Energy Focus, Inc. Provides Preliminary Second Quarter 2019 Financial Results
14 Agosto 2019 - 5:15PM
Energy Focus, Inc. (NASDAQ:EFOI), a leader in advanced LED retrofit
technologies, today announced preliminary unaudited financial
results for its second quarter of fiscal 2019, which ended June 30,
2019.
Preliminary Unaudited Financial Results
Net sales for the second quarter of fiscal 2019 are expected to
be approximately $3.1 million, compared with $3.2 million in the
first quarter of fiscal 2019 and $5.2 million in the second quarter
of 2018. Preliminary net loss in the second quarter of fiscal 2019
is estimated to be approximately $1.9 million to $2.0 million.
“The second quarter of 2019, during which I rejoined the Company
and our management and board overhaul ensued, brought a regenerated
Energy Focus that is dedicated to establishing leadership in
product quality, technology innovation, sustainability impact and
customer relationships in the LED lighting industry,” said James
Tu, Chairman and CEO of Energy Focus, Inc. “We are pleased and
excited that the Company is now organizationally positioned to grow
and to best serve the lighting needs of mission critical
facilities, be it in healthcare, education, commercial and
industrial, nonprofit or government entities.”
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 independent
auditors.
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
need for additional financing in the near term to continue our
operations; (ii) our ability to continue as a going concern for a
reasonable period of time; (iii) our ability to implement plans to
increase sales and control expenses; (iv) our reliance on a limited
number of customers for a significant portion of our revenue, and
our ability to maintain or grow such sales levels; (v) our ability
to increase demand in our targeted markets and to manage sales
cycles that are difficult to predict and may span several quarters;
(vi) the timing of large customer orders, significant expenses and
fluctuations between demand and capacity as we invest in growth
opportunities; (vii) our ability to compete effectively against
companies with lower cost structures or greater resources, or more
rapid development efforts, and new competitors in our target
markets; (viii) our ability to successfully scale our network of
sales representatives, agents, and distributors to match the sales
reach of larger, established competitors; (ix) market acceptance of
LED lighting technology; (x) our ability to remediate our material
weakness, maintain effective internal controls and otherwise comply
with our obligations as a public company and under Nasdaq listing
standards; (xi) our ability to attract and retain qualified
personnel, and to do so in a timely manner; (xii) the impact of any
type of legal inquiry, claim, or dispute; (xiii) general economic
conditions in the United States and in other markets in which we
operate or secure products; (xiv) our dependence on military
customers and on the levels of government funding available to such
customers, as well as the funding resources of our other customers
in the public sector and commercial markets; (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
respond to new lighting technologies and market trends, and fulfill
our warranty obligations with safe and reliable products; (xviii)
any delays we may encounter in making new products available or
fulfilling customer specifications; (xix) any flaws or defects in
our products or in the manner in which they are used or installed;
(xi) our ability to protect our intellectual property rights and
other confidential information, and manage infringement claims by
others; (xxi) 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; and (xxii) risks inherent in international
markets, such as economic and political uncertainty, changing
regulatory and tax requirements and currency fluctuations,
including tariffs and other potential barriers to international
trade.
About Energy Focus
Energy Focus is an industry-leading innovator of
energy-efficient LED lighting technologies. As the creator of the
first flicker-free LED products on the U.S. market, Energy Focus
products provide extensive energy and maintenance savings, and
aesthetics, safety, health and sustainability benefits over
conventional lighting. 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.
Media Contact:Ashley TolfoEnergy Focus,
Inc.(800) 327-7877atolfo@energyfocus.com
Investor Contacts:Satya ChillaraDarrow
Associates, Inc.(510) 396-2776ir@energyfocus.com
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