Echelon Corporation Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Fourth Quarter of 2016
For the nine-month period, the company reported revenues were $24.887 million against $29.214 million a year ago. Loss from operations was $2.987 million against $7.749 million a year ago. Loss before provision for income taxes was $2.746 million against $7.570 million a year ago. Net loss was $2.826 million or $0.64 basic and diluted per share against $7.634 million or $1.73 basic and diluted per share a year ago. Non-GAAP net loss was $2.894 million or $0.65 diluted per share against $4.188 million or $0.95 diluted per share a year ago. Net cash used in operating activities was $2.179 million against $4.189 million a year ago. Capital expenditures were $0.084 million against $0.083 million a year ago.
Echelon provided earnings guidance for the fourth quarter of 2016. Total revenues are expected to be $7.8 million to $8.2 million, gross margin is expected to be in a range of 55% to 57%, GAAP loss per share is expected to be between $0.27 and $0.39, based on 4.4 million fully diluted weighted average shares outstanding and 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 $0.30.