Revolution Lighting Technologies, Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Third Quarter of 2016 and Full Year 2016
August 04, 2016 at 08:30 am EDT
Share
Revolution Lighting Technologies, Inc. announced earnings results for the second quarter and six months ended June 30, 2016. For the quarter ended June 30, 2016, total revenues were $43.1 million, compared to $27.2 million in second quarter of 2015, an increase of 58% (20% proforma organic growth). The increase reflects strong growth from full service turnkey operations, multi-family installations, and retrofit lamps and related products. Adjusted EBITDA for the three months ended June 30, 2016 was $3.5 million compared to $1.1 million Adjusted EBITDA for the comparable period in 2015. The Company reported an operating loss of $0.5 million for the three months ended June 30, 2016 as compared to $1.1 million operating loss in the same period of 2015. Operating results for the current quarter include non-operating costs, primarily related to one-time acquisition costs, and costs associated with consolidating operations and related workforce reductions of $1.8 million, depreciation and amortization of $1.6 million, and stock-based compensation of $0.6 million. The company reported a net loss for the three months ended June 30, 2016 of $1.1 million, including the $4.0 million noted above, as compared to a net loss of $1.5 million, including the $2.2 million noted above, for the same period in 2015. Basic and diluted loss per share attributable to common stockholders was $0.06 for the quarter ended June 30, 2016 as compared to a loss per share of $0.10 for the same period in 2015, as adjusted for the 1 for 10 reverse stock split. Excluding one-time acquisition costs and work force reductions for both 2016 and 2015, net income per share was $0.04 compared to a net loss per share of $0.07, respectively.
For the six months ended June 30, 2016, total revenues were $70.7 million, compared to $47.6 million in the same period of 2015, an increase of 49% (23% proforma organic growth). The increase reflects strong growth from full service turnkey operations, multi-family installations, and retrofit lamps and related products. Adjusted EBITDA for the six months ended June 30, 2016 was $4.3 million compared to $1.2 million Adjusted EBITDA for the comparable period in 2015. The company reported an operating loss of $2.6 million for the six months ended June 30, 2016 as compared to $3.0 million operating loss in the same period of 2015. Operating results for the period include non-operating costs, primarily related to one-time acquisition costs, and costs associated with consolidating operations and related workforce reductions of $3.0 million, depreciation and amortization of $2.9 million, and stock-based compensation of $1.0 million. The company reported a net loss for the six months ended June 30, 2016 of $3.7 million, including $6.9 million noted above, as compared to a net loss of $3.5 million, including $4.1 million noted above for the same period in 2015. Net loss includes the aforementioned charges and interest and other expense of $1.1 million for 2016, and $0.6 million for 2015. Basic and diluted loss per share attributable to common stockholders was $0.21 for the six months ended June 30, 2016 as compared to a loss per share of $0.25 for the same period in 2015, as adjusted for the 1 for 10 reverse stock split. Excluding one-time acquisition costs and work force reductions for both 2016 and 2015, net loss per share was $0.04 compared to a net loss per share of $0.20, respectively.
The company expects third quarter of 2016 revenue in the $50 million to $52 million range, representing an increase of approximately 35% from third quarter of 2015, and Adjusted EBITDA of 9% to 11%.
The company reaffirms full year 2016 revenue guidance of $180 million to $190 million range, representing an increase of approximately 40% (20%+ proforma organic growth) and Adjusted EBITDA of 10% to 12%. The company expects gross margin percentage to approximate 32% for Full Year 2016.
Revolution Lighting Technologies, Inc. designs, manufactures, markets and sells commercial grade light-emitting diode (LED) and conventional lighting fixtures. The Company operates in Lighting Products and Solutions (principally LED fixtures and lamps) segment. The Company's products are used for outdoor and indoor applications, LED-based signage, channel-letter and contour lighting products, LED replacement lamps and commercial grade smart grid control systems. It sells its LED products under the RVLT, Seesmart, Lumificient, Value Lighting, Array and CMG brand names. The Company's commercial lamps and fixtures products include the commercial indoor and outdoor lighting products, such as linear tube lighting, multi-family lighting, commercial troffer lighting and street lighting. It caters to municipal and commercial markets, which include industrial, hospitality, institutional, educational, healthcare and signage markets in the United States, Canada and internationally.
Revolution Lighting Technologies, Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Third Quarter of 2016 and Full Year 2016