Orion Lighting Anticipates $10 Million in FY 2018 Revenue to Retrofit Seven Automotive Plants with Energy-Efficient LED Ligh...
August 29 2017 - 8:15AM
Orion Energy Systems, Inc. (NASDAQ:OESX) (Orion Lighting), a
leading designer and U.S. manufacturer of high-performance,
energy-efficient LED lighting products, announced today that it has
received award notifications that the company expects to receive
firm commitments for LED lighting systems and services from two
long-standing automotive customers which it expects will total at
least $10 million in revenue during its fiscal year ending March
31, 2018 (FY’18).
The projects encompass multiple automotive plants which are
upgrading legacy fluorescent lighting systems, several of which had
been provided by Orion, to energy-efficient LED lighting platforms
and controls in support of these customers’ environmental and
energy efficiency goals.
One automotive customer selected Orion to provide engineering
studies for the lighting needs of all of its North American plants
and has specified Orion as its sole lighting provider for these
facilities. Orion expects to complete LED lighting retrofit
projects for five of this customer’s U.S. plants in FY’18 and has
already begun to receive initial product purchase orders for the
first four plants.
Orion is providing a range of LED lighting products and control
systems to this customer with a principal focus on its
ISON™ Class High Bay (HBIF3) LED lighting fixtures which
deliver over 214 lumens per watt, making them the lighting
industry’s highest performing LED high bay fixtures. Revenues from
the five plants will be primarily from product sales but will also
include installation services for some of the plants as well as
engineering and other professional services.
The second major automotive customer has provided initial awards
and notices to proceed with product deliveries for LED lighting
installations at two manufacturing plants. Revenues are also
anticipated over the balance of fiscal 2018.
Orion CEO Mike Altschaefl, commented, “We are proud that two
large and long-standing automotive customers have extended their
commitment to Orion lighting solutions, confirming the strength of
our innovative LED lighting product lines and our talented
engineering, design and customer service teams. We have already
completed $3.3 million in orders from these customers and expect
the balance of the work to be spread through the rest of our fiscal
year. Importantly, these projects are supported by
energy-efficiency, enhanced controls including IoT solutions,
performance advantages and environmental benefits that provide our
customers with a compelling return on investment. We anticipate
further significant projects from these customers in fiscal
2019.”
Mr. Altschaefl added, “We are also seeing steady progress in our
agent driven distribution model, including solid engagement with
national accounts, and our recent new product introductions are
resonating well with customers and agents. We expect these new
offerings to contribute to our business in the coming
quarters.”
About Orion Energy SystemsOrion is a leading
designer and producer of energy efficient lighting and retrofit
lighting solutions for commercial and industrial buildings. Orion
manufactures and markets connected lighting systems encompassing
LED solid-state lighting and intelligent controls. Orion
systems incorporate patented design elements that deliver
significant energy, efficiency, optical and thermal performance
that drive financial, environmental, and work-space benefits for a
wide variety of customers, including nearly 40% of the Fortune
500.
Safe Harbor Statement
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements may
generally be identified as such because the context of such
statements will include words such as "anticipate," "believe,"
"could," "estimate," "expect," "may," "potential," "should,"
"will," "would" or words of similar import. Similarly, statements
that describe the Company's future plans, objectives or goals are
also forward-looking statements. Such forward-looking statements
are subject to certain risks and uncertainties that could cause
results to differ materially from those expected, including, but
not limited to, the following: (i) our ability to develop and
participate in new product and technology offerings or applications
in a cost effective and timely manner; (ii) our ability to manage
the ongoing decreases in the average selling prices of our products
as a result of competitive pressures in the evolving LED market;
(iii) the potential consequences of the loss of one or more key
customers or suppliers, including key contacts at such customers;
(iv) the deterioration of market conditions, including our
dependence on customers' capital budgets for sales of products and
services; (v) the market acceptance of our products and services;
(vi) our ability to recruit, hire and retain talented individuals
in all disciplines of our company; (vii) price fluctuations,
shortages or interruptions of component supplies and raw materials
used to manufacture our products; and (viii) the other risks
described in our filings with the SEC. Shareholders, potential
investors and other readers are urged to consider these factors
carefully in evaluating the forward-looking statements and are
cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements made herein are made
only as of the date of this press release and the Company
undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise. More detailed information about factors that may
affect our performance may be found in our filings with the
Securities and Exchange Commission, which are available at
http://www.sec.gov or at http://investor.oriones.com/ in the
Investor Relations section of the Company's Web site.
Twitter: @OrionLighting
and
@OrionLightingIRStockTwits:
@Orion_LED_IR
Investor Relations Contacts:
Bill Hull, CFO
Orion Energy Systems, Inc.
(312) 660-3575 or ir@oesx.com
William Jones; Tanya Kamatu
Catalyst IR
(212) 924-9800 or oesx@catalyst-ir.com
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