Echelon Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter of 2017
For the full year, the company reported revenue of $32.385 million against $38.804 million a year ago. Loss from operations was $4.729 million against $13.587 million a year ago. Loss before provision for income taxes was $3.921 million against $13.183 million a year ago. Net loss was $4.103 million or $0.93 per basic and diluted share against $13.233 million or $3.00 per diluted share a year ago. Non-GAAP net loss was $3.389 million or $0.77 per basic and diluted share against $4.482 million or $1.02 per diluted share a year ago. Net cash used in operating activities was $3.023 million against $4.926 million a year ago. Capital expenditures were $0.117 million against $0.306 million a year ago.
The company provided earnings guidance for the first quarter of 2017. Total revenues are expected to be in a range of $7.2 million to $7.6 million; GAAP gross margin is expected to be in a range of 53% to 55%; Non-GAAP gross margin is expected to be in a range of 54% to 56%; GAAP loss per share is expected to be between $0.35 and $0.47, based on 4.4 million weighted average shares outstanding; Excluding expected non-cash equity compensation charges of $0.13 per share, non-GAAP loss per share is expected to be between $0.22 and $0.34.