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Energy Focus, Inc. Reports Second Quarter 2009 Results
PR Newswire
Aug 13, 2009
SOLON, Ohio, Aug. 13 /PRNewswire-FirstCall/ -- Energy Focus, Inc. (Nasdaq: EFOI) today announced financial results for the second quarter ended June 30, 2009.
Financial and operating highlights include the following:
-- Net sales at $3.8 million for the second quarter 2009 increased 36.0%,
with respect to first quarter 2009 sales of $2.8 million. However, this
was a decrease of 49.9% versus the second quarter in 2008.
-- Cash utilization was markedly reduced during the second quarter of 2009
to $1.2 million, compared to $3.8 million for the first quarter of 2009
and $2.6 million for the second quarter of 2008. The company finished
the second quarter with a balance sheet showing cash of $5.6 million,
and total shareholders' equity of $11.9 million.
-- The net loss in the quarter was $2.3 million ($0.16 per share) compared
to the net loss of $3.0 million ($0.21 per share) in the first quarter
of 2009, an improvement of $0.7 million.
-- Operating expenses were reduced $229,000 (net of a non-cash charge for
impairment of fixed assets of $165,000) for the quarter compared to the
first quarter of 2009 and $1.0 million or 24.0% compared to the second
quarter of 2008. Continued reductions in expenses are expected in Q3
and Q4.
"While the business environment remains extremely challenging and our sales are lower when compared to 2008, I am nonetheless encouraged to see sales improving quarter over quarter," said Joe Kaveski, CEO of Energy Focus, Inc. "I would also like to report that we are making good progress towards accelerating our transformation out of the residential and new construction markets and into the existing building market. The company has retained a broker to aggressively market its legacy businesses. In addition, the company continues to secure existing building energy solutions projects in the private sector and is intensifying its efforts to develop sales partnerships to take advantage of stimulus money available for public sector buildings. In particular, we have received a great deal of interest from the introduction of our new line of LED based general illumination parking garage fixtures which are positioned to capitalize on projects funded with stimulus money. Furthermore, I am very excited that the US Government has recently awarded Energy Focus a $1.4 million contract to supply the next generation of LED based lighting for US Navy ships. Finally, the company continues to be focused on improving its financial position both by aggressively reducing costs as well as by exploring external financing alternatives."
Energy Focus, Inc. management will host a conference call on Thursday, August 13th at 4:30 p.m. EDT (1:30 p.m. PDT) to review the second quarter, 2009 financial results and other corporate events, followed by a Q & A session. Dialing 1-888-417-2254 (US/Canada) or 1-719-457-2639 (International/Local) can access the call. The conference ID number is 6204981. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins.
The conference call will also be available over the Internet at http://www.energyfocusinc.com in the Investor Relations area of the site. A replay of the conference call will be available two hours after the call for the following 7 days by dialing 888-203-1112 (US/Canada) or 719-457-0820 (International/Local) and entering the following pass code: 6204981. Also, an instant replay of the conference call will be available over the Internet at http://www.energyfocusinc.com on August 13, 2009 and will remain available for one year in the Investor Relations area of the site.
About Energy Focus
Energy Focus, Inc. is a leading supplier of energy solutions and the world's only supplier of EFO(R), a lighting technology that is more efficient than conventional electric lamps. Energy Focus solutions provides energy savings, aesthetic, safety and maintenance cost benefits over conventional lighting. Energy Focus also has a long standing relationship with the US Government. Energy Focus' numerous Research and Development projects for the DOE and DARPA include creating energy efficient LED lighting systems for the US Navy fleet and the next generation Very High Efficiency Solar Cell. Customers include supermarket chains, the US government, retail stores, museums, theme parks and casinos, hotels, swimming pool builders and many others. Company headquarters are located at 32000 Aurora Rd., Solon, OH 44139. The company has additional offices in Pleasanton, CA, the United Kingdom, and Germany. For more information, see http://www.energyfocusinc.com.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding the business outlook for 2009 and thereafter. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results predicted. For more information about potential factors that could affect Energy Focus financial results, please refer to the Company's SEC reports, including its Annual Reports on Form 10-K and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Energy Focus disclaims any intention or obligation to update or revise any forward-looking statements.
ENERGY FOCUS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
June 30, December 31,
2009 2008
---- ----
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $5,613 $10,568
Accounts receivable trade, net 1,903 2,668
Inventories, net 4,928 5,539
Prepaid and other current assets 300 639
--- ---
Total current assets 12,744 19,414
Fixed assets, net 3,582 4,096
Other assets 102 142
--- ---
Total assets $16,428 $23,652
======= =======
LIABILITIES
Current liabilities:
Accounts payable $1,222 $2,767
Accrued liabilities 1,186 1,621
Deferred revenue 216 191
Credit line borrowings 1,776 1,904
Current portion of long-term borrowings - 54
--- ---
Total current liabilities 4,400 6,537
Other deferred liabilities 67 81
Long-term borrowings 71 245
--- ---
Total liabilities 4,538 6,863
SHAREHOLDERS' EQUITY
Preferred stock, par value $0.0001 per share:
Authorized: 2,000,000 shares in 2009 and 2008
Issued and outstanding: no shares in 2009 and
2008 - -
Common stock, par value $0.0001 per share:
Authorized: 30,000,000 shares in 2009 and 2008
Issued and outstanding: 15,079,000 in 2009 and
14,835,000 in 2008 1 1
Additional paid-in capital 66,238 65,865
Accumulated other comprehensive income 369 251
Accumulated deficit (54,718) (49,328)
------- -------
Total shareholders' equity 11,890 16,789
------ ------
Total liabilities and shareholders' equity $16,428 $23,652
======= =======
ENERGY FOCUS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except per share amounts)
(unaudited)
Three months ended Six months ended
June 30, June 30,
2009 2008 2009 2008
---- ---- ---- ----
Net sales $3,815 $7,616 $6,620 $12,453
Cost of sales 3,016 5,173 5,503 8,766
----- ----- ----- -----
Gross profit 799 2,443 1,117 3,687
Operating expenses
Research and development 253 192 483 493
Sales and marketing 1,650 2,712 3,530 5,690
General and administrative 1,202 1,182 2,426 2,552
Loss on impairment of assets 165 - 165 -
--- --- --- ---
Total operating expenses 3,270 4,086 6,604 8,735
----- ----- ----- -----
Loss from operations (2,471) (1,643) (5,487) (5,048)
Other income (expense):
Other income 146 30 147 32
Interest expense (24) 14 (50) 8
--- --- --- ---
Loss before income taxes (2,349) (1,599) (5,390) (5,008)
Provision for income taxes - (40) - (80)
--- --- --- ---
Net loss $(2,349) $(1,639) $(5,390) $(5,088)
======== ======== ======== ========
Net loss per share - basic and
diluted $(0.16) $(0.11) $(0.36) $(0.38)
====== ====== ====== ======
Share used in computing net
loss per share -
basic and diluted 14,915 14,830 14,877 13,521
====== ====== ====== ======
SOURCE Energy Focus, Inc.
Copyright (2009) PR Newswire. All Rights Reserved.
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