Energy Focus, Inc. Provides Preliminary First Quarter 2019 Financial Results
15 Maio 2019 - 5:05PM
Energy Focus, Inc. (NASDAQ:EFOI), a leader in advanced LED retrofit
technologies, today announced preliminary unaudited financial
results for its first quarter of fiscal 2019, which ended March 31,
2019.
Preliminary Unaudited Financial
Results
Net sales for the first quarter of fiscal 2019 are
expected to be approximately $3.1 million to $3.2 million, compared
with $3.1 million in the fourth quarter of fiscal 2018 and $4.7
million in the first quarter of 2018. Preliminary net loss is
estimated to be approximately $2.6 million to $2.7 million.
“Since April 2019, we have embarked on a series of
reorganizational initiatives, including reducing operating
expenses, strengthening team alignment, and recalibrating our sales
organization to significantly enhance customer communication and
experience,” said James Tu, Chairman, Chief Executive Officer, and
President of Energy Focus, Inc. “These efforts aim to refocus the
company back to its mission and core competency of developing and
providing enlightening and inspiring LED lighting solutions for
enterprises that value product reliability, innovation, and
sustainability-qualities that the company has always stood for. We
are confident the changes we have already put into place, as well
as the growth initiatives we are implementing currently and over
the coming weeks and months will accelerate Energy Focus’ pathway
to improved and sustainable financial performance.”
The Company cautions that its anticipated financial
results are preliminary and based on the best information currently
available and are subject to completion of customary accounting
adjustments and the quarterly review procedures by the Company’s
2019 independent auditors, once they are identified and formally
engaged. A conference call is expected to be in June 2019.
Forward Looking Statements
Forward-looking statements in this release are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Generally, these statements can be
identified by the use of words such as “believes,” “estimates,”
“anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,”
“may,” “will,” “should,” “could,” “would” and similar expressions
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements include all matters that are not
historical facts and include statements regarding our current
expectations concerning, among other things, our results of
operations, financial condition, liquidity, prospects, growth,
strategies, capital expenditures and the industry in which we
operate. By their nature, forward-looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Although we
base these forward-looking statements on assumptions that we
believe are reasonable when made, we caution you that
forward-looking statements are not guarantees of future performance
and that our actual results of operations, financial condition and
liquidity, and industry developments may differ materially from
statements made in or suggested by the forward-looking statements
contained in this release. We believe that important factors that
could cause our actual results to differ materially from
forward-looking statements include, but are not limited to: (i) our
history of operating losses and our ability to effectively
implement cost-cutting measures and generate sufficient cash from
operations or receive sufficient financing, on acceptable terms, to
continue our operations; (ii) our reliance on a limited number of
customers, in particular our historical sales of products for the
U.S. Navy, for a significant portion of our revenue, and our
ability to maintain or grow such sales levels; (iii) the
entrance of new competitors in our target markets; (iv) general
economic conditions in the United States and in other markets in
which we sell our products; (v) our ability to implement and manage
our growth plans to diversify our customer base, increase sales,
and control expenses; (vi) our ability to increase demand in our
targeted markets and to manage sales cycles that are difficult to
predict and may span several quarters; (vii) the timing of large
customer orders and significant expenses, and fluctuations between
demand and capacity, as we invest in growth opportunities; (viii)
our dependence on military maritime customers and on the levels of
government funding available to such customers, as well as funding
resources of our other customers in the public sector and
commercial markets; (ix) market acceptance of LED lighting
technology; (x) our ability to respond to new lighting technologies
and market trends, and fulfill our warranty obligations with safe
and reliable products; (xi) any delays we may encounter in making
new products available or fulfilling customer specifications; (xii)
our ability to compete effectively against companies with greater
resources, lower cost structures, or more rapid development
efforts; (xiii) our ability to protect our intellectual property
rights and other confidential information, and manage infringement
claims by others; (xiv) the impact of any type of legal inquiry,
claim, or dispute; (xv) our reliance on a limited number of
third-party suppliers, our ability to obtain critical components
and finished products from such suppliers on acceptable terms, and
the impact of our fluctuating demand on the stability of such
suppliers; (xvi) our ability to timely and efficiently transport
products from our third-party suppliers to our facility by ocean
marine channels; (xvii) our ability to successfully scale our
network of sales representatives, agents, and distributors to match
the sales reach of larger, established competitors; (xviii) any
flaws or defects in our products or in the manner in which they are
used or installed; (xix) our compliance with government contracting
laws and regulations, through both direct and indirect sale
channels, as well as other laws, such as those relating to the
environment and health and safety; (xx) risks inherent in
international markets, such as economic and political uncertainty,
changing regulatory and tax requirements, currency fluctuations and
potential tariffs and other barriers to international trade; (xxi)
our ability to attract and retain qualified personnel, and to do so
in a timely manner; and (xxii) our ability to maintain effective
internal controls and otherwise comply with our obligations as a
public company and under Nasdaq listing standards.
About Energy Focus
Energy Focus is an industry-leading innovator of
energy-efficient LED lighting technologies. As a pioneer of
direct-wire LED tubes and creator of the first UL-verified low
flicker LED products, Energy Focus products provide extensive
energy and maintenance savings, and aesthetics, safety, health, and
sustainability benefits over conventional lighting. Since 2007, the
accumulated failure rate of our LED products has been well less
than 0.1%, meaning over 99.9% of the millions of products we sold
are still working today. Our customers include U.S. and foreign
navies, U.S. federal, state and local governments, healthcare and
educational institutions, as well as Fortune 500 companies.
Energy Focus is headquartered in Solon, Ohio. For more
information, visit our website at www.energyfocus.com.
Investor Contacts:
Satya ChillaraJim FanucchiDarrow Associates,
Inc.ir@energyfocus.com
Energy Focus (NASDAQ:EFOI)
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