Echelon Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Third Quarter of 2016
For the six months, the company reported revenues of $16,708,000 against $19,231,000 a year ago. Loss from continuing operations was $1,765,000 against $6,513,000 a year ago. Loss provision for income taxes was $1,467,000 against $6,513,000 a year ago. Net loss was $1,524,000 or $0.34 basic and diluted per share against $6,587,000 or $1.50 basic and diluted per share a year ago. Non-GAAP net loss was $1,780,000 or $0.40 diluted per share against $3,297,000 or $0.75 diluted per share a year ago. Net cash used in operating activities was $1,781,000 against $4,219,000 a year ago. Capital expenditures were $67,000 against $16,000 a year ago.
The company provided earnings guidance for the third quarter of 2016. For the quarter, the company's total revenues are expected to be $8.0 million to $8.4 million, gross margin is expected to be in a range of 55% to 57%, GAAP loss per share is expected to be between $0.24 and $0.36, based on 4.4 million fully diluted weighted average shares outstanding, excluding expected non-cash equity compensation charges of $0.04 per share, non-GAAP loss per share is expected to be between $0.20 and $0.32.