Revolution Lighting Technologies, Inc. announced earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total revenues were $50.2 million, compared to $37.7 million a year ago. The increase in revenue reflects the TNT and Energy Source acquisitions, which were acquired in May 2016 and August 2015, respectively. The company reported operating income of $2.4 million for the three months ended September 30, 2016 as compared to $0.2 million operating income in the same period in 2015. Adjusted EBITDA for the three months ended September 30, 2016 was $4.6 million compared to $3.0 million for the comparable period in 2015. Net income was $1.6 million against net loss of $0.3 million a year ago. Reported GAAP net income for the three months ended September 30, 2016 was $1.6 million compared to a GAAP net loss of $0.3 million for the comparable period in 2015. Basic and diluted GAAP earnings per share attributable to common stockholders was $0.08 for the quarter ended September 30, 2016 as compared to a loss per share of $0.02 for the same period in 2015 as adjusted for the 1 for 10 reverse stock split effective in the second quarter 2016. Excluding one-time acquisition, work force reductions and stock-based compensation the 2016 Non-GAAP net income per share was $0.11 in 2016 compared to $0.09 in 2015.

For the nine months, the company reported total revenues were $120.9 million, compared to $85.3 million in the same period of 2015, an increase of 42% (16% organic growth). The increase in revenue reflects the TNT and Energy Source acquisitions, which were acquired in May 2016 and August 2015, respectively. Adjusted EBITDA (as defined below) for the nine months ended September 30, 2016 was $8.9 million compared to $4.2 million for the comparable period in 2015. The company reported an operating loss of $0.2 million for the nine months ended September 30, 2016 as compared to $2.8 million operating loss in the same period of 2015. Net loss was $2.1 million against $3.8 million a year ago. Reported GAAP net loss for the nine months ended September 30, 2016 was $2.1 million compared to a GAAP net loss of $3.8 million for the same period in 2015. Basic and diluted GAAP loss per share attributable to common stockholders was $0.11 for the nine months ended September 30, 2016 as compared to a loss per share of $0.26 for the same period in 2015, as adjusted for the 1 for 10 reverse stock split effective in the second quarter 2016. Excluding one-time acquisition, work force reductions and stock-based compensation the 2016 Non-GAAP net income per share was $0.14 compared to a non-GAAP net loss per share of $0.02 in 2015. Cash flow used for operating activities for the first nine months of 2016 was $4.1 million compared to $17.8 million for the same period in 2015.

The company provides earnings guidance for the fourth quarter and full year of 2016. For the quarter, the company expects revenue in the $50 million to $54 million range, representing an increase of approximately 22% from fourth quarter of 2015, and adjusted EBITDA of 9%-11%.

For the full year 2016, the company expects full year 2016 revenue of $170 million to $175 million range against previous forecast of $180 million to $190 million representing an increase of approximately 35% over 2015 and Adjusted EBITDA of approximately 8%. The reduced revenue guidance is primarily the result of a significant reduction in unit sales prices averaging approximately 15% during 2016 in a number of product lines. The company expects to maintain overall gross margins to be in the 32 range for the year 32% range for the year.