Echelon Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Third Quarter of 2017
For the six months, the company reported revenues of $15,820,000 against $16,708,000 a year ago. Loss from continuing operations was $2,261,000 against $1,879,000 a year ago. Loss provision for income taxes was $2,546,000 against $1,581,000 a year ago. Net loss was $2,569,000 or $0.58 basic and diluted per share against $1,638,000 or $0.37 basic and diluted per share a year ago. Non-GAAP net loss was $1,660,000 or $0.37 diluted per share against $1,780,000 or $0.40 diluted per share a year ago. Net cash used in operating activities was $2,103,000 against $1,781,000 a year ago. Capital expenditures were $31,000 against $67,000 a year ago.
The company provided earnings guidance for the third quarter of 2017. Total revenues are expected to be in a range of $7.8 million to $8.2 million; Gross margin is expected to be in a range of 53% to 55%; GAAP loss per share is expected to be between $0.27 and $0.37, based on 4.5 million weighted average shares outstanding; Excluding expected non-cash equity compensation charges of $0.09 per share, non-GAAP loss per share is expected to be between $0.18 and $0.28.