Company Expects Year-Over-Year Sales Improvement in Fiscal 2016 Based
on Current Sales Visibility for its LED Lighting Solutions
MANITOWOC, Wis.--(BUSINESS WIRE)--
Orion Energy Systems, Inc. (NYSE MKT: OESX) - April 6, 2015, a
leading designer and manufacturer of high performance, energy-efficient
lighting platforms, today announced that it is reiterating its revenue
guidance of between $72 - 74 million for the year ended March 31, 2015,
which would reflect a 7.5 - 10% year over year growth in its core
lighting business. LED product sales grew over 538% year-over-year,
representing approximately 41-43% of total revenues (up from 5.4% in
fiscal 2014). The Company anticipates reporting its fiscal 2015 fourth
quarter and year-end financial results in May.
Orion has continued to see accelerating sales in its core target markets
for LED products, including industrial, commercial and exterior lighting
applications. The Company believes that growth in its pipeline will
continue to drive sales well into fiscal 2016.
John Scribante, Chief Executive Officer of Orion, stated, "During fiscal
2015, the Company's focus was on capitalizing on a rapidly progressing
industry-wide transition from traditional lighting products to LED. We
more than doubled LED revenue in each of the past four quarters, and
ended the year with LED as the predominant percentage of our total
sales. We now have greater business stability and visibility as Orion
nears the completion of this repositioning to an LED-led business model
as a result of a broader and more focused sales effort, and felt it was
appropriate to reaffirm our previously announced guidance of $72-74
million in sales for fiscal 2015."
Mr. Scribante commented, "In recent weeks we have utilized the strength
of our balance sheet to enable Orion to grow its pipeline of larger
orders while also leveraging our sales channels to produce a consistent
flow of LED sales. As we transitioned to a LED focused company over the
past year, Orion fulfilled several pilot orders with nationwide
companies that we believe will begin to bear fruit in fiscal 2016 as
these customers have the opportunity to experience the sales process,
superior lighting solutions, energy savings and an attractive total cost
of ownership. During the quarter the Company secured large sales
commitments from existing Orion customers, such as Ford Motor Company,
and new purchases from Cardinal Health, Cincinnati Zoo, Trinity Plastics
and other hospitals and school districts. The largest orders in the
quarter were Federal contracts, which included installation of Orion
products to several US Post Offices, VA hospitals and other municipal
facilities. We have worked diligently to consistently deliver this value
proposition to customers in large addressable markets, and have never
had a moment in our company's history where the pipeline is as clear as
it stands presently."
Mr. Scribante concluded, "As a result of our achievements during fiscal
2015, we believe we are in a position to deliver substantial
year-over-year improvement in sales, margins and ultimately a return to
profitability."
About Orion Energy Systems
Orion is leading the transformation of commercial and industrial
buildings with state-of-the-art energy efficient lighting systems. Orion
manufactures and markets a cutting edge portfolio of products
encompassing LED Solid-State Lighting and high intensity fluorescent
lighting. Many of Orion's 100+ granted patents and pending patent
applications relate to lighting systems that provide exceptional optical
and thermal performance, which drive financial, environmental, and
work-space benefits for a wide variety of customers in the retrofit
markets.
Investor Relations Contacts:
Orion
Energy Systems, Inc.
Scott Jensen
Chief Financial Officer
920-892-9340
or
The
Equity Group Inc.
Adam Prior
Senior Vice President
212-836-9606
aprior@equityny.com
Source: Orion Energy Systems, Inc.
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