Form 10-Q for
its fiscal 2012 third quarter ended December 31, 2011 in May or June of
2012 after it completes the re-audit of its fiscal 2011 year-end
financial statements to reflect the restatement above.
Generally, this change in accounting treatment and the related financial
statement restatements are expected to result in:
-
No impact to cash, cash equivalents, short-term investments or overall
cash flow;
-
An increase in deferred contract costs and deferred revenue for the
first quarter ending June 30, 2011 of the fiscal 2012 year, the third
fiscal quarter ending December 31, 2010 and fourth fiscal quarter
ending March 31, 2011 of the 2011 fiscal year, as well as for the
fiscal 2011 year ending March 31, 2011, and a decrease in deferred
contract costs and deferred revenue for the second fiscal quarter
ending September 30, 2011 of the 2012 fiscal year; and
-
An increase in revenue, net income and earnings per share for the
second fiscal quarter ending September 30, 2011 of the 2012 fiscal
year and a decrease in revenue, net income and earnings per share for
the first quarter ending June 30, 2011 of the fiscal 2012 year, the
third fiscal quarter ending December 31, 2010 and fourth fiscal
quarter ending March 31, 2011 of the 2011 fiscal year, as well as for
the fiscal 2011 year ending March 31, 2011.
For its fiscal 2012 third quarter ended December 31, 2011, on a
preliminary and unaudited basis, the Company would have recognized $29.5
million in total revenue and $0.03 net income per share based on the
Company's current multiple deliverable elements method of accounting for
sales of its solar photovoltaic systems. Using the
percentage-of-completion method, however, the Company believes it would
have reported, on a preliminary and unaudited basis, $27.4 million in
total revenue and $0.01 net income per share.
The foregoing financial information is unaudited and preliminary and
is subject to change based upon the Company's completion of its
financial statements restatement process, as well as normal accounting
period end review procedures and adjustments.
The Corporate Compliance Department of the Exchange will evaluate the
plan, and will make a determination as to whether the Company has made a
reasonable demonstration of an ability to regain compliance with the
Exchange's continued listing standards by May 14, 2012, in which case
the plan will be accepted. If the plan is accepted, the Company will
remain listed during the plan period ending May 14, 2012, during which
time it will be subject to periodic review to determine whether it is
making progress consistent with the plan.
Orion Energy Systems, Inc.(NYSE Amex: OESX) is a
leading power technology enterprise that designs, manufactures and
deploys energy management systems — consisting primarily of
high-performance, energy efficient lighting platforms, intelligent
wireless control systems and direct renewable solar technology for
commercial and industrial customers — without compromising their
quantity or quality of light. For more information, visit www.oesx.com.
Orion Energy Systems, Inc.
Investor Relations Contact:
Scott
Jensen, Chief Financial Officer
(920) 892-5454
sjensen@oesx.com
Source: Orion Energy Systems, Inc.
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