Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable LED
lighting technologies, today announced financial results for the
first quarter ended March 31, 2020.
First Quarter 2020 Highlights:
- Net sales of $3.8 million, up 19.1% compared to the first
quarter of 2019 and up 7.1% sequentially from the fourth quarter of
2019
- Net loss of $541 thousand compared to a net loss of $2.9
million in the first quarter of 2019.
- Loss from operations improved by $1.5 million
year-over-year
- Received $5.3 million of new Navy contracts and orders
year-to-date for both retrofit and new builds
- Ohio production facility deemed “Essential Critical
Infrastructure Workforce” and allowed to continue to manufacture
and fulfill contracts and orders during the State of Ohio’s “stay
at home” order
- Strengthened balance sheet with $2.75 million of gross proceeds
from equity financing; Cash of $2.9 million as of March 31,
2020 compared to $350 thousand as of December 31, 2019
- Launched patent-pending EnFocus™ Lighting Control Platform and
breakthrough dimmable and dimmable/color-tunable tubular LED
lighting solutions
“For the first quarter, despite the economic headwinds
associated with COVID-19 starting in March, we again delivered
strong, positive sequential and year-over-year revenue growth, as
well as a notable improvement in our cash flows,” stated James Tu,
Chairman and CEO of Energy Focus, Inc. “This progress resulted from
our ongoing efforts to strengthen our operational performance and
engineering capabilities that helped us win new business. Sales
from our military business came in as expected and we secured key
contract wins totaling $5.3 million. And while we began
experiencing delays in commercial orders in the latter half of the
first quarter and going into the second quarter, barring further
unforeseen major economic disruption, we believe that these delays
are likely temporary, as the facilities of our primary target
customers in government, healthcare, education and select
commercial and industrial sectors will mostly remain operational
and thus require ongoing lighting maintenance and upgrades.”
Mr. Tu continued, “In addition, our newly
introduced EnFocus™ lighting control platform and products have
received positive and encouraging responses from both existing and
targeted customers, confirming our confidence that this
breakthrough solution will create significant new sales
opportunities in both commercial and military markets. We believe
that the unique capability of EnFocus™ products to provide dimming
and color tuning or circadian lighting—at a fraction of the cost
and complexity of prevailing lighting control systems—will unlock
the massive, untapped potential of human-centric lighting for the
existing 5.6 million commercial buildings in the country and many
more across the world.”
“Despite the uncertain business environment posed by COVID-19,
we remain excited and optimistic about our growth strategies and
R&D initiatives, and we expect continued revenue growth and
operating margin improvement during the second quarter of 2020 and
into the foreseeable future,” concluded Mr. Tu.
First Quarter 2020 Financial Results:
Net sales were $3.8 million for the first
quarter of 2020, compared to $3.2 million in the first quarter of
2019, an increase of 19.1%. Net sales from commercial products were
$1.7 million, or 45.9% of total net sales, for the first quarter of
2020, down from $2.0 million or 62.4% of total net sales, in the
first quarter of 2019 reflecting some delayed orders due to
COVID-19. Net sales from military and maritime products (“MMM”)
were $2.0 million, or 54.1% of total net sales, for the first
quarter of 2020, up from $1.2 million, or 37.6% of total net sales,
in the first quarter of 2019. Sequentially, net sales were up 7.1%
compared to $3.5 million in the fourth quarter of 2019.
Gross profit was $1.0 million, or 27.3% of
net sales, for the first quarter of 2020. This compares with gross
profit of $98 thousand, or 3.1%, of net sales in the first quarter
of 2019. Sequentially, this compares with gross profit of $957
thousand, or 27.1% of net sales, in the fourth quarter of 2019.
Adjusting gross profit margins for “excess and obsoletes,
in-transit and net realizable reserves,” gross profit margin was
25.2% for the first quarter of 2020 compared to 5.5% in the first
quarter of 2019 and 29.2% in the fourth quarter of 2019. Moving
forward, management expects gross margins to be in the mid-20s in
the near-term and begin to approach the high-20s percent range as
the Company introduces new products and makes further improvements
to its supply chain. Depending on the sales mix and inventory
valuations, there may be some fluctuations in gross profit margins
quarter-to-quarter, in addition to possible negative implications
due to impacts due to COVID-19.
Loss from operations was $1.3 million for the
first quarter of 2020 compared to an operating loss of $2.8 million
in the first quarter of 2019. Sequentially, this compares to an
operating loss of $1.2 million in the fourth quarter of 2019.
Net loss, inclusive of income of $873 thousand
related to the fair value of warrants, was $541 thousand, or
$(0.04) per basic and diluted share, for the first quarter of 2020,
compared with a net loss of $2.9 million, or $(0.24) in the first
quarter of 2019. Sequentially, this compares with a net loss of
$1.3 million, or ($0.11) per diluted share, in the fourth quarter
of 2019.
Adjusted EBITDA, as defined under “Non-GAAP
Measures” below, was a loss of $1.1 million for the first quarter
of 2020, compared with a loss of $2.0 million in the first quarter
of 2019 and a loss of $1.1 million in the fourth quarter of
2019.
Cash was $2.9 million as of March 31, 2020.
This compares with $350 thousand as of December 31, 2019. As
of March 31, 2020, the Company had total availability of $4.1
million, which consisted of $2.9 million of cash and $1.1 million
of additional borrowing availability under its credit facility.
This compares to total availability of $1.9 million as of
December 31, 2019, which consisted of $350 thousand of cash
and $1.6 million of additional borrowing capacity.
Financings:
In January of 2020, we completed a registered direct offering
for the sale of 3,441,803 shares of our common stock to certain
institutional investors, at a purchase price of $0.674 per share.
We also sold to the same institutional investors unregistered
warrants to purchase up to 3,441,803 shares of common stock at an
exercise price of $0.674 per share in a concurrent private
placement for a purchase price of $0.125 per warrant. In addition,
we issued warrants to the placement agent to purchase up to 240,926
shares of common stock at an exercise price of $0.9988 per share.
Proceeds to us, before expenses were $2.3 million. In accordance
with the terms of the Iliad Note, 10% ($275 thousand) of the
proceeds to us were used to make payments on the Iliad Note, of
which $226 thousand went towards the outstanding principal amount
with the balance being used for general corporate purposes.
Also, subsequent to quarter-end on April 17,
2020, the Company was granted a loan from KeyBank National
Association in the amount of approximately $795 thousand, pursuant
to the Paycheck Protection Program (the “PPP”) under Division A of
the Coronavirus Aid, Relief and Economic Securities Act (the "CARES
Act"), which was enacted on March 27, 2020. The loan accrues
interest at a rate of 1.0% per annum and matures on April 17, 2022.
Under the terms of the PPP, certain amounts of the loan may be
forgiven if they are used for qualifying expenses as described in
the CARES Act. The Company intends to use the entire loan amount
for qualifying expenses, however there is no assurance that the
Company will obtain forgiveness for any portion of the loan.
Second Quarter 2020 Outlook:
We continue to actively monitor and dynamically assess and
respond to the impact from the ongoing coronavirus (COVID-19)
outbreak. To minimize infection risks of our employees and their
social and professional contacts, we have continued our COVID-19
Contingency Plan (CCP) that allows employees that could work
remotely to do so while implementing strict sanitary and
disinfection measures and procedures for our production facility in
Solon, Ohio. Our commercial sales, have been and will likely
continue to be affected if the current, dramatic slowdown of
economic activities continues over an extended period. We expect
military sales to remain steady despite the impact of
COVID-19.
The Company currently projects second quarter
2020 sales in the range of $4.5 million to $4.8 million,
representing year-over-year growth of 46%-56% from the second
quarter of 2019, and sequential growth of 19%-27% compared with the
first quarter of 2020.
Earnings Conference Call:
The Company will host a conference call and webcast today,
May 13, 2020 at 11:00a.m. ET to discuss the first quarter 2020
results, followed by a Q & A session. To participate in the
call, please dial toll-free 1-877-451-6152 or international
1-201-389-0879, and referencing the conference ID# 13702973.
The conference call will be simultaneously
webcast. To listen to the webcast, log onto it at:
http://public.viavid.com/index.php?id=139583. The webcast will be
available at this link through May 27, 2020. Financial information
presented on the call, including the earnings press release, will
be available on the investors section of Energy Focus’ website at
investors.energyfocus.com.
About Energy Focus:
Energy Focus is an industry-leading innovator of
sustainable LED lighting technologies and solutions. As the creator
of the first flicker-free original 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. Since
2007, Energy Focus has installed approximately 900,000 lighting
products across U.S. Navy fleet, including TLEDs, waterline
security lights, explosion-proof globes and berth lights, saving
more than five million gallons of fuel and 300,000 man-hours in
lighting maintenance annually. Energy Focus is headquartered in
Solon, Ohio. For more information, visit our website at
www.energyfocus.com.
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)
disruptions in the U.S. and global economy and business
interruptions resulting from the recent coronavirus (“COVID-19”)
health pandemic outbreak and related stay-at-home orders,
quarantine policies and restrictions on travel, trade and business
operations; (ii) our need for additional financing in the near term
to continue our operations; (iii) our liquidity and refinancing
demands; (iv) our ability to obtain refinancing or extend maturing
debt; (v) our ability to continue as a going concern for a
reasonable period of time; (vi) our ability to implement plans to
increase sales and control expenses; (vii) 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;
(viii) our ability to increase sales by adding new customers to
reduce the reliance of our sales on a smaller group of customers,
and the long sales-cycle that our product requires; (ix) our
ability to increase demand in our targeted markets and to manage
sales cycles that are difficult to predict and may span several
quarters; (x) the timing of large customer orders, significant
expenses and fluctuations between demand and capacity as we invest
in growth opportunities; (xi) 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; (xii) our ability to successfully scale our network
of sales representatives, agents, and distributors to match the
sales reach of larger, established competitors;(xiii) market
acceptance of LED lighting technologies and products; (xiv) our
ability to attract and retain qualified personnel, and to do so in
a timely manner; (xv) the impact of any type of legal inquiry,
claim, or dispute; (xvi) general economic conditions in the United
States and in other markets in which we operate or secure products;
(xvii) our dependence on military maritime 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; (xviii) the possible impact on our
military maritime customers and their ability to honor the timing
for existing orders or place future orders due to COVID-19
breakouts amongst personnel that might impact the use of ships in
service; (xix) business interruptions resulting from geopolitical
actions, including war and terrorism, natural disasters, including
earthquakes, typhoons, floods and fires or from health epidemics or
pandemics or other contagious outbreaks; (xx) 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; (xxi) our ability to timely and
efficiently transport products from our third-party suppliers to
our facility by ocean marine channels; (xxii) our ability to
respond to new lighting technologies and market trends, and fulfill
our warranty obligations with safe and reliable products; (xxiii)
any delays we may encounter in making new products available or
fulfilling customer specifications; (xxiv) any flaws or defects in
our products or in the manner in which they are used or installed;
(xxv) our ability to protect our intellectual property rights and
other confidential information, and manage infringement claims by
others; (xxvi) 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; (xxvii) 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; and (xxviii) our
ability to remediate a significant deficiency, maintain effective
internal controls and otherwise comply with our obligations as a
public company and under Nasdaq listing standards.
Investor Contact:Cameron Donahue(651)
653-1854ir@energyfocus.com
Condensed Consolidated Balance
Sheets(in thousands)
|
March 31,
2020 |
|
December 31,
2019 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
2,911 |
|
|
|
$ |
350 |
|
|
Trade accounts receivable, less allowances of $16 and $28,
respectively |
1,904 |
|
|
|
2,337 |
|
|
Inventories, net |
4,700 |
|
|
|
6,168 |
|
|
Prepaid and other current assets |
666 |
|
|
|
479 |
|
|
Total current assets |
10,181 |
|
|
|
9,334 |
|
|
|
|
|
|
Property and equipment, net |
390 |
|
|
|
389 |
|
|
Operating lease, right-of-use asset |
1,179 |
|
|
|
1,289 |
|
|
Restructured lease, right-of-use asset |
268 |
|
|
|
322 |
|
|
Other assets |
405 |
|
|
|
405 |
|
|
Total assets |
12,423 |
|
|
|
11,739 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
1,188 |
|
|
|
1,340 |
|
|
Accrued liabilities |
104 |
|
|
|
179 |
|
|
Accrued legal and professional fees |
322 |
|
|
|
215 |
|
|
Accrued payroll and related benefits |
448 |
|
|
|
360 |
|
|
Accrued sales commissions |
39 |
|
|
|
32 |
|
|
Accrued severance |
3 |
|
|
|
7 |
|
|
Accrued restructuring |
24 |
|
|
|
24 |
|
|
Accrued warranty reserve |
240 |
|
|
|
195 |
|
|
Deferred revenue |
4 |
|
|
|
18 |
|
|
Operating lease liabilities |
567 |
|
|
|
550 |
|
|
Restructured lease liabilities |
325 |
|
|
|
319 |
|
|
Finance lease liabilities |
3 |
|
|
|
3 |
|
|
Warrant liabilities |
763 |
|
|
|
— |
|
|
Convertible notes |
— |
|
|
|
1,700 |
|
|
Iliad note, net of discount and loan origination fees |
854 |
|
|
|
885 |
|
|
Credit line borrowings, net of loan origination fees |
790 |
|
|
|
715 |
|
|
Total current liabilities |
5,674 |
|
|
|
6,542 |
|
|
|
|
|
|
Other liabilities |
7 |
|
|
|
14 |
|
|
Operating lease liabilities, net of current portion |
770 |
|
|
|
906 |
|
|
Restructured lease liabilities, net of current portion |
85 |
|
|
|
168 |
|
|
Finance lease liabilities, net of current portion |
3 |
|
|
|
4 |
|
|
Iliad note, net of current maturities |
— |
|
|
|
109 |
|
|
Total liabilities |
6,539 |
|
|
|
7,743 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
Preferred stock, par value $0.0001 per
share: |
|
|
|
Authorized: 5,000,000 shares (3,300,000 shares designated as Series
A Convertible Preferred Stock) in 2020 and 2,000,000 shares (no
shares designated as Series A Convertible Preferred Stock) in
2019 |
|
|
|
Issued and outstanding: 2,709,018 at March 31, 2020 and no shares
outstanding at December 31, 2019 |
— |
|
|
|
— |
|
|
Common stock, par value $0.0001 per
share: |
|
|
|
Authorized: 50,000,000 shares in 2020 and 30,000,000 shares in
2019 |
|
|
|
Issued and outstanding: 15,896,632 at March 31, 2020 and 12,428,418
at December 31, 2019 |
2 |
|
|
|
1 |
|
|
Additional paid-in capital |
131,300 |
|
|
|
128,872 |
|
|
Accumulated other comprehensive loss |
(3 |
) |
|
|
(3 |
) |
|
Accumulated deficit |
(125,415 |
) |
|
|
(124,874 |
) |
|
Total stockholders' equity |
5,884 |
|
|
|
3,996 |
|
|
Total liabilities and stockholders'
equity |
$ |
12,423 |
|
|
|
$ |
11,739 |
|
|
Condensed Consolidated Statements of
Operations(In thousands, except per share
data)(Unaudited)
|
Three months ended March 31, |
|
2020 |
|
2019 |
Net
sales |
$ |
3,783 |
|
|
|
$ |
3,177 |
|
|
Cost of sales |
2,751 |
|
|
|
3,079 |
|
|
Gross profit |
1,032 |
|
|
|
98 |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
Product development |
282 |
|
|
|
526 |
|
|
Selling, general, and administrative |
2,027 |
|
|
|
2,241 |
|
|
Restructuring |
(14 |
) |
|
|
134 |
|
|
Total operating expenses |
2,295 |
|
|
|
2,901 |
|
|
Loss from operations |
(1,263 |
) |
|
|
(2,803 |
) |
|
|
|
|
|
Other expenses
(income): |
|
|
|
Interest expense |
133 |
|
|
|
43 |
|
|
Income from change in fair value of warrants |
(873 |
) |
|
|
— |
|
|
Other expenses |
18 |
|
|
|
19 |
|
|
|
|
|
|
Loss before income
taxes |
(541 |
) |
|
|
(2,865 |
) |
|
Provision for income taxes |
— |
|
|
|
— |
|
|
Net loss |
$ |
(541 |
) |
|
|
$ |
(2,865 |
) |
|
|
|
|
|
Net loss per share -
basic and diluted |
|
|
|
Net loss |
$ |
(0.04 |
) |
|
|
$ |
(0.24 |
) |
|
|
|
|
|
Weighted average
common shares outstanding: |
|
|
|
Basic and diluted |
|
15,430 |
|
|
|
|
12,126 |
|
|
Condensed Consolidated Statements of Cash
Flows
(In
thousands) |
|
|
|
(Unaudited) |
Three months ended March 31, |
|
2020 |
|
2019 |
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(541 |
) |
|
|
$ |
(2,865 |
) |
|
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities: |
|
|
|
Depreciation |
46 |
|
|
|
105 |
|
|
Stock-based compensation |
20 |
|
|
|
543 |
|
|
Change in fair value of warrant liabilities |
(873 |
) |
|
|
— |
|
|
Provision for doubtful accounts receivable |
(12 |
) |
|
|
26 |
|
|
Provision for slow-moving and obsolete inventories |
(34 |
) |
|
|
(836 |
) |
|
Provision for warranties |
— |
|
|
|
101 |
|
|
Amortization of loan discounts and origination fees |
38 |
|
|
|
20 |
|
|
Gain on dispositions of property and equipment |
— |
|
|
|
(1 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
445 |
|
|
|
(210 |
) |
|
Inventories |
1,546 |
|
|
|
643 |
|
|
Prepaid and other assets |
(187 |
) |
|
|
459 |
|
|
Accounts payable |
(152 |
) |
|
|
(1,329 |
) |
|
Accrued and other liabilities |
222 |
|
|
|
(195 |
) |
|
Deferred revenue |
(14 |
) |
|
|
(17 |
) |
|
Total adjustments |
1,045 |
|
|
|
(691 |
) |
|
Net cash provided by (used in) operating
activities |
504 |
|
|
|
(3,556 |
) |
|
Cash flows from
financing activities: |
|
|
|
Acquisitions of property and equipment |
(47 |
) |
|
|
(5 |
) |
|
Proceeds from the sale of property and equipment |
— |
|
|
|
1 |
|
|
Net cash used in investing activities |
(47 |
) |
|
|
(4 |
) |
|
Cash flows from
financing activities: |
|
|
|
Proceeds from the issuance of common stock and warrants |
2,750 |
|
|
|
— |
|
|
Offering costs paid on the issuance of common stock and
warrants |
(474 |
) |
|
|
— |
|
|
Principal payments under finance lease obligations |
(1 |
) |
|
|
(1 |
) |
|
Common stock withheld in lieu of income tax withholding on vesting
of restricted stock units |
— |
|
|
|
(111 |
) |
|
Payments on the Iliad Note |
(226 |
) |
|
|
— |
|
|
Proceeds from convertible notes |
— |
|
|
|
1,660 |
|
|
Net proceeds from (payment on) credit line borrowings |
55 |
|
|
|
(462 |
) |
|
Net cash provided by financing activities |
2,104 |
|
|
|
1,086 |
|
|
Net increase (decrease) in cash and restricted cash |
2,561 |
|
|
|
(2,474 |
) |
|
Cash and restricted cash, beginning of period |
692 |
|
|
|
6,335 |
|
|
Cash and restricted cash, end of period |
$ |
3,253 |
|
|
|
$ |
3,861 |
|
|
|
|
|
|
Classification of cash
and restricted cash: |
|
|
|
Cash |
$ |
2,911 |
|
|
|
$ |
3,519 |
|
|
Restricted cash held in other
assets |
342 |
|
|
|
342 |
|
|
Cash and restricted cash |
$ |
3,253 |
|
|
|
$ |
3,861 |
|
|
Sales by Product(In
thousands)
|
Three months ended March 31, |
|
2020 |
|
2019 |
Net
sales: |
|
|
|
Commercial |
$ |
1,736 |
|
|
$ |
1,983 |
|
MMM products |
2,047 |
|
|
1,194 |
|
Total net sales |
$ |
3,783 |
|
|
$ |
3,177 |
|
Non-GAAP Measures
In addition to the results provided in accordance with U.S.
GAAP, we may provide certain non-GAAP measures, which present
operating results on an adjusted basis. These are supplemental
measures of performance that are not required by or presented in
accordance with U.S. GAAP and, for the periods ended, as well as
the three months ended March 31, 2020 and 2019, and
December 31, 2019 include adjustments for:
- Table 1 – our ability on the period ending date to access
additional cash if necessary under our short-term credit facility,
plus the amount of cash on hand on that same date which
demonstrates our ‘access to cash’ at any point in time;
- Table 2 - our restructuring expenses ,financing charges, income
taxes, and non-cash depreciation and amortization,, stock
compensation, incentive compensation, and change in fair value of
warrant liability that do not have a current period impact on cash
flow demonstrates a measurement of cash generating capability from
our the operations of our business, and;
- Table 3 – our reported margins during the period without the
impact from reserve movements that do not reflect current period
inventory decisions as reflected by “adjusted gross margins”.
We believe that our use of non-GAAP financial
measures permits investors to assess the operating performance of
our business relative to our performance based on U.S. GAAP results
and relative to other companies within the industry by isolating
the effects of items that may vary from period to period without
correlation to core operating performance or that vary widely among
similar companies, and to assess liquidity, cash flow performance
of the operations, and the product margins of our business relative
to our U.S. GAAP results and relative to other companies in the
industry by isolating the effects of certain items which do not
have a current period impact. However, our inclusion of these
adjusted measures should not be construed as an indication that our
future results will be unaffected by unusual or infrequent items or
that the items for which we have made adjustments are unusual or
infrequent or will not recur. We believe that the disclosure of
these non-GAAP measures is useful to investors as they form part of
the basis for how our management team and Board of Directors
evaluate our operating performance.
These non-GAAP financial measures are not
intended to replace U.S. GAAP financial measures, and they are not
necessarily standardized or comparable to similarly titled measures
used by other companies.
Table 1 |
As of |
(in
thousands) |
March 31, |
|
December 31, |
|
March 31, |
|
2020 |
|
2019 |
|
2019 |
Total borrowing capacity under
credit facility |
$ |
2,025 |
|
|
|
$ |
2,407 |
|
|
|
$ |
2,506 |
|
|
Less: Line of credit
borrowings, gross* |
(875 |
) |
|
|
(828 |
) |
|
|
(1,904 |
) |
|
Excess availability under
credit facility** |
1,150 |
|
|
|
1,579 |
|
|
|
602 |
|
|
Cash |
2,911 |
|
|
|
350 |
|
|
|
3,861 |
|
|
Total availability*** |
$ |
4,061 |
|
|
|
$ |
1,929 |
|
|
|
$ |
4,463 |
|
|
*Forms
10Q’s and 10K Balance Sheet reflect the Line of credit net of debt
financing costs of $85, $113 and $147, respectively. |
**Excess
availability under credit facility - represents difference between
maximum borrowing capacity of credit facility and actual
borrowings |
*** Total
availability- represents Company’s ‘access’ to cash if needed at
point in time |
|
|
|
|
|
Table 2 |
Three months ended |
(in
thousands) |
March 31, |
|
December 31, |
|
March 31, |
|
2020 |
|
2019 |
|
2019 |
Net loss |
$ |
(541 |
) |
|
|
$ |
(1,308 |
) |
|
|
$ |
(2,865 |
) |
|
Restructuring expenses |
(14 |
) |
|
|
(47 |
) |
|
|
134 |
|
|
Net loss, excluding restructuring charges |
(555 |
) |
|
|
(1,355 |
) |
|
|
(2,731 |
) |
|
Interest |
133 |
|
|
|
79 |
|
|
|
43 |
|
|
Income tax expense |
— |
|
|
|
10 |
|
|
|
— |
|
|
Depreciation |
46 |
|
|
|
49 |
|
|
|
105 |
|
|
Stock-based compensation |
20 |
|
|
|
59 |
|
|
|
543 |
|
|
Change in fair value of
warrant liability |
(873 |
) |
|
|
— |
|
|
|
— |
|
|
Other incentive
compensation |
139 |
|
|
|
51 |
|
|
|
— |
|
|
Adjusted EBITDA |
$ |
(1,090 |
) |
|
|
$ |
(1,107 |
) |
|
|
$ |
(2,040 |
) |
|
Table 3 |
Three Months Ended |
(in
thousands) |
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
|
($) |
(%) |
|
($) |
(%) |
|
($) |
(%) |
Net sales |
$ |
3,783 |
|
|
|
$ |
3,531 |
|
|
$ |
3,177 |
|
Reported gross profit |
$ |
1,032 |
|
27.3 |
|
% |
|
$ |
957 |
27.1 |
% |
|
$ |
98 |
3.1 |
% |
E&O, in-transit and net
realizable value inventory reserve changes |
$ |
(78 |
) |
(2.1 |
) |
% |
|
$ |
76 |
2.2 |
% |
|
$ |
78 |
2.5 |
% |
Adjusted gross margin |
$ |
954 |
|
25.2 |
|
% |
|
$ |
1,033 |
29.3 |
% |
|
$ |
176 |
5.5 |
% |
|
|
|
|
|
|
|
|
|
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